63 STAT.] IRAN-CUIITUUAL EXCHANGE COIMMISSIO-SEiT. 1 , 1949 Article 3 All commitments, obligations and expenditures authorized by the Commission shall be made pursuant to an annual budget to be ap- proved by the Secretary of State of the United- States of America pursuant to such regulations as he may prescribe. Article 4 The Commission shall consist of six members three of whom shall be citizens of Iran and the other three citizens of the United States of America, and they shall serve one year, and shall be eligible for reap- pointment. The Ambassador of the United States of America in Iran or his representative shall be honorary chairman of the board. He shall have the power of appointment and removal of the American members, and may cast the deciding vote in caseof a tie. The Iranian members on the Commission shall be appointed and designated by the Iranian Ministry of Education. A chairman, with voting power shall be selected by the Commission from amongits members, The members shall serve without compensation but the Commission may authorize the payment of the necessary expenses of the members in attending the meetings of the Commission. Vacancies created by rea- son of transfer, resignation, or otherwise, shall be filled in the same manner as the original appointment. Article 5 The Commission shall adopt such rules and appoint such commit- tees as it shall be deemed necessary for the conduct of its affairs. Article 6 Reports, prepared in a form and with a content which conform to the regulations prescribed by the Secretary of State of the United States of America, shall be submitted annually on the activities of the Commission, to the Iranian Ministry of Foreign Affairs and the Sec- retary of State of the United States of America. Artile 7 The principal office of the Commission shall be in Tehran but meet- ings of the Commission and any of its committees may be held in such other places as the Commission may from time to time determine and the activities of any of the Commission's officers or staff may be carried on at such places as may be approved by the Commission. Article 8 The Government of the United States of America shall, within 30 days of the date of the signature of the present agreement, place at the disposal of the Commission for purposes of the present agreement ten million (10,000,000) rials in the Bank MelHl. The Secretary of State of the United States of America will make available for ex- penditure, as authorized by the Commission, the Iranian rials so deposited or to be deposited hereafter, in accordance with the limita- tion pursuant to Article 3 of the present agreement. 818952---P . mns -- 2687 Annual budpt. Membership. Honorarychairman. Chairman. Ezpems. Vaicacs. Rules; committees. Annual reports. Place of meetins. U.S. funds.
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