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Law 13.961

COMMERCIAL AND FINANCIAL CONVENTION WITH

BUENOS AIRES, September 18, 1950

The Senate and the Chamber of Deputies of the Argentine Nation,
in Congress, etc.
_

Article 1.- Approve the trade and financial agreement between the Argentine Republic and the Kingdom of the Netherlands, which was signed in the city of Buenos Aires on 18 March 1948.

Art.2.- Contact the Executive.

QUIJANO - Reales - CAMPORA - Zaballa Carbó.

Annex A: Commercial and Financial Agreement between the Argentine Republic and the Kingdom of the Netherlands, signed at the City of Buenos Aires on March 18, 1948.-

CHAPTER I
General provisions

Art.1.- The High Contracting Parties declare their intention to strengthen the economic and financial linkages that bind them and encourage the exchange of their products by ensuring permanent markets in accordance with their respective national needs.

Art.2.- The Governments of the Argentine Republic and the United Kingdom of the Netherlands ensure the application of strict reciprocity treatment for all commercial and financial operations between the two countries. They will study and resolve with the greatest benevolence the proposals that are mutually formulated to facilitate and increase their economic relations.

Art.3.- The High Contracting Parties shall provide the maximum facilities, consistent with their respective laws, to natural or manufactured products originating in the territory of one of the two countries that are imported into the other, in the field of duties, fees, taxes or tax charges and in the case of administrative procedures and procedures to which the import, circulation, transport and distribution of such goods is subject.

ART. 4.- The Government of the Argentine Republic and the Government of the Netherlands undertake to take the necessary measures to protect the brands and denominations of origin and quality under which the products originating from one of the contracting countries are introduced and circulate in the trade of the other, in the same manner as the brands and denominations of origin and quality with which they are introduced and/or circulated in that trade, national or originating products.

CHAPTER II
Exports of Argentine products to the Kingdom of the Netherlands

Art. 5.- The Government of the Argentine Republic undertakes to sell to the Netherlands and the Government of the Netherlands undertakes to buy in Argentina during the years 1948 to 1952 inclusive, the minimum annual quantities of the products indicated below, provided that in each of the years the exportable balances were not less than the figures specified: #NM (CUADRO) In the event that in any of the above-mentioned years the exportable balance of the above-mentioned products is less than the figures indicated, the Government of the Argentine Republic undertakes to sell and the Government of the Netherlands to buy at least the amounts that represent the following percentages on the respective year ' s exportable balance. #NM (CUADRO)

Art. 6.-The products indicated in art. 8. The amounts indicated therein shall be purchased directly by the Government of the Netherlands or by the organizations of buyers or individuals in accordance with the Dutch legislation and provisions regulating the purchases abroad, or with the intervention of the Argentine Institute for the Promotion of the Exchange, unless the Agency prefers to be purchased from another exporting institution or signatures established in the Argentine Republic. This provision will also apply to the other purchases of Argentine products that the Netherlands makes with the funds from the provisions referred to in the Articles. 24 and 30.

Art. 7.- The products indicated in Article 5. shall be delivered in quarterly quotas to be determined at a minimum of thirty days prior to the initiation of each calendar quarter, by agreement between the Argentine Institute for the Promotion of the Exchange and the Legation of the Netherlands in Buenos Aires.

Art. 8.- The Argentine Institute for the Promotion of Exchange will invoice to the Netherlands the Argentine products that have been sold through it, at the prices that are contractually established.

ARt. 9.- In the event that the Netherlands, during pre-fixed periods, finds other sources of supply that effectively provide them with the products set out in Article 9. 5 of quality equal to those of the Argentine Republic for prices lower than those of the Argentine Institute for the Promotion of Exchange for the respective quarterly quota, will notify this agency, which will decide within a maximum of five days, if it is in a position to match such offers. If not or by means of a lack of response to the notification, the Netherlands may acquire the quarterly quota of the product concerned in the other supplier source, leaving the amount thus purchased deducted from the commitment made by this agreement. In this case, the Argentine Republic is free to have the quota deducted and sell it to another customer.

Art. 10.- The Argentine Government will provide all kinds of facilities once the domestic needs are met, and the sales commitments made with third countries have been fulfilled, so that the Kingdom of the Netherlands will acquire the following products and goods during the years 1948 to 1952, for the following minimum annual quantities: #NM (CUADRO) In the event that the Kingdom of the Netherlands can acquire in the Argentine Republic the flax and sunflower oils referred to in this article, it will also buy oleaginous cakes for an amount that equals the triple volume acquired from the oil of the respective seed. The Government of the Netherlands will provide facilities, in accordance with the economic needs of its country and its import policy, for the purchase of the products indicated in this article.

Art. 11. The Dutch Government will promote and facilitate, to the extent possible, the needs of its domestic market, the purchase of fresh and dried fruits in the Argentine Republic.

Art. 12.- The Dutch Government ensures that Argentine products exported to the Kingdom of the Netherlands by application of this convention will be intended to satisfy domestic consumption in the territories indicated in Article 12. 61.

Art. 13. - The exports of Argentine products to the Kingdom of the Netherlands shall be subject to the general provisions governing in the Argentine Republic at the time of each operation. Imports in the Kingdom of the Netherlands shall be subject to the general provisions in force at the time of their dispatch to square in the Netherlands.

CHAPTER III
Exports of Dutch products to the Argentine Republic.

Art. 14.- The Government of the Netherlands undertakes to exert all its influence and take all possible measures to make sales to the Republic of Argentina during the years 1948 to 1952, for the following minimum annual quantities of products: #NM (CUADRO) The indicated volumes of raw rubber and tin will come from the Dutch Indies. The Argentine Republic shall acquire up to the annual quantities of the products indicated, provided that they are in conditions of prices, delivery times, quality and technical characteristics required by that Republic.

Art. 15. - The products indicated in art. 14, by the amounts indicated therein, shall be acquired by the Argentine government, or by official agencies or joint entities of the Argentine Republic. However, such purchases may be made by private entities if the Argentine government so prefers.

ARt. 16. - The prices, deadlines and other conditions of the purchases referred to in Art. 14 shall be stipulated by contracts to be concluded in each case in accordance with the legal provisions in force in the country where they are held.

Art. 17.- The Kingdom of the Netherlands will provide all kinds of facilities, once the internal needs are covered, for the Argentine Republic to acquire during the years 1948 to 1952 even, the following products and goods for the following minimum annual quantities: #NM (CUADRO) In the products for which two quantities are indicated, the first corresponds to 1948 and will gradually increase in the following years until 1952 to the second figure.

The Argentine government will grant facilities, in accordance with the economic needs of its country and its import policy, for the purchase of such products.

Art. 18.- Once the domestic consumption has been covered and the sales commitments made with other countries have been fulfilled, the Government of the Netherlands will provide facilities to the Argentine Republic so that it can acquire to the extent of its needs during the years 1948 to 1952 even, other Dutch natural or manufactured products that are specified in the article. 17, or greater quantities of the products indicated in the same article.

Art. 19.- The surrenders to the Argentine Republic of the Dutch goods acquired through the Argentine Institute for the Promotion of Exchange shall be made in quarterly quotas to be established in common agreement by the said agency and the Embassy of the Netherlands in Argentina, at a minimum of thirty days in advance at the beginning of each calendar quarter.

Art. 20. - The Dutch goods listed in art. 17 and 18, which the Argentine Republic acquires, will be invoiced at prices not exceeding those in other supplier positions, and, where the Kingdom of the Netherlands is the only exporting market, at the price at which it is sold to other countries, or in the event of no immediate exports, at the prices that are contractually established. When sales are made by private entities, the Netherlands government will, to the extent of its possibilities, seek compliance with this clause.

Art. 21. - The exports of Dutch goods or goods to the Argentine Republic shall be subject to the general provisions in force in the Kingdom of the Netherlands at the time of each operation. Imports in the Argentine Republic of Dutch goods or goods shall be subject to the general provisions in force at the time of their dispatch to square in the said nation.

CHAPTER IV
Financial arrangements and payment regime

Art. 22.- All payments of any kind corresponding to direct operations between Argentina and the "monetary zone of the florin" shall be made exclusively in guilders under the conditions provided for in this chapter. The provisions of this chapter will also apply to the liquidation of trade operations concluded between Argentina and the "monetary zone of the florin" through or with the intervention of international agencies.

Art. 23.- All payments referred to in Article 22 shall be made by the credit or debit, as appropriate, of a Florentine account entitled "Special Argentinean Account A" that the Nederlandsche N. V. Bank, acting on behalf of the Dutch government, will open to the Central Bank of the Argentine Republic, who will act on behalf of the Argentine government. The operations may be carried out, either directly between the two emission institutes or through banks or institutions authorized to operate among them "special Argentine accounts".

Art. 24.- The Central Bank of the Argentine Republic will notify the Nederlandsche Bank N. V on a daily basis of the general position in the guilds of the Argentine banks, The creditor institute will request a refund of the total balance in its favor that could throw the aforementioned position established by the Central Bank of the Argentine Republic, until the countervalor in the guilds of one hundred and ten million pesos national currency Argentina. The aforementioned counter-value will be calculated according to the basic exchange rate of the florin in Buenos Aires applicable to the exports of Argentine products.

ARt. 25.- The total balance, creditor or debtor, of the special accounts referred to in art. 23 will gain interest at the rate of 2.75 per cent per year. These liquidated and accounted interests at the end of each quarter in the "Special Account A" opened by the Nederlandsche Bank N. V., on behalf of the Central Bank of the Argentine Republic.

Art.26.-When the general position in the guilds of the Argentine banks, referred to in article 24 established by the Central Bank of the Argentine Republic, exceeds the limit set by that article, the creditor bank may request, by minimum quotas of two hundred and fifty thousand guilders, the conversion and payment of the surplus in free gold, which shall be delivered in the places and under the conditions set out in article 40. By common agreement between the two emission institutes, it may be resolved that the payment of the surplus referred to in the preceding paragraph shall be made in United States dollars or in other currencies.

Art. 27.-El Nederlandsche Bank N. V. may at any time sell to the Central Bank of the Argentine Republic gold under the conditions provided by the first paragraph of art. 26, whether it is currency that jointly establish both emission institutes, against all or part of the total creditor balance that could throw the accounts referred to in Article. 23. The Central Bank of the Republic of Argentina may at any time acquire the Nederlandsche Bank N. V. the amounts necessary to cancel the total debtor balance that could throw the accounts referred to in article. 23 either against gold under the conditions provided for by the first paragraph of art. 26, whether against the transfer of foreign exchanges that jointly establish both emission institutes. Although the above-mentioned accounts do not throw a debtor balance, the Central Bank of the Argentine Republic may also purchase the Nederlandsche Bank N. V. guilders against gold under the conditions provided for in the first paragraph of art. 26 or against the cession of foreign exchange, which, in common agreement, establish the two emission institutes.

Art. 28.- At the expiration of the period established in art. 50, if the general position counted in guilders of the Argentine banks, referred to in Art. 24, established by the Central Bank of the Argentine Republic, exceeds the limit set by that article 24, either a quarter of the gross total of payments made by the debtor country since the entry into force of this Convention, the creditor institution may request the reimbursement of that surplus under the conditions provided for in article 24.

26. The remaining final position, as well as the final position to be liquidated through the accounts referred to in art. 23, they shall continue to enjoy the guarantee provided for by art. 38 and shall be reimbursed in the manner specified in art.

29.

Art. 29.- At the end of the period established in art. 50 the provisions of art. 25 will remain in force, and it is understood that the final general position counted in guilds of the Argentine banks will be reimbursed under the conditions provided for in Article 25.

26, six equal semester quotas plus interest earned during the respective semester. The first payment for amortization and interest shall be made effective within six months of the expiry of the specified period, and the subsequent payment every six months.

Art. 30.- The government of the Argentine Republic, through the Argentine Institute for the Promotion of Exchange, agrees to the government of the Kingdom of the Netherlands an additional credit to the equivalent in guilds of $125,000.000 national currency, calculated to the basic exchange rate of the florin in Buenos Aires applicable to the exports of Argentine products.

Art. 31. The payments made by the Netherlands to Argentina, through the use of the additional national currency credit 125,000.000 referred to in article 30, will be made in florins, through a "Special Argentine Account B", which the Nederlandsche Bank N. V., acting on behalf of the Dutch Government, will open to the Central Bank of the Argentine Republic, who will act on behalf of the Argentine Government. The operations may be carried out, either directly between the two Emission institutes or through banks or institutions authorized to operate among them "Special Argentinean accounts".

Art. 32. - The total balance of the "Special Accounts, referred to in Article 31, will accrue interest at a rate of 2.75 per cent per year.

These interests will be settled and credited at the end of each quarter in the "Special Argentine Account A".

Art. 33.- Through the "Special Argentine Account B" direct payments may be made from the "monetary zone of the florin" to the Argentine Republic, of the same nature as those that can be made in the same direction through the "Special Account A" to which art is preferred. 23.

Art. 34. - Through the "Special Argentine Account B" transfers may be made from the Argentine Republic to the "monetary zone of the Florin", in payment of ships and other special supplies sold by the Kingdom of the Netherlands to the Argentine Republic, in cases where this is expressly agreed.

Art. 35.- The Government of the Netherlands may at any time amortize, in whole or in part, the balance of the "Argentine Special Account B", through the delivery of padded gold or in good delivery bars. You can also do so, in common with the Central Bank of the Argentine Republic, through the delivery of free availability currency or transfers of funds through the "Special Argentine Account A".

Art. 36.- The total payments made from the "monetary zone of the Florin" to the Argentine Republic through the "Special Argentinean Account B", may not exceed the limit set out in Art. 30. The amounts cancelled by virtue of transfers made by Argentina in the "monetary zone of the florin", through this account and partial amortizations made by the Government of the Netherlands, may not be used again for payment from the "monetary zone of the florin" to the Argentine Republic.

Art. 37.- If, at the end of the fifth year of this Agreement, the transfers of Argentina to the "monetary zone of florin", through the "Special Account B", as well as the partial payments of the Government of that country, did not, in conjunction, reach the equivalent in national currency exchanges 125.000.0000, the Government must pay in the form indicated in Art.35 the amount necessary to complete that amount. The equivalent in florins and the sum in Argentine pesos, indicated in this article, will be calculated to the basic type of the florin in Buenos Aires applicable to the exports of Argentine products.

Art. 38.- The Central Bank of the Argentine Republic shall notify the Nederlandsche Bank N. V on a daily basis of the total Argentine position in florins, which shall include the total balance in that currency and the corresponding amount of operations to be liquidated through the accounts referred to in the Articles. 23 and 31. The total cash balance will include the cash positions corresponding to the "Argentine Special Accounts A and B". In case of modification of the price of gold taken into consideration for the application of the provisions contained in the present chapter, the total Argentine position in florins will be adjusted by the Nederlandsche Bank N. V., or by the Dutch Government in the proportion of the variation occurred. The readjustment will be made through a global seat in the credit or debit, as appropriate, of the "Special Accounts A and B" of the Central Bank of the Argentine Republic in the Nederlandsche Bank N.

V.

Art. 39.-For the readjustment of the Argentine position in florins, provided for in art. 38 of this Convention shall apply the following procedure: 1. The adjustment shall be made on the position counted and the term telegraphically notified by the Central Bank of the Republic Argentina to the Nederlandsche Bank N. V. to the closing of the operations of the day prior to the modification of the price of the gold taken in consideration for the application of the provisions of this chapter 2.Postion counted: El Nederlandsche Bank N. V., or the Dutch Government, shall immediately credit or debit the equivalent of the The operations completed from the date of a change in the gold price will be recorded in a new future position (b) The readjustment of the balance of the position at the end of Argentina prior to the date of a change in the value of the gold shall be effected as the respective operations are liquidated and the foreign exchange in the Argentinean counted position. The Nederlandsche Bank N. V. or the Dutch government will increase or decrease the amount of florins that enters the "Special Accounts A and B" as appropriate, of the Central Bank of the Argentine Republic, in proportion to the devaluation or valorization that occurred.

Art. 40.-For the application of arts. 26, 27, 28, 29, 35, 37 and 38, of this Convention, the price of gold to take into consideration shall be determined by the following two only elements: (a) The average American dollar buyer and seller rates set by Nederlandsche Bank N. V., and (b) The gold price in New York. The deliveries of gold, which must be piled up or in good delivery bars, provided for in art. 26, 27, 28, 29, 35 and 37 shall be made free of charge at the headquarters of the Institute of Creditor Emission. In the event that gold deliveries took place in common in another position, the Institute of Creditor Emission shall not be able to claim differences by economy in transfer costs.

Art. 41.- For the application of this chapter, the exchange rate between the Argentine peso and the Florin will be the one that results from the type of the US dollar, respectively in Buenos Aires and Amsterdam. The type of US dollar in Buenos Aires that will be taken into consideration will be: (a) With respect to the operations that in Argentina must be carried out by the market called "Official Market of Changes", the type that governs in that market for the operation it refers to and (b) With respect to the operations that in Argentina must be carried out by the market called "Free Market of Change", the type of the day in that market. The US dollar quote in Amsterdam that will be taken in consideration will be the average buyer and seller rates fixed by the Nederlandsche Bank N. V. Under the term "basic exchange of florin in Buenos Aires applicable to exports of Argentine products", used in this chapter, it is understood the exchange rate between the Argentine peso and the Dutch guilder resulting from the relationship between the basic quote of the US dollar in Buenos Aires applicable to the exports of Argentine products and the US dollar quote in Amsterdam as defined by this article.

Art. 42.- When payments are to be made between Argentina and the "monetary zone of the florin" and vice versa, pursuant to contracts stipulated in a third currency, the conversion to florins shall be made: 1. With respect to the operations that in Argentina should be carried out by the market called "Official Market of Changes", on the basis of the type in force in Buenos Aires: a) With respect to the exports destined to the Kingdom of the Netherlands, the day of its payment With regard to imports from the Kingdom of the Netherlands, the day on which the order of customs clearance is started in Argentina 2.With respect to the operations that in Argentina should be carried out by the market called "Free Market of Changes", according to the average quote of the buyer and seller rates set for the above currency, by the Nederlandsche Bank N. V. on the date of payment. Conversion to florins shall also apply to operations concluded prior to the entry into force of this Convention, not yet paid for that date, except for operations covered by irrevocable documentary credits.

Art. 43- The Contracting Parties agree in: (a) To ensure that transfers of funds between Argentina and the "monetary zone of the florin and vice versa, carried out in implementation of this Convention, relate exclusively to direct operations between the two territories (b) Authorize the current payments between Argentina and the "monetary zone of the florin" and vice versa, in accordance with the provisions in force in each country, in matters of change, at the time of the respective transfers C) To consult with the aim of controlling transfers of capital, in accordance with the principles of their respective policies, especially to prevent transfers that do not have a useful economic purpose (d) To exchange any useful information in order to ensure better control of the implementation of the regulations of changes in force of each of the Countries, and (e) To remain in touch to jointly examine all issues, techniques that are presented in the implementation of the provisions of the present common agreement.

Art. 44.- Current payments, provided for in subparagraph (b) of the previous article, include in particular: Official payments Commercial payments, including accessory expenses Wages, services, subsidies and maintenance expenses. Pensions, rents, interests and benefits Exploitation costs, contractual amortizations Rights and expenses for patents and licenses, copyrights Taxes and fines Insurance and reinsurance payments (first and compensation) and any other current payment that are jointly established by the Nederlandsche Bank N. V. and the Central Bank of the Argentine Republic

Art. 45.-El Nederlandsche Bank N. V. and the Central Bank of the Argentine Republic shall, if necessary, be consulted to consider authorizing, in accordance with the other monetary authorities concerned, if any: (a) The use of existing assets in the accounts referred to in art. 23, to make payments in favour of persons resident outside the Argentine Republic or of the "monetary zone of the Florin" b) The acquisition of such persons in guilders in order to register them in the credit of such accounts.

Art. 46.- The freight of exports of Argentine products may be paid in florins to the "monetary zone of the florin" when the transport is carried out exclusively on ships of Argentine or Dutch flag.

Art. 47. - Goods originated from third countries that the Kingdom of the Netherlands acquires in Argentina may not be paid through the special accounts created by this chapter, unless the two Institutes of Emission agree on each case.

Art. 48.-The account that the Central Bank of the Argentine Republic maintains at the date of this Convention in the Nederlandsche Bank N. V., will be closed and its balance transferred to the "Special Argentinean Account A".

Art. 49.- The High Contracting Parties shall reconsider the provisions of this chapter to make amendments to the case, if necessary as a result of their accession to international monetary conventions of a general nature.

Art. 50. - The provisions of this chapter shall apply for a period of five years from the date of the entry into force of this Convention.

CHAPTER V
Maritime and air communications

Art. 51. The vessels of each High Contracting Party shall enjoy in the other the most favourable treatment provided by their respective laws, in terms of the port regime and the operations to be verified in them.

Art. 52. The Argentine Government reserves the right to take, during the validity of this Convention, the relevant measures to ensure that the transport of 50% (five percent) of the volume of goods that exchange the Kingdom of the Netherlands and the Argentine Republic is made preferably on Argentine national flagships. The application of the above provisions may not result in delays in the delivery or intensification of the products to be transported.

Art. 53.- In order to facilitate the storage and handling of Argentine products and their distribution to third countries, the Dutch Government will promote the granting to the Argentine Republic of the necessary concessions and facilities for the organization of special zones and franc deposits in ports of the Netherlands.

Art. 54. The contracting Governments undertake to promote commercial air communications between the two countries, for which purpose the necessary facilities and authorizations will be granted, in reciprocity, both with regard to the rights of overflight, landing and use of the services and facilities of their airports, such as the traffic of passengers, correspondence and airborne goods. For this purpose, the terms of an agreement will be considered in which, in the spirit of the present declaration, the modalities of its implementation will be determined.

CHAPTER VI
Insurance

Art. 55.- The Argentine Government reserves the right to make Argentine goods exported to the Kingdom of the Netherlands and the Dutch products imported in Argentina in Argentina, as they are transported by the seller or the buyer, respectively. The Government of the Netherlands reserves the right to ensure in Dutch companies the Dutch goods exporting to Argentina and the Argentine products imported into the Kingdom of the Netherlands, when they are transported by the seller or the buyer, respectively.

Art. 56. - The Argentine government and the Dutch Government will agree on the implementation of the technical means that will contribute to increasing the volume of reinsurance operations between the Kingdom of the Netherlands and the Argentine Republic.

CHAPTER VII Emigration and technical input

ARt. 57.- The Government of the Kingdom of the Netherlands will consider with the best provision any requirements it receives from the Argentine Government regarding the emigration to Argentina of Dutch agricultural technicians and producers, selected with the intervention of the Argentine Government. To this end, both Governments shall conclude at the earliest possible special agreements establishing the rules applicable to such emigration, conferring the facilities to be granted for the departure and entry of both countries, respectively, of migrants, their capitals, machinery, tools, semovients, and other elements intended to be used by them. The facilities to agree on the departure of the Kingdom of the Netherlands and the entry into Argentina of all the elements required by the Argentine Government for the realization in its territory of works involving Dutch companies or technicians.

CHAPTER VIII
Final provisions

Art. 58.- According to the legislation in force in both countries, their governments will facilitate the installation of branches or agencies of official banks and official agencies established in the other.

Art. 59. - The Government of the Netherlands reserves the right to appoint representatives to the competent Argentine agencies to carry out all the management aimed at the least implementation of this Agreement, and, eventually, the consideration of the adjustment, by common agreement of both Parties, of the lists of Dutch products and goods that are part of the arts. 14 and 17, if one of the Parties considered it appropriate.

Art. 60.- The provisions of the Conventions in force between the Kingdom of the Netherlands and the Argentine Republic that oppose this agreement are repealed.

Art. 61.- For the purposes of this Convention, the Kingdom of the Netherlands, as well as the "monetary zone of the Florin", include the territory of the Netherlands in Europe, the Netherlands, Suriname and Curacao.

Art. 62. This Convention shall be ratified by the Argentine authorities in accordance with the constitutional procedure in force in your country. Without prejudice to its timely ratification by the Argentine authorities, this Convention shall begin to govern provisionally the fifteen days of its signature and shall remain in force until the thirty-one December of nine hundred and fifty-two, except as expressly provided in the text of the Convention. In faith of which two copies of the same tenor are signed in the Spanish and Dutch languages, equally valid at the 18th day of the month of March, one hundred and forty-eight.

BARON F. VAN.PALLANDT.- J. Atilio Bramuglia.- Ramon A. Cereijo.- Miguel Miranda.- Orlando D. Maroglio.