Chapter 146. To amend the Act entitled “An Act to create a commission authorized under certain conditions to refund or convert obligations of foreign governments held by the United States of America, and for other purposes,” approved February 9, 1922
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CHAP. 146.— An Act To amend the Act entitled “An Act to create a commission authorized under certain conditions to refund or convert obligations of foreign governments held by the United States of America, and for other purposes,” approved February 9, 1922. February 28, 1923.[[H. R. 14254](/us/bill/67/hr/14254).][[Public, No. 455](/us/pl/67/455).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That the first World War Foreign Debt Commission.*Ante*, p. 363, amended.proviso of section 2 of the Act entitled “An Act to create a commis-1326Refund authorization. sion authorized under certain conditions to refund or convert obligations of foreign governments held by the United States of America, and for other purposes,” approved February 9, 1922, is amended to read as follows:
" Indebtedness of Great Britain. *“Provided*, That the settlement of indebtedness of the United Kingdom of Great Britain and Ireland to the United States, as follows: Principal of notes to be refunded $4,074,818,358.44 Interest accrued and unpaid up to December 15, 1922, at the rate of 414 per cent 629,836,106.99 4,704,654,465.43 Deduct payments made October 16, 1922, and November 15, 1922, with interest at 414 per cent thereon to December 15, 1922 100,526,379.69 4,604,128,085.74 To be paid in cash 4,128,085.74 Total principal of indebtedness as of December 15, 1922, for which British Government bonds are to be issued to the United States Government at par 4,600,000,000.00 Bonds to be issued.
Principal payable in installments. “The principal of the bonds shall be paid in annual installments on a fixed schedule, subject to the right of the British Government to make these payments in three-year periods. The amount of the first year’s installment will be $23,000,000 and these annual installments will increase with due regularity during the life of the bonds until, in the sixty-second year, the amount of the installment will be $175,000,000, the aggregate installments being equal to the total principal of the debt.
Prior payments allowed. “The British Government shall have the right to pay off additional amounts of the principal of the bonds on any interest date upon ninety days’ previous notice. Interest rates. “Interest is to be payable upon the unpaid balances at the following rates, on December 15 and June 15 of each year: At the rate of 3 per cent per annum payable semiannually from December 15, 1922, to December 15, 1932, thereafter at the rate of 312 per cent per annum payable semiannually until final payment.
Deferred interest added to principal. “For the first five years one-half the interest may be deferred and added to the principal, bonds to be issued therefor similar to those of the original issue. Payment in United States bonds accepted. “Any payment of interest or of principal may be made in any United States Government bonds issued since April 6, 1917, such Settlement approved.bonds to be taken at par and accrued interest.—is hereby approved and authorized, and settlements with other governments indebted to Authority of Commission for other settlements.the United States are hereby authorized to be made upon such terms as the commission, created by the Act approved February 9, 1922, may believe to be just, subject to the approval of the Congress by Act or joint resolution.
” " Sec. 2. Creation of Commission.*Ante*, p. 363, amended. That the first section of the Act entitled “An Act to create a commission authorized under certain conditions to refund or convert obligations of foreign governments held by the United States of America, and for other purposes,” approved February 9, 1922, is amended to read as follows: Membership increased. “That a World War Foreign Debt Commission is hereby created consisting of eight members, one of whom shall be the Secretary of the Treasury, who shall serve as chairman, and seven of whom shall be appointed by the President, by and with the advice and consent 1327of the Senate.
Not more than four members so appointed shall be Political limitations.from the same political party.” Sec. 3. That the provisions of section 2 of this Act shall not affect Tenure of present Members not affected.the tenure of office of any person who is a member of the World War Foreign Debt Commission at the time this Act takes effect. Approved, February 28, 1923.