Chapter 202. To authorize the settlement of the indebtedness of the Hellenic Republic to the United States of America and of the differences arising out of the tripartite loan agreement of February 10, 1918
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Chap. 202: To authorize the settlement of the indebtedness of the Hellenic Republic to the United States of America and of the differences arising out of the tripartite loan agreement of February 10, 1918. Chapter 202 45 Stat. 1176 1929-02-14 United States Government Publishing Office text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Digitization Vendor 2025-01-24 70 2 public 1176 Chapter 202.— An Act To authorize the settlement of the indebtedness of the Hellenic Republic to the United States of America and of the differences arising out of the tripartite loan agreement of February 10, 1918.
February 14, 1929.[[H. R. 10760](/us/bill/70/hr/10760).][[Public, No. 747](/us/pl/70/747).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, Greece.Agreement authorized for settlement of indebtedness of. That the Secretary of the Treasury, with the approval of the President, is hereby authorized to conclude an agreement for the settlement of the indebtedness of the Hellenic Republic (hereinafter referred to as Greece) to the United States of America under the terms and conditions as set forth in Senate Document Numbered 51, Seventieth Congress, first session.
The general terms of the agreement shall be as follows:
(1)Amount stated.The existing indebtedness amounting to $18,125,000 shall be funded over a period of sixty-two years. The computation of this indebtedness is set forth below: Principal amount of obligations to be funded $15, 000, 000. 00 Interest accrued and unpaid thereon to December 15, 1022, at the rate of 4¼ per centum per annum 744, 333. 79 _______________ Total principal and interest accrued and unpaid as of December 15, 1922 15, 744, 333.79 Interest thereon at 3 per centum per annum from December 15, 1922, to January 1, 1928 2, 383, 588. 88 _______________ 18, 127, 922. 67 To be paid in cash by Greece upon execution of agreement 2, 922. 67 _______________ Total indebtedness to be funded 18, 125, 000. 00
(2)Bonds therefor to be paid in semiannual installments up to January 1, 1990.The bonds aggregating in face amount $20,330,000 (the existing indebtedness, as computed above, together with the interest to be paid in respect thereof) shall be paid in semiannual installments beginning July, 1928, up to and including January 1, 1990, on a fixed schedule, subject to the right of Greece to make such payments in three-year periods, any postponed payments to bear interest at Amount of installments.4¼ per centum per annum, payable semiannually. The amount of the first annual installment shall be $40,000, the annual installment to increase to $350,000 in the eleventh year, which shall be the amount of each remaining annual installment.
(3)Payment on account of unmatured bonds.In addition to the payment of the bond maturing on January or July 1 of any year, Greece shall have the right on such dates to make payments on account of any unmatured bonds of this series under such conditions as to notice or otherwise as the Secretary of the Treasury may prescribe.
(4)Acceptance of Federal obligations in payments.Any payment may be made at the option of Greece in any United States Government obligations issued after April 6, 1917, such obligations to be taken at par and accrued interest.
(5)Further advance authorized.To assist in the completion of the work of the Greek Refuge Settlement Commission, the Secretary of the Treasury is further Vol. 40, p. 289.authorized to advance to Greece out of the appropriation “Purchase of obligations of foreign governments,” established under authority of the Liberty Bond Acts, the sum of $12,167,000, for which Greece shall deliver to the Secretary of the Treasury its twenty-year gold bonds bearing interest at the rate of 4 per centum per annum, payable semiannually, with provisions for a sinking fund sufficient to retire such bonds within twenty years.
(6)Securities furnished from excess of revenues.Greece shall, in accordance with the exchange of notes, dated January 18, 1928, between the United States and Greece and as set forth in Senate Document Numbered 51, Seventieth Congress, first session, furnish as securities for the loan referred to in paragraph (5), the excess of revenues under the control of the International 1177 Financial Commission, and shall procure the assurance of the service of the loan by that commission.
(7)Greece shall forego all claims for further advances underTermination of former agreement. the tripartite loan agreement, dated February 10, 1918, and such agreement, so far as the United States and Greece are concerned, shall terminate upon the date on which the agreement authorized by this Act becomes effective. Approved, February 14, 1929.
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Chapter 202
To authorize the settlement of the indebtedness of the Hellenic Republic to the United States of America and of the differences arising out of the tripartite loan agreement of February 10, 1918
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