61 STAT.] MULTILATERAL-GERMAN PROPERTY IN ITALY-AUG. 14 ,1947 3. The Government of Italy will dispose of German assets only to non-German nationals and with maximum safeguards to insure against their eventual return to German ownership or control. 4. The Government of Italy will credit the proceeds of liquidation of the assets to a special account to be held for such disposition as may subsequently be determined in accordance with Article 77, paragraph 5, of the Treaty of Peace with Italy. 5. The Government of Italy will execute the foregoing in collabora- tion with the Governments of France, the United Kingdom of Great Britain and Northern Ireland, and the United States of America. To insure such collaboration, there will be established a Committee com- posed of one representative of each of the four Governments, which will meet at or near the seat of the Government of Italy. Chair- manship of this Committee will be rotated among the members in an order determined by the Committee. This Committee will operate by majority vote, establish its own rules of procedure, and take all action necessary to carry out the following functions: A. To instruct the Agency of the Government of Italy charged with administering the program for control and liquidation of German assets in Italy as to policies and procedures to be followed in such pro- gram; such instruction to include, but not by way of limitation: (1) Direction in the techniques and procedures for obtain- ing a census of all German assets in Italy; (2) Direction that investigations be made in particular cases by the Agency with a view to uncovering hidden or cloaked German assets in Italy. In conjunction therewith the Committee shall place at the disposal of the Agency all avail- able information and documentary evidence likely to facilitate the accomplishment of its task; B. To review in advance of consummation all sales of German assets to insure that the proposed sales are in accord with the national interests of the four Governments, taking into account the objectives of precluding the return of German external assets to German owner- ship or control and of favoring freedom of trade. 6. The Committee may determine that the expenses, or any part of them, incurred by it, except the expenses of the respective repre- sentatives on the Committee, shall be a charge on the proceeds of such assets. 7. The Agency will keep the Committee fully informed of the Agency's activities. It will furnish to the Committee all information requested concerning the census and status of German assets, and in particular it will seek the instructions of the Committee before making any decisions materially affecting the status of German assets under its administration. 8. The Agency will formulate the terms and conditions of sale or other disposition of German property, subject to review by the Com- mittee. 3293 Disposition of assets. Special account. 61 Stat., Pt. 2, p. 1403 . Committee to insure collaboration. Functions. Expenses. Information. Terms of sale, etc.
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