Færöernes Kundgörelsessamling - 31.03.1941, Page 11

19
27. Marts. Nr. 13.
Agreement between His Britannic Majesty’s Government
and the Administration of the Faroe Islands, for Regu*
lating the Financial Relations between the United
Kingdom and the Faroe Islands.
I Overensstemmelse med Vedta-
gelse af Lagtingets Landsnævn er
der Dags Dato indgaaet følgende
britisk-færøsk Overenskomst:
1. A joint Anglo-Faroese Com-
mittee of Three shall be set up
and maintained in Thorshavn for
the purpose of advising on the
Faroese trade and foreign exchange
position and of assisting in the
execution of the present Agree-
ment.
2. The Faroese authorities shall
impose quantitative limitation on
imports of all commodities from
all sourees, embodying such re-
strictions as are unavoidable under
war conditions. Every endeavour
shall be made to supply the re-
quirements of the Faroe Islands
within these limits from British
sourees. Where this is not possible
His Majesty’s Government in the
United Kingdom shall make the
requisite foreign exchange available
to Faroese importers on the same
terms as to British importers, due
aceount being taken of the foreign
exchange in, or coming into, the
possession of persons resident in
the Faroe Islands.
3. Foreign exchange will not be
provided for imports solely on the
ground of favourable price without
regard to the relative foreign ex-
change difficulties attaching to dif-
ferent sourees. If case arise where
the gap between two prices is
unreasonable wide the Committee
of Three in Thorshavn will make
recommendations.
4. Applications for foreign ex-
change, including sterling, shall be
considered by the Committee of
Three in Thorshavn. The Govern-
ment of the United Kingdom re-
serve final decisions on applications
to themselves but the recommen-
dations of the Committee will nor-
mally be accepted.
5. The Faroese authorities shall
impose measures: —
(a) prohibiting the import and ex-
port of currency; and the ex-
port of foreign securities and
gold;
(b) prohibiting the transfer of lo-
cal currency to a non-resident;
(c) requiring that any foreign ex-
change including sterling in,
or coming into possession of
persons resident in the Faroe
Islands shall be surrendered
either to the Føroya Banki or
Sjovinnubankin, who may buy
outright at official rates or
hold on blocked account;
(d) providing for the supply of
foreign exchange including
sterling only for permitted im-
ports and for no other pur-
poses except those for which
express permission is given.
An import license will not be
operative unless and until the