Memorandum houdende een schikking tussen de Nederlandse Regering en de Regering van de Verenigde Staten van Amerika met betrekking tot aanspraken van de Nederlandse Regering op geroofde effecten
(authentiek: en)
Whereas, the Government of the Netherlands and the Government of the United States of America declared their intent by the Inter-Allied Declaration regarding forced transfers of property in enemy-controlled territory of January 5, 1943, and Resolution no. VI of the United Nations Monetary and Financial Conference held at Bretton Woods, New Hampshire, July 1–22, 1944, to frustrate the attempts of the enemy and persons dealing with the enemy to profit from wartime loot; and
Whereas, the Government of the Netherlands has represented that substantial quantities of securities were looted by the Government of Germany from the Netherlands during World War II and has furnished to the Government of the United States serial numbers and other identifying data with respect to such securities; and
Whereas, the Government of the United States, in order to implement the objectives of the aforementioned Declaration and Resolutions, and in order to assist the Government of the Netherlands to assert its rights with respect to such securities, issued General Ruling no. 5, as amended, of the regulations of the United States Department of Justice, Office of Alien Property, to which ruling was appended a list of such securities and by which ruling such of the securities so listed as were brought into the United States were required to be deposited with the Federal Reserve Bank of New York; and
Whereas, it appears that a considerable amount of such securities was obtained at a discount by persons under circumstances which should have indicated that infirmities of title existed; and
Whereas, the major portion of the securities contained in the list appended to said General Ruling no. 5, as amended, is still undeposited and it is apparent to the Government of the Netherlands and the Government of the United States that the program with respect to such securities will be indefinitely prolonged unless the hereinafter described action contemplated by the Government of the United States is undertaken; and
Whereas, by requiring holders of such securities to deposit them and to establish the circumstances under which they were acquired, a determiniation of the rights thereto can be made, thus affording a means of accomplishing the objectives of the aforesaid Declaration and Resolution, and also of protecting present holders who had purchased innocently; and
Whereas, the Government of the United States of America contemplates undertaking the following program of action:
A. A new General Ruling in the form shown in Annex A tot this Memorandum of Understanding will be issued by the United States Department of Justice, Office of Alien Property, with a list appended thereto containing substantially all those securities of United States issue which are on the list of securities appended to General Ruling no. 5 in its present form. The securities which will appear on the list appended to the new Ruling are referred to in this Memorandum of Understanding as “domestic scheduled securities”.
B.
(1) The aforementioned General Ruling no. 5 will be amended to read as shown in Annex B to this Memorandum of Understanding and the list of securities appended thereto will be revised so as to delete therefrom all securities of United States issue. Securities which will appear on the list as so revised are referred to in this Memorandum of Understanding as “foreign scheduled securities”.
(2) Said General Ruling no. 5 will be revoked six months after the date hereof, or said Ruling may be continued or revised if it appears to the Government of the United States to be desirable to do so in light of actions which may be taken by the governments of the countries of issue with respect to foreign scheduled securities. The Government of the United States will discuss with the Government of the Netherlands any such proposed action prior to the execution thereof.
C. A Press Release will be issued announcing the promulgation of the aforementioned amended General Ruling no. 5 and the new General Ruling, and declaring, among other things, certain consequences which will attend the failure to deposit domestic scheduled securities as required.
D. Action will be taken to vest the rights of holders of certain or all of the domestic scheduled securities, including interest unpaid at date of vesting, which have not been deposited with the Federal Reserve Bank of New York by a specified date, approximately six months from the date of the issuance of the aforementioned new General Ruling, and the issuers of such securities will be directed to issue new certificates evidencing the rights vested in lieu of those in which the rights of holders thereof have been vested. Such of the new certificates as the Government of the United States may determine under the procedures set forth in the Trading with the Enemy Act, as amended, to be the property of the Government of the Netherlands or its nationals will be turned over to such owner or owners.
And whereas, the Government of the Netherlands recognizes that such a program, if undertaken, will be primarily to the material benefit of itself and its nationals; that fairness to present holders requires wide publicity with respect to the program; that the administration of such program and the attendant publicity required will entail considerable expense; and that circumstances may develop which may make it inappropriate for the United States to continue the program in part or in whole or without change;
Now, therefore, the Government of the United States of America and the Government of the Netherlands agree as follows:
(1) At the earliest practicable date the Government of the Netherlands will publicize at its own expense the amended General Ruling no. 5 and the new General Ruling in United States and foreign newspapers which shall be determined in consultation with the Government of the United States.
(2) The Government of the Netherlands will turn over to the Office of Alien Property of the United States Department of Justice at the time of the execution of this Memorandum of Understanding the sum of twenty-five thousand dollars ($ 25,000) as a fund out of which the United States may reimburse itself for all expenses which are reasonably allocable to this program incurred after the execution of this Memorandum of Understanding. Such expenses are understood to include and are not limited to salaries of personnel engaged in administering the program and costs of litigation and administrative hearings, if any, incurred in connection with this program. In addition, from time to time upon request of the Government of the United States, the Government of the Netherlands will pay into the aforementioned fund such additional sums as will be required to restore the amount in the fund to twenty-five thousand dollars ($ 25,000). Any balance in said fund remaining after the termination of the program shall be returned to the Government of the Netherlands. The Government of the Netherlands will hold the Government of the United States, its agencies and personnel harmless from all liabilities incurred in connection with the program insofar as it relates to securities placed upon the lists appended to the aforementioned General Rulings at the request of the Government of the Netherlands.
(3) The Government of the Netherlands will, upon the request of the Government of the United States, intervene in any suit against the Government of the United States, its agencies or personnel, with respect to title to any domestic or foreign scheduled security claimed by the Government of the Netherlands for itself or its nationals or with respect to any certificate in lieu thereof turned over to the Government of the Netherlands by the United States Department of Justice, Office of Alien Property, an defend its claims and rights thereto.
(4) Said Office of Alien Property may license any and all transactions by innocent persons with respect to coupons appertaining to domestic and foreign scheduled securities.
(5) In every instance in which there is issued, in lieu of a domestic scheduled security, a certificate with interest coupons attached which are duplicates of the interest coupons originally issued and such certificate and duplicate interest coupons are turned over to the Government of the Netherlands by said Office of Alien Property, the Government of the Netherlands will either reimburse such issuer for all payments which, in spite of appropriate measures taken to prevent such payments, are made by the issuer or its paying agents on the original interest coupons for which the duplicate coupons are issued or will surrender such duplicate coupons to the issuer for cancellation. The Government of the Netherlands will give assurance to each issuer of a certificate in lieu.of a domestic scheduled security which is turned over to it that it will comply with the requirement provided in this paragraph.
(6) Said Office of Alien Property may license any and all transactions with respect to those domestic and foreign scheduled securities which it considers to be held by innocent persons. Said Office of Alien Property may delete securities it considers to be so held from the schedule appended to said General Ruling no. 5, as amended, or appended to the aforementioned new Ruling and may instruct the Federal Reserve Bank of New York, if held by that Bank, to return such securities to the persons depositing them.
(7) The Government of the United States shall at any time have the right to delete any securities from the lists of domestic and foreign scheduled securities, to determine whether to proceed with the program as contemplated, amend, or abandon it. The Government of the United States also reserves the right to revise or revoke at any time the aforesaid General Rulings.
(8) The Government of the Netherlands will use its best efforts io settle its claims with respect to all deposited domestic and foreign scheduled securities as speedily as possible and understands that the United States may exercise the right reserved to it by paragraph (7) above to delete from the list of domestic scheduled securities and instruct the Federal Reserve Bank of New York to return such domestic securities as may have been on deposit: for the period of eighteen months after the date of the issuance of the aforementioned new General Ruling and with respect to which the Government of the Netherlands has not commenced litigation.
(9) The Government of the United States will discuss with the Government of the Netherlands any proposed action pursuant to paragraphs (4), (6) and (7) above prior to the execution thereof.
(10) The Government of the Netherlands will furnish to the Government of the United States upon request all information in its possession with respect to any domestic or foreign scheduled security.
(11) The question of the ultimate disposition of domestic scheduled securities which fall in the category of “heirless assets” shall be subject to agreements arrived at between the Government of the Netherlands and the Government of the United States as to other property in the category of “heirless assets”.
(12) This Memorandum of Understanding shall enter into force on the day it is signed.
Done at Washington, in duplicate, this nineteenth day of January, 1951.
For the Government of the Netherlands:
(s.) J. H. VAN ROYEN.
For the Government of the United States of America:
(s.) DEAN ACHESON.
Inhoudsopgave
Memorandum of understanding between the Government of the Netherlands and the Government of the United States of America regarding claims by the Government of the Netherlands to looted securities
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