987 E®HMEPIZ THE KYBEPNH2EQ2 ‘Br ‘Adsivais 1 4 “Amoittov 2940 | TEYXOE MPOTON | -Aevtuds otton 1138 ° Merdpeacis cis chy “Ayylinhy yhbooay 100 xeruévov xfs 5d x00 Av. Nouov 2220 | 1940 augotelons Zupdceas, 44 chy xagaxdonory doavlintis Surinens “AxeAGov xoranod, cvvodedovea 1d ‘Higrindy xelusvor oonparas vi nagayed pa 2 rot deBeou 62 ris dud r08 dvwréow Néwov xvoaBeions owmpéceos. AGREEMENT In regard: to granting to THE HELLENIC HYDRO- ELECTRIC & METALLURGICAL CORPORATION the privilege of exploiting the power of the flowing water of Uke Achelods River in the Prefecture of Aetolo-Acarnania for tho purpose of producing and exploiting electrie energy. BETWEEN ‘The HELLENIG STATE, party of the first part, hereinafter called the «STATE», and represented by the Minister of Finance, the Minister of Communications, the Minister of National Economy and the Minister af Railways and Motor Traffic, to wit: Messrs. J. Ar- vanitis, Eeonomon, Men. Kyriacopoulos and G. Nicolaides, respectively, AND THE HELLENIG HYDRO-ELECTRIC AND METALLURGICAL CORPORATION, party of the socond “part, hereinafter called the «CONCESSION- NAIREp, @ corporation lawlully organized and exist ing under the laws of the State of Delaware, United States of America, and having its principal office and Placo of business at No 9, Rockefeller Plaza in the City and State of New York, and, according to thestatoments contained in the Power of Attorney referred to herein- below, established in en-nperation with HUGH L. COO- PER “AND COMPANY, INC. and CHEMICAL CONSTRUCTION CORPORATION, for the purpose of earrying out the Agreement betwoen the Greek State and the said two Corporations, concluded by virtue of the Royal Decree of October 30, 1936, repre- Sented by George Andrew Antoniadis, lawyer, domici- led in Athens at No 44 Alexandrou Soutsou Street; legal ly authorized and empowered under Power of Attorney executed in his-lavor by said Corporation on Septem- ber 27,1939, and certified bythe Consul General of Greeoe in New York City, the English originalof which Power of Attorney, together with a Greok translation thereof, has heen duly deposited withG . Decaristos, Notary Public for Athens, as per his act No. 66/1939, original copy of which translationis annexed hereto, Witnosseth, that the partics hereto convenant and agree as follows: PART I. », Hydro-Electrie Installations. Production of Electrio Energy and Transmission ‘thereof. CHAPTER I. Privileges . Works to be earriod out for the Pro duction of Electric Hnorgy and ‘Transmission thereof, Acquisition of Lands. Final Reports. Tirme-Limit, ARTICLE 1 Concessionnaire’s Privileges. 1, The State hereby grants to the Concessionnaire, under the terms in this Agreement sot forth, for a period of time to begin on the date of publication’in the Goy- emment Gazette of the Law ratifying this Agreement and to expire on December Ast of the year 2010 : (a) The exclusive right of exploiting the power of the flowing water of the Achelods River in the Pre~ fecture of Actolo-Acarnania running through said Ri- *°0 om’ dpi, 2220/1940 "Avaye, Néuos, 81 ob SevpchOn # oUusaars Bik chy mapazsonswy SSpavdoeig Suvéens ’Axedsbor rerapot eBmuomeiOn cig 1d Gn? dp, 65 (Tedx0s A’) URW Ag "Eepnucpibos +7is Kupepwives xfs 17 Defiporaplon 1940,vor channel and tho channels of its tributaries Megdova, Grovoniten, Agrafioticos and Aspropotamos, extending Upstream from & point at absolute elevation $230.00 dud downstream to a point at absolute elevation 154.95 located at tire Kremasta site, and which water comes from the watershed of said River and of said River's tributaries and tributary torrents, located up- stream from this latter point, a8 said watershed is de ‘termined in the General Topographic Map (AC No. 21) fon a scale of 1: 100,000 annexed to this Agreemen for the purpose of producing electrio energy dy means of a hyuro-electrio plant to he established at the Kre- masta site. The moan useful height of the fall to be utilized in the hydro-electric installation at Kremasta, between the highest water-level upstream of the dam to be eon. structed al absolute elevation +225.00 and the highest water-level at the beginning of the tailrace canal at absolute elevation +-1:44.35, shall not be less than 80.50 meters, as said height is determined in the Topogea- phic Plan (AC No. 17) on ascale of 1: 25,000 and in the profile relating thereto (AC No. 23) on @ scale of 1: 50,000 for lengths ahd 4: 1,000 for heights, annexed hereto. “Tho minimum: discharge to be utilized and diverted shall not be less than forty (40) cubic meters of conti- nuous flow per second per twenty-four hours, The maximum discharge to be utilized and diverted shall be accurately determined in the final report for the works to he approved by the State a8 provided for hereinbelow. (b) The exclusive right of exploiting the power of the flowing water of tho Achelods-running through its channel extending upstream from a point at absolute elevation +134.35, located at the Kremasta site, and downstream toa point ab absolute elevation +-100,00 located at the «Provenzay sito and which water comes from the watershed of said River and said River's tri- butaries and tributary torrents located upstream from this latter point, as said watershed is determined in the Gonoral ‘Topographic Map (AC No. 21) on a scale of f: 100.000, annexed to this-Agreement, for the purpose of producing electric energy by means of a hydro- lectric installation to be established at the Prevenza site. ‘The mean uselul height of the fall to be utilized in the Prevenza hydro-electrie installation, between the highest water level in the tailrace canal of the Kremasta hydro-electric installation at absolute elevation 434.35 and the highest water-level at the beginning of the Prevenza tailrace canal at absolute elevation +400,0 shall not be less than 30.85 motres, as said height determined in the Topographic Plan (AC No. 17) on a seale of 1: 25,000 and in the profile relating thereto {AG No. 23) on’ scale of k: 50,000 for lengths and of 1: 4,000 for heights, annexed hereto. ‘The minimum dischange to be utilized and diverted shall not be less than forty (40) cube meters of con- tinuous flow per second per twenty-four hours. The maximum discharge to be’ utilized and diverted. shall be accurately determined in the final repart. for the works to be approved by the State’ as provided for hereinbelow. (c) The exclusive right of exploiting the power of the flowing water of the Acheloés River, running through its channel extending upstream from a point at absolute elevation -+-100,00, located at the «Prevenza _BoiM@PIS THE KYBRPNHEEOE (TEYXOE TP sito and’ downstream to a point at absolute elevation */60.00 near the «Krickouki» (Kastraki) sito and which Water comes from the watershed of said River and suid River's. tributaries and tributary torrents, located upstream of this latter point, as said watershed is de- termined in the General Topographie Map (AC No. 21) ‘ona seale of] :100,000, annexed to this Agreement, for the purpose of producing electrio energy by means of « hydto-eloctric installation to be established at the Kriekouki site. "The mean useful height of the fall to be utilized in the Kriekouki hydro-electric installation, betwoen the highest water in the tailrace canal of the Prevenza hydro- cloctric installation at absolute clevation -+ 100,00 and the highest water-level at the beginning of the tail- race cansl of the Krickouki hydro-electric installations at absolute elevation -+ 61.15, shall not be Jess than 38.85 metors, as said height is determined in the To- graphic Plan (AC No. 17) ona scale of 1: 25,000 and in the profile relating thereto on a scale of 4 : 50,000 for lengths and 1: 1,000 for heights, annexed hereto, ‘Tho minimum discharge to be utilized and diverted shall not be less than forty (40) cubio meters of con- nons flow per second per twenty-four hours. The ma- ximum discharge to be utilized and diverted shall be accurately determined in the finel report for the works to be approved as provided for hereinbelow. In any event, any surplus water coming from the watershed of the Achelods River, located upstream of the point of the said River's channel near Kriekouki elevation + 60.00, whether flowing in the open air or underground, during any season of the year at any hour of the day and which water is not_ utilized by the Cor cessionnaire for the purpose of producing electric energy or for satisfyingany other requirements of the Conee sionaire’s installations at Kromasta, Prevenza and Kriekouki, may-be ubilized by the State or granted by it to any third party for any purpose whatsoever, and ‘tho Concessionaire shall not, on. this account, be enti- ‘led to payment of any indemnity whatsoever. Such utilization or grant made by the State shall be temporary and the State shall be obliged, within a period of six (6) months after submission by the Con- cessionnaire of an application for the same, to revoke such concession granted to such third party or itsell cease {rom utilizing said water ; and the State shall grant to the Concossionnaire free use of such discharge as the Concessionnaire may roquest, without the latter paying any indemnity for any cause whatsoever. Such utilization or grant; made by the State as above, shall become final alter December 31, 1970, after which date the Concessionnaire shall be entitled ‘to acquire the right of exploiting such water utilized or granted by the State, for the purpose of producing electric energy by means of hydro-electric installations established by the Concessionnaire pursuant to the provisions specified in this Agreement in regant to compulsory expropriation. {@) The exclusivo right of establishing and exploit- ing the hydro-electric installations, together with all appurtenances "and accatores tarot, requised for the utilization of the water and falls, as aforesaid, for the purpose of producing electric energy according to the terms of this Agreement. (e) The right of installing lines for the transmis- sion of the electric energy to he produced at the hydro-slovtric installations to the places of consumption, {ogottier With the necessary sub-stations for increasing and reducing voltage. (i) Tho exclusive right of transmitting and utili- ring the electric energy produced atthe Concession- ijira's installations for purposes of lighting, traction, tnd generally, for the operation of the Coneossion~ fire's factories referred to in Article 52, Part IT, jereol. It is understood that said factories will be estab: lished on the basis of roports for the works and instal- lations approved by the State, pursuant to the provisions of this Agreement. (g) The right’ of transmitting and utilizing the electric energy to be produced at the Concessionnaite’s hydro-electric installations for purposes of Tightin and traction in other districts, and for utilization o} said electric energy for any’ other purposes, under Ficenses or conoessions granted to the Concessionnaire in accordance with the laws, decrees and regulations in force from time to Lime in regand to transmission ‘and utilization of electric energy and in so far a8 no binding agreements, concessions, licenses and the like exist which conflict therewith, 2. All the absolute elevations referred to in this Agreement aro based on, and have as a starting point, ‘the absolute elevation 149.90 of the bench-mark Ai of the tacheometric lovelling placed by virtue of the permit granted to HUGH L. COOPER AND COM- PANY, ING. and CHEMICAL CONSTRUCTION COR- PORATION by the Royal Deereo, dated October 30, 4936, published in Vol. 4, No. 481 of the Government, Gazette of the year 4936’ and shown in the Plan (HC No. 13) on a scale of 1: 25.000 annexed hereto. - The accurate absolute elevations mentioned in this Agreement, however, shall be determined by accurate levelling, taking as a basis and starting-point the abso- lute elevation 149.90 of the above bench-mark Al. For this purpose, the absolute elevations of the bench- marks placed by virtue of the aforesaid permit: shall be corrected on the basis of a relevant levelling. Such loyolling shall bo earvied out simultaneously with the area's hole-drilling, and the drawing thereof shall be dolivered with topographic descriptions of each bench- mark, together with the topographic drawing with elevations of the drill-holes referred to in sub-section (m), paragraph 2, of Article 9 Article 2. 5 Works within the Watersheds. 4, ‘The Conoossionnaire shall have the right to ¢on- struct within the watersheds above specified, any re- juisite and useful works for attaining and maintaining the maximum discharge above specified, which discharge will be utilized at the hydro-electric installations to be established by the Concessionnaire. It is under- stood that the construction of such works will be carried ‘out on the basis of a report approved hy the State pur- suant to the provisions of this Agreement, 2. Public works constructed by the State, whether directly or indirectly or works in any way supervised by the State within the watersheds above specified, must, in any event, be such thatthe construction thoreof shall cause’ no decrease in the maximum. discharge to be utilized by the Conoessionnaire the hydro-cloctric installations to be established ‘hy i Article 3. Works to be Constructed. ‘The Concessionnaire shall, within the time-linits specified in Article 11 and pursuant to the final reports 40 be approved for the works, carry out the following works: Hydro-Eleetrie Installation at Kromasta. (a) A gravity dam 93,15 moters high, which height may vary within 5 "/, above or below said 93.15 meters, for the formation of a reservoir for the purpose of im= Pounding tho water flowing from the relevant, ater- she The amount of the water to be impounded shall be such that tho minimum discharge to be utilized and-diverted at the Kremasta hydro-electric installa- tion shall be equal to forty (40) eubic meters’ flow per ‘second per twenty-four hours.” , ‘The crest, of the dam shall be at absolute elevation ++-238,50 meters and the highest water-level in the re~ servoir at absolute elevation +225.00 meters. {b) The intake and conduit works capable of car- rying said minimum discharge of forty. (40) cubic me- tiers per second. (c) The section of differential levels (i.e. section under pressure) for utilizing a minimum fall of an aver- gy helt of 81.50 meters and a minimum discherge of forty (40) cubie meters per second. (a) The hydro-electric station of a minimum instal- Jed capacity of 38,000h.p. and of a production capacity ‘0f 224,000,000 kilowatt hours of electric energy annually. ILis understood, however, that after the final acceptance of the works the electric energy produced annually shall be determined by consumption requirements, the Concessionnaite being obliged, at all times throughout, the continuance of the Agreement, to ensure through ‘the operation of the hydro-electric installations the ‘energy supplied to third parties, under the terms of Article 18, for lighting and traction purposes. ) The tailrace works with a highest, water-level ab absolute elevation 4134.35 meters. (0) The flood discharge works. And more generally, (g) Any work and installation necessary for the production of said electric energy and for the opera- tion and exploitation of said hydro-electric installa~ tions. (iy) A line for the transmission of the elgctric ener- gy, placed on iron girder or reinforced concrete poles, to the places of its consumption by the Coneessionnaire ‘and to the sub-stations necessary for increasing ‘or redueing voltage. Hydro-Blectric Installation at Prevenza. (a) A gravity dam, 34.35 meters high, which height may vary within 5"), above or bolow said 34.35 meters. Crost of dam at absolute elevation -}-137.85 meters. Highest water-level upstream of dam 134+.35 me- tors. (h) The intake and conduit works capable of carrying a minimum discharge of forty (40) eubie metres gper second. (c)"The:soction of ditforential levels ‘i. o. section under pressure) for utilizing. a minimum fall of an average height of 30.85 metres and @ minimum dis- ‘charge of 40 cubie metres per second,(@) The hydro-cloctrio. station of a minimum installed capacity of 14,000 horse power and of a pro- duction capacity of 85,000 kilowatt hours of electric energy annually. It is understood, however, that after the final accoptance of the works, the electric energy produced annually shall be determined by consumption roquirements, the Coneessionnaire being obliged, at all Limes throughout the continuance of the Agreement, ‘to ensure through tho operation of the hydro-electric inatallations the energy’ ‘supplied to, third parties, under the terms of Article £8, for lighting and traction purposes. (e) Ths tailrace works with a highest water-level at absolute elevation -}- 100.00 meters. (1) The flood discharge works. (g) And genorally, any’ work and installation neeossary for the production of said electrie energy and for the operation and exploitation of said hydro- electric installations. (h) A tine for transmission of the electric energy, placed on iron girder or reinforced concrete poles, to the placas of its consumption by the Coneessionnaire and to the sub-stations necessary for increasing and vedu- cing voltage. Hydro-Electrie Installation at Kriekouki (a) A gravity dam, 40.85 motors high, which height may vary within 5*/, above or below said 40.85 meters. ‘Crest of dam at absolute elevation +103.50 meters. Highst water-level upstream of dam + 100.00 maters, (b) The intake and conduit works capable of car- rying a minimum discharge of forty (40) eubie meters por second. (c) The saction of differential levels (i. e. section under pressure) for utilizing a minimum fail of an average height of 38,85 meters and a minimum dis- charge of 40 cubie moters per second. (d) Tho hydro-electric station’ of a minimum installed capacity of 16,000 horse power and a produe- tion capacity of 96,000,000 kilowatt hours of electric energy annually. "It is understood, however, that after the final acceptance of the works, the electric energy produced annually shall be determined by consumption requirements, the Concessionnaire hein; obliged at all timos throughout the continuance o the Agreement, to ensure, through the operation of ‘the hydre-eloctrie installations, the energy supplied to third partios, under the terms of Article 18, for lighting and traction purposes. (c) The tailrace works with a highest water -lovel al absolute elevation 61.15 meters. (f) The flood discharge works And, ganorally, (g) Any work and installation necessary for the production-of said elactric energy and for tho operation and exploitation of said hydro-electric installations. (h) A line for transmission of the electric energy, placed on iron girder or reinforced concrete poles, to the places of its consumption by the Goncessionnaire and to the sub-stations necossary for increasing and reducing voltage. Article 4 Acquiring Lands or creating Easemonts for the: con- struction of he Works for the Hydro-Rlevtrie Installa- tions and for the Operation and Exploitation thereof. 1. Acquisition by the Concessionnaire of lands roquired for the construction of the works, the regula~ tion, storing and impounding of water-flows; far the construction of the intake works, conduit and discharge canals in the open air or under ground; the generating plant, with all appurtenances and accessories thereof, Acooss Ways, stores, offices and dwellings for the person: nel; the acquisition of the lands to he flooded because of the rise of the wator -level in tho reservoirs to be erea ted for.the purpose of impounding the water, and the lands roquived for the construction of sub-stations for ineroasing and reducing voltage, as well as those re- quired for the occupation of the springs existing in:the watersheds, and tho lands surrounding said springs and required for tho construction, operation and ex- ploitation of the works; the creation of easements. for. ‘the construction, operation and exploitation of the works in general, required for the production of tho, electric ‘enorgy, shall be effected according to the provisions in foreo” in roganl to compulsory expropriation for the construction of works of public utility,- and the cost ‘thereof, adjudged for the purpose of indemnifying the owners or lessees, shall be borne by the Concession- saaire. With respect to the lines for the transmission of the clectric energy, the provisions of Article 9 of Law 2979 shall apply. 2. In all cases where the Concessionnaire. enters into separate agreements for the acquisition of lands or rights required for the construction, operation and exploitation of tho works for the production of electric energy, the respective contracts shall be communicated to tho Ministry of Communications within one amonth after their execution Such contracts shall not be valid, unless they include an express provision that, in ease of repur- chase, forfeiture or any other termination of the Agree~ ment, there shall be reserved to the State the right to substitute itself for the Concossionnaire upon the satne terms. . }. Furthermore, the Concessionnaire shall have the right to occupy temporgrily any land and to’ extract thercfrom any material which is required by it, but only for the constriction of the works and according to tho existing provisions in foree in regard to compul- sory expropriation forthe construction of works of public utility. In the event, however, that the property of @ private person should be damaged because of the construction of the works, the Concessionnaire. shall indemnify speh person and the aforesaid provisions in regard to compnlsory expropriation shall apply. with respect to such indemnity. 4, In any event, the Concessionnaire shall have the right ‘to proceed with the construction of the works and no owner or any other interested party shall be allowed to take any temporary ox provisional procactl- ings against the Conecstionnaive, However, the Concessionnaire shall, prior to the oceupation of any real property for the benetit of th aforesaid works, submit an application, with a draw ing and cadastral table, to the Ministry of Communi- cations, asking for compulsory expropriation, and the Ministry shall, after due examination, cause the’ ne~ cessary Royal Decree to be issued allowing such expro- priation, such works being deemed under this Agree mont to’ bo works of public utility. Indemnities adjudged for occupations thus effected and for damages caused thereby shall he collected in“tavor of the parties entitled thereto according to the wisions for the collection of public revenue. ‘The State shall, not later than three months after the dato of the submission of the Concessionnaire’s ap- pleation with the drawings and cadastral table rela- fing thereto, issuo the necessary Royal Decree. If this js not done, the Concessionnaire shall,’ upon filing an application, he entitled only to a proportionate ex- tuaion of the time-limits for the completion of the work 2 5. Public properties, if any, may also he used by the Concessionnaire, free of chaygo, but only for the tosstraction and exploitation of ‘the water-intake, conduit and discharge works and the constrnction and exploitation of the works required’ for the production fand transmission of the clectric energy, and the con- siuotion and exploitation of the acces-ways required therefor, Royal Decrees to be issned for such purpose a the instance of the Minister of Finance and the Minister of Coninmications upon the advie of the Council of Public Works. With respect Lo said use, the torm*public. properties» shall mean. public properties not subject to claims ot rights of third parties, it being taken for granted that in ease said, public properties are subject to claims or rights of third parties, such parties must be indemni- fied by the Coneessionnaire pursuant. to the procedure of the laws in force, from time to time, in regard to compulsory expropriation, Goon approval of the Prefoot of Antilo-Acerenis, issued with, the conourting opinion of the District Engineer for said Prefecture, the Concessionnaire shall also be permitted to take, free of charge, from quarries and deposits belonging either to the State, to. municipalities, to communities or lo the Admiuis- tration of Public Works, the stone, gravel, lange stones, marble and sand materials available within the Prefee- ture of Actolo-Acamania, but solely and exclusively for the construction of the water-intake, conduit and discharge works and generally for tho construction of the works. required bythe Concessionnaite for the roduetion and transmiésion of electric energy, provi- ied the properties in quostion are free of all claims or rights of thned parties, Article 5. Acquisition of Rights to Use of Water |. In so far as the rights of third parties to. the uso.of water for production of eloctric energy or motive power, actually exervised up to, the effective date of this Agreement, are projulicel “because of the works and installations to be constructed by the Concession- naire, the latter shall either indemnify the interested parties under the procedure set forth in the following Article 6, ox, if the third party concerned 80 elects, shall supply said third party with eloctrie energy equi- valent to the hydraulic power or energy, which said third party may haye actually been using up 10 said ‘lato, 80 that operation of the installations existing on the effective date of this Agreement may continue oper- ating regularly as before said date. . 2, ‘The price of the electric energy lo be supplied hall’be equal to the cost of production of the plant affected, and the Concessionnaire shall, once and for all, construct and place at its own exponse and under its dirvetion, all the works and machinery required for the continuation of the operation of plants and installa~ tions affected npon the same terms and under thesame conditions. The contracts concerning said _arrange- ments shail be communicated to the State within one month after the date of their signature and, in any event, they must include an express provision that ‘there shall be reserved to the State the right to substi- tute itself for the Concessionnaire upon the same terms, in case of ropurchase, forfeiture or any other terming tion of this Agreement. 3, Furthermore, in s0 far as the rights of third par- ties to the use of water for irrigation actually exoreis- ed up to the ratification of this Agreement, are dama- ged, because of the works and installations to be con- stmcted by the Concessionnaire, the latter shall either indemnify the interested parties under the procedure of the following Article 1, or shall restore the irrigation carried on by supplying Water required therefor through works to be constriioted, once and for all, at Une expense and under the direction of the Concessionnaire, 80 that the irrigation may be continued and carriod on upon. the same terms and under the same conditions as in the past. Article 6. Procedure for the acquisition of Rights to Use of Water. In case of dispute between the” Concessiounaire and private persons regarding the existence or the extent of rights of irrigation, as well as in the case of infringement of actually existing and exercised rights of third parties to the use of the water for production of motive power or electric energy, such dispute shall he settled by an Administrative Tribunal, if the Con- cossionnaire and such third partics do nob settle the controversy by mutual agroomont as to indemnity and ‘the extent thereof. Such, Administrative Tribunal shall ’be composed of tho President of the Court of First In- stance at Messolonghi, as Chairman, whose vote shall decide in case of a tie, the District’ Engineer for the Prefecture of Actolo-Acarnania, the electrical engineer whom the Minister of Railways and Motor Traffio shall appoint from amongst the competent Service Staff and ihe ‘Official Agricultwrist for the Prefecture of Actoto- Acamania, or the logal substitutes thereof. The said ‘Tribunal, upon a request of the Coneessioninaire or of any thind parties whoso rights are infringed, addressed ‘o the President of the Court of First Instance at Messo~ longhi, shall settle the dispute irrevocably. The Tri- Dunal shall not be bound by judicial procedure and shall freely consider the facts and interpret the law according ‘to equity and fairness. The said Tribunal, eonvoked by the Prosident of the Gourt of First Instance at, Messo~ longhi, shall moet in the Court-house and shall, after local inspection, issue their decision with supporting re sons. “The Clerk of the Court of First, Instance at Meiso- longhi, or his legal substitute, shall perform the duties of Secretary to the said Administrative Tribunal. ‘There shall be paid to the Chairman, members and Sooretary of said Administrative Tribunal all travelling expenses and a daily fee equal to twice the amonnt of all their daily feos added togethers and said daily feo shall be charged to the defeated party. » 2 All documents involved inthe proceedings are to be written on plain (i.e. unstamped) paper.‘The devision of said Administrative Tribunal, which must be issued not Inter than forty days after the submission of the request to the President of the Court of First Instance, shall be capable of immediate provisi- onal execution and the party not satisfied with said doci- sion may resort to the ordinary Courts of Justice within a peremptory time-timit of thirty days after the date of legal service of said Administrative Tribunal’s decision. ‘The decision of said ordinary Courts of Jus- tice on the.dispute shall in such cases be final. In ‘any event, howover, the solo jurisdiction” and purpose of ‘tid Administrative Tribunal shall be to decide disputes as Lo th existence and extent of irrigation rights and as lo whether infringement of rights of third parties to tho use of the water for the purpose of producing motive power has taken place, as well as jurisdiction to decide the amount of the indemnity to be paid for in- fringemont of vested rights, if any, to the use of the water. Such Tribunal, however, shailnat have the power toondorthe Coneessionnaire to suspend the construction of the various works and installations, nor to order that, any corrective measures, takon by the Concessionnaire at its own expense for the purpose of reducing the waste in the water utilized for irrigation, be discontinued. The said decisions shall be communicated by the Concessionnaire to the Ministry’ of Communications within one month after said decisions are published. Article 7. Concessionuaire’s Obligations. relating to the Discharge of the Water diverted and impounded. L. The water diverted and impounded shall be discharged under the direction of the Coneessionnaire and at its own expense into the channel of the Achelods River and downstream of euch hydro-electric instal- lation, in its natural condition, elean, and in any event, suitable for irrigation 2. In case only the Kremasta hydro-electric instal- lation is constructed, the discharge therefrom shall be at highest water-level at absolute clevation + 133.60, but in case the Prevenza hydro-clectrie installation is constructed, the dischange therefrom shall be al highest water-level at absolute elevation -+ 100.00, and in case the Krickouki hydro-eleotrie installation is constructed, the discharge therefrom shall be. at highest watetlevel at absoluts elevation + 60.00. 3. In case the water discharge, owing to conditions eroated by the operation of the installations upstream, should be disturbed in such manner that irrigation of the lands downstream of the said points of dis: charge into the Achelods channel, cannot be con- Ginued and carried on under the same conditions as at the commencement of the operation of the instal- lations, the Concessionnaire shall restore said irrigation by constructing, at its own expense and under its direction, the necessary works pursnant to the terms of this Agreement. Article 8. Works and Installations passing to the Absolute Ownership and Possession of the State upon the Expiration of the Agreement. |. All the works constructed and used in vegula- ting and improving the flow of the water, and, gene= rally, all the works constrnoted end utilized for the production and transmission of the hydraulic power and the electric energy, shall be deemed to bo part of ‘the concession immovable property and shall be deli- vereil to the State alter the termination of the Con- cossion,in a highly efficient condition of operation and maintenance, free of all charge, debt, mortgage, and gonerally, of any liability, the “Concessionnaire being eutitled 4 no payment as indemnity for any eause whatsoover. The aforesaid works shall include the following property, to wit: the works for regulation and improventent of the flow of the water, the ditches or galleries, the dams for retention and impounding of tho water, as well ts the lands flooded therefor, the intake works, the conduit and tailrace éanals,” the ‘works for the regulation of the flood and other dis- charges, the water-wheels and turbines and their accessories, the generators, accumulators, -bus bars and accessories thereto, switch- boards, reserve ma- chinery, the lines of transmission of the électrie energy to the ‘places of consumption thereof, the Lransfor- mers, disconnecting switches, etc. access-ways to the works and installations, railroad tracks, decauville tracks, buildings in genera], the dwellings of the guards, office ond personnel buildings, and gonerally ay real estate or machinery and equipment useful and neces- sary for the production, operation, exploitation, trans- mission’ and supply of ‘the electric energy, as well as the lands on which all said works, machinery and installations are located. Article, 9. Preparation, Delivery and Approval of the Final Re- ports for the Hydro-Electrie Installations and the Line for Transmission of the Blectrio Energy, 1. With respect Lo the KreiastaFall,the Concession- naire shall, within a two and one-half (24/2) years period after the publication in the Government Ga- vette of the law ratifying this Agreement, and, with rospeet to the Prevenza and Kriekouki Falls, within four and one-half (4 1/2) years after said date, prepare and submit to the Ministry of Communications in tripli. cate, a complete technical and financial report for the works and installations nocessary for the exploitation ‘of each one of the Acheloos River Falls, on which a concession is granted to the Concessionnaire pursuant to Article 1 of this Agrooment. One copy of each of sdid reports shall be delivered on transparent cloth, and al data of the reports shall in the Greek language. The reports to he delivered shall bo final and so formulated that constrnotion of the works provided for and of the installations pertaining thereto may be possible on the haris of said reports. All topographic and structural plans shall be drawn up on the basis of ‘the absolute elevations of the bench-marks. referred to in Article 1 hereo!, I,Report for the Hydro-Electrie Installation at Kre- masta. ‘Tho report for the Kremasta installation shall be prepared on the basis of the report prepared and doli- vored to the State by HUGH L. GOOPBR AND COM- PANY, INC. and CHEMICAL CONSTRUCTION COR- PORATION, in excoution of Contract No. 34733/1936 prepared by’ D. Gigantés, Notary Public for Athéns,© Accordingly, the basic characteristics of said report shail be those specified in Article 3 hereof. 2, The report shall include, principally, the follow- ing data and plans: (a) A general topographic plan with elevations ‘on a scale of 1: 25,000, showing the location of the hydro-electric installation and of any existing hydraw j¢ installation, if any, even if mere diversions (b) A topo plan with elevations on « soalo of 1: 1,000, including the channel of the River extending {rom a point 200 mbters upstream. of the intake to a point 200 meters downstream of the tailrace canal, the conduit: canal, the section of differential levels, the tailrace canal and all engineoring works and plants necessary for the production of the electric enerey. This plan shall show the bench-marks to be placed by accurate survey and which shell be located as follows: at the heginning and end of the fall, at. the site of the dam, at the beginning and end of the section of differential levels and at the end of the tailrace canal, Six (6) such bench-marks shall be fixed on the ground either by appropriately eutting some existing solid rock, or by embedding pormanent marble monuments 0.30'x 0.30 meter in size and 0.50 meter high, in solid masonry. (c)_A topographic plan with elevations on a scale of 1: 25,000, which shall include all of the aroa which, owing to the formation of the artificial loke caused by the construction of the-dam, will be covered by the water at its highest level, as well a8 the bench marks of the area surrounding said artificial lake, which area will be granted or expropriated; such bench marks shall be of the usual type required to show the boun- davies of properties. Detailed topographic descriptions of said marks, which shall constitute the basic and principal marks of the Concession cadastre, shall also be delivered. (a) A profile of the channel of the Achelods River covering the whole section of the River studied, and roliles of the conduit canal, the section of differential [evels; and the tailrace canal, cach drawn upon an appropriate scale and in relation to the absolute eleva- tions of said bench marks which shall be shown on the profiles. (c) All plans of the works to be constructed, on the requisite scales, including details for their immediate construction. . (f) All reports and plans of the mechanieal and cloctrical installations for the produetion of the power and. of the electric energy, with relevant profiles, ele- vations and ground-plans, and, principally,, the | pro- files and the ground=plans of the hyelro-electrie genera ting station; drawings of the switeh~board and distri- Dution system; drawings of the general system of connection at the plant, and, generally, of the high voltage distribation systom: ahd plans of the sub-sta- tions for reducing voltage as well as of the lines for the transmission of the electric energy. (g) All plans of the buildings to be nsed both in construction and exploitation. ot (h) A topographio plin with elevations including, Ground~plaris of the buildings, as provided: fon in, the preceding sub-section,in their relation to the enginecr- ing works, (i) A report. including the meteorological and hydrological data of the watershed, the observations and measurements made for the discharge of the flow- ibHMEPIZ THE KYBEPNHSEOS (TEYXOS IIPOTON) | ing and spring water and reasons justifying the gene- ral lay-out of the proposed works and plants, and, principally, the height of the fall determined for explo” itation, the minimum discharge determined for the installations, the estimated maximum discharge thercot, the general lay-out and the dimensions of each one of the principal engineering works and installations. There shall also ho inchided the comparative studies and findings made to justify the general lay-out and dimensions of said engineering works. (j) Static computations of the principal engineer- ring works, together with the graphs pertaining thereto, (ks) A detailed schedule of quantitios, price ana~ lyses and quotations, specifications and estimates for the works and installations to he constructed. (1) A graphic program for the carrying ont of the works and relevant mechanical and electrical plants, speciting the periods of time, within which each work shall be constructed and the dates relating thereto, shall be confined within the ultimate period of limi- tation, as the same is ‘specified in Article 11 of this Agreement. (m) A topographic plan with elevations on a scale of 1: 200, showing the drill-holes made for the founda- tion of the prineipal engineoring works, a8 well x profiles of said drill-holes, under minimum scale of 4:50, showing the geological strata, conglomerate and earth, together with their, thickness and absolute elevations, encountered before reaching the solid ground, on which the foundations ofthe works shall be Jaid, and the geological composition of the sub-soil of the artificial lake. A set of core samples for each goolo- gical stratum, conglomerate etc. encountered in each case of drilling, shall be delivered, and not less than eight (8) drill-holes shall be made for the foundation of the dam and not less than twenty (20) for the sub- soil of the artificia) lake. (n) A topographie plan, on a scale of 4: 1,000, of the area where the’ engineering works, installations, and, generally, any bnilding or work required for the exploitation of the works for the-production of el tric energy will be constructed. Such plan shall show. the bench-marks to bo placed on the ground for de- termining the boundaries of the areas, which will be granted or expropriated. “The bench-marks to be placed on the ground shall be of the usual type required to show the boundaries ‘of properties. Detailed topographic. descriptions of said marks, which shall constitute the basic and prin- cipal marks of the Concession cadastral chart, shall also be delivered, (0) Lastly, any other data, observations or draw- ings necessary for the construction of thé works, in general. ‘3, The Concessionnaire sball have the right, during the preparation of the final report for the works, 10 modify the report delivered pursuant to paragraph 1 of this Article 9 and such modifications shall be ap- proved according to the provisions hereinbelow set forth; but modifications proposed concerning the basic characteristics of the report for Kremasta, which are referred to in Article 3 hereof, shall be subject solely Lo the absolute judgment of the State. The Concessionnairo shall deliver to the State the data referred to in the preceding sub-seotion (m), nol later than two (2) years aftor the effective date of this ‘Agreement.994 PIS. ‘yho Concessionnaire shall, within the same period of time, submit a summarized roport spooitying the hasio characteristics of the Kremasta hydro-cleotric, installations as regards the charactor and depth of the foundations of the dam and the charaoter of the masonry of the dam both as to the foundations and the Guporstructura thereof, the kind of mortar, proportion of rement and other inaterials to be used, the method of dealing the expansion joints and thesystem of drain- ing. the water seoping through the mass of the dam, as well as the system of internal inspection. Upon Approval of the basic characteristios referred to in the simmarized report according to the provisions hereof, Said characteristics shall he the basic characteristies of the final report for the warks of the hytro-electrie installations at Kremasta. HL Roport for the Hydro-Hlectrie Installation at Prevenza 4, ‘The hasie oharactaristies of Lhe Prevena instal: lation shall be the characteristics apecified in Article 5 hereof. . ‘The report shall inclade the data and plans set forth in paragraph 2 of this Article 6. The Coneessionnaire shall have the right, dur- ing. the preparation, of the final report for the works, io modify the basie characteristics of the Provenza installation specified in Article 3 hereof, provided, howover, that the total net height of the falls to be uti- lized in the section of difforential levels at tho Prevenza and Kefokouki installations added together and reckon: ed from the highest water-level in. the tailrace canal of the Kremasta hydro-electric plant at al solute ele vation + 134.25 meters to the highest water level in the tailrace canal of the Kriokonki hydeo-electrie plant at absolute clevation 61.15 meters, be not less than {6.70 meters and the minimum discharge to be uti- lized be not loss than 40 cubic moters per second. The Concessionnaire shall submit the data specified in suh- section 2 of paragraph " of this Article, not later than three (:1) years after the effactive date of this: Agree- ment. ALT. Report for the Hydro-tlectric Installation at Keickouki. 7. ‘The basic characteristics of the Kriekouki in- statiations shall be the characteristies specified in Arti- cole 3) hereof. 8. The report shall include the data and plans set forth in paragraph 2 of this Article, ‘9, ‘The Cono>ssionnaire shall have the right, during the praparation of the report for the works, to’ modify the hasie characteristics of the Kriekoulki installa~ tion spozified in Article 3 hereof, provided, however, that the total net height of the falls to be utilized in the section of differential levels at the Prevenza and Kriekouki installations, added together and reckoned from the highest water-level in the tailrace canal of the Kremasta hydro-eleotrie plant at absolute elevation F13%5 meters to the highest water-level in the tai race canal of the Kriekonki hyiteo-electrie plant at ab- solute elevation +61.15 meters, be not less than 66,70 meters and the minimum aischarge to be utilized be not less thao 40 cubie meters per seemd. “Tho-Coneasstonnaire shall submut the data specified BOHMEPIZ THY KYBEPNUSEQE (TEYXOE MPATON) in sub-section 2 of paragraph 3 of this Article not later than three (@) years after the effective date of this Agegoment. 10. The Ministers of Communications and of Rail- ways and Motor Traffio shall approve the final reports, for the works not later than four months after the date of the registration of the Coneessionnaire’s letter of ‘thoir submission in the General Register of the Ministry ‘of Communications, and upon express approval theroot ‘or merely after the lapse of the said period of four months without notification of the Minister's appro- ‘al, said reports shall he considered to be approved "Phe Ministers of Communications and of Railways and Motor Traffic shall have the right, within the afor said four months” period, to request such elaboration, fund to propose such modifications of the reports sub- mitted, 88 said Ministors may deem necessary, In the letter containing said Ministers’ proposal, they shall give supporting reasons ind shall specify the period of time, within which the Concssionnaire is to. make and submit the modifications indicated, which period of time shall not be less than two months “Ths Ministers shall, within a poriod of three months after the date on which the Conoessionnaire’s letter of submission is entered in the General Register, give their final approval of the reports submitted, provided the Conoessionnaire, has complied with the modil tions indicated. Il, within the said three months‘ period specified above, the Ministers of Communications and of Rail- ways and Motor Traffic do not make known their views Co the Concessionnaire each Lime a report is submitted, such report or modifications thereof shall be deemed 6 ‘be approved, Ti, Tho approval by the Ministers of said reports, whether express or presumed by the lapse of said peri~ ods, shall entail no lability on the part of the State, nor shall it release the Concessionnaire from the con~ sequences which moy. result from the construction of the works, from defects in the provisions of said reports, or from any subsequent deficient operation and exploi- ‘tation of the works, 12. ‘The Conoessionnaire shall, throughout the dure- tion of this Agreement, prepare, and the State shall approve, pursuant, to the aforesaid provisions, the re- ports for works, whioh are intended for the modifica tion, elahoration or expansion of the hydro-clectric installations and which are required for the normal operation and the regular exploitation of the hydro lectri¢ plants, There shall also be specified, in the State's approving decision, the period of time for the construction and completion of such works, whieh period shall bé in proportion to the importance of the works, but never less than three months. If such works be oon” structed by order of the State, the State's order con- cerning the preparation of the report shall also specify the period of time for the preparation thereof, which period shall be in proportion to the importance’ of the works, but never less than three mor.the. 18, All works approved in pursuance of the shove provisions shall, by viriue of such approval, ke deemed to be works of public utility Article 10, Dolimitation. Cadastral Chart. 1. Tho plaving of the marks to show the bounda- ries of the areas required for the construction and theexploitation of the hydro-electric installations shall ho tflected at the expense and under the direction of the Convessionnaire, Or, if necessary, by the State on its ‘own initiative but at the former's expense, within the first year following the commencement of the operatic of each hydro-electric installation to be constructed. Such marics shall be part of the real estate pertaining to the Cancession. The placing of the marks shall take place in the presence of the owners of adjoining pro- perties, duly summoned for the purpose, and in, the presonve of tho District Engineer for the Profecture of ‘Ketolo-Acarnania, who shall draw up the necessary report. Furthermore, directly after such placing of the marks the cadastral chart of the areas hounded, on @ scale of 1: 1,000, and, as regards the area of the artifi- ial lake, on a soale of 4: 10,000, shall be drawn up at the expense and under the direction of the Concession- naire and under the supervision of the same District Engineer. 1 The said cadastral chart, with the cadastral table relating thereto, shall be examined and approved by the State according to the provisions concerning the approval of the final report for the works and specified in the preceding Article 9, ‘The final approving deci- sion, issued by the Minister of Communications, shall be published with the said cadastral chart and table in the Government Gazette. 2. Any increase or reduction in the area of the aforesaid lands, shall he made in the future pursuant to the provisions of the preceding paragraph and within the first month: following the commencement of the oporation or discontinuanes of the installations on said lands. Artiole 11. ‘Time-limits for Construction of the Works and Installations. 4. The construction of the works specified in the final report for the Kremasta hydro-electric installa- tion shal] commence not later than one year after the final approval of the final report relating thereto, given in any manner spécified in Article 9 hereof, and according to the construction program to be approved pursuiant to said Article. The said construction shall be continued without interruption, 80 that. the works may be completed, and the regular operation of sajd hydro-electric installations may begin, within five (5) years after the date of said commencement of the construction of the works, 2. If, for any reason or cituse, including causes due to events of force ntajeure, the hydro-electric plant at Kremasta with all its equipment, appurtenances and accessories required for the production of the electric ‘energy be not. completed, in accordance with the final reports approved for the works, on or before December 1, 1952, and said hydro-eleotrie plant be nob then in regular and continuous operation, all privileges and rights granted Lo the Concessionnaire under this Agre ment shall be deomed to bo forfeited without further notification, notice or decision, In such e¢se, the pro- visions of ‘Article 43, of this Agreement concerning. procedure in case of forfeiture shall apply. 3. The Conceasionnaire shall have the right, at its absolute diseretion, to refrain from constructing the Works for the Prevenza installation and, consequently, ROHMEPIZ THE KYBEPNHSEOX (TEYXOY IIPQTON) 995 to give up the privilege of exploiting the relevant, fall, provided the Concessionnaire shall make declara~ tion to’this effect to the Ministry of Communications in writing within four (4) years alter the effective dato of this Agreement. ‘In Such oase, the State shall have the right, at ite absolute diseretion, to exploit itself or through any third party, to which it may grant the ooncession, the fall of the Achelods River downstream of the tailrace canal of the Kremasta hydro-electrio plant and from a point at absolute elevation -}434.35 meters, by ut ring tho water discharged from. said hydro-electric plant, without payment of any indemnity for any cause’ whatsoever, The Concessionnaire’s renunciation of its rights and consequent: refraining from construc: ting the works for the Prevenza hydro-electric instal- ations, shall in no Way modify the Concessionnairo’s other rights, privileges and obligations rolating to the Kremasta hydro-olectric installations. 4. Tf the Concessionnaire should fail to submit the declaration referred to in sub-section 1 of the preceding paragraph 3, it shall heobliged, within the period of time specified therein, to declare in writing that it will proceed with the construction of the Prevenza hydro- lectrio, installation, thereby retaining the relevant concession privilege, and the Concessionnaire shall, within two years after the date on which the State cer” tifies either that the total annual consumption of elec: tric energy has attained 80", of the total amount of the available energy to be produced at the Kremasta hydro-electric plant, no matter how said consumption may be attained, or that the peak load has attained 80°), af the capacity to be installed at the said hydro- electrie plant, less requirements for reserves, promptly commence construction of the Prevenza hydro-electrio installations, upon an order of the State and according tothe approved final reports and construction prograra. ‘The Concessionnaire shall continue said construction without interruption, so that the works may be eom- pleted and the regular operation of the Prevenza hydro- electric installation may begin, within four (4) years after said date of commencement of the construction of the works. 5. Independently of the terms provided for in the preceding paragraph 4 of this Article 14, if for any rea~ son or cause, including causes due to events of force majeure, the Prevenza hydro-eleotrio plant, with all its equipment, appurtenances and accessories required for the production of the electric energy, be not completed, in aecordance with the final reports approved for the works, on or before December 34, 1957, and said hydro- electric plant be not then in regular and eontinuous ope- ration, all privileges and rights granted to the Conces~ sionnaire under this Agreement with respect to the hydro-electric installations at Prevenza and Kriekouki shall be deemed to be forfeited without furthor notifi- cation, notice or decision. Tn such cage, the provisions of Article 43 of this Agreement, concerning procedure in case of forfeiture, shall apply: The Conesssionnaixe sell have the right, at its absolute discretion, to refrain from constructing the works for the Kriekouki installation and, consequently, to give up the privilege of exploiting the relevant fall, provided the Concessionnaire shall make declaration to this effect to the Ministry of Communications in writ: ing within nine (9) years after the effective date of this Agreement,96 In that ease, the State shall have the right, at ite absolute discretion, to exploit itself or through any third party,to which {t may grant the concession, the fall of the Achelods River downstream of the taileace canal of the Prevenza hydro-electrie plant and from a point at absolute elevation referred to in the final report to be approved for said installation and which 1 shall be therein specified, by utilizing the water discharged from the Preventa hydro-electric plant, without payment of any indemnity for any cause whatsoever. The Concessionnaire’s. renunciation of its rights and consequent refraining from the construc- tion “of the works for the Kriekouki hydro-electric installations shall in no way modify the Concession- naire’s other rights, privileges and obligations relating to the Kremasta and Prevenza hydro-electrie instal= lations. 7. If the Concessionnaire fails to submit. the de- laration referred to in sub-section 4. of the preceeding paragraph 6, it shall be obliged, within the period of time spooified therein, to deolare’in writing Usut it will proceed with the construction of the Kriokouki hydro- olectrio installation, thereby retaining the relevant concession privilege, and the Conoessionnaire shell, within two years after tho date on. which the State corlifies either that, the total annual consumption of the eleotric energy has attained 80%), of the total amount of the available energy to be produced at the Provenza hydro-electric plant, no matter -how said consumption may he attained, or that the peak load has attained 80 */, of the capacity to be installed at the said hydro-cleotric plant, less requirements. for reserves promptly commence construction: of the Kriokouki hydro-electric installations, upon an order of the State and according to the approved final re- ports and construction program. The Concessionnaine Shall continue said construction. without interruption, 80 that the works may be eompleted and the regular operation of the Kriekouki hydro-electric installation may bogin within four (4) years after said date of commencement of the construction of the works. 8. Independently of the terms provided for in the preceding paragraph 7 of Uhis Article 11, if for any. Toason or oanso, including eansos due to events of force majeure, ‘the Krickouki. hydro-electric plant, with all equipment, appurtenances and accessories required for the production of the electric energy, be not completed, in accordance with the final reposts approved for tho works, on or belore December 31, 1963, and said hydro-electric plant be not then in rogular and continuous operation, all privileges and rights granted to the Concessionnaire under this Agree- mont with respect to the Kriekouki hydro-electric installations shall be deeméd to bo forfeited without further notification, notice or decision, In such ease, ‘the provisions of Article 4 horeof, conceming procedure in case of forfeiture, shail apply. 9. It, within the period of time provided for in sub-section 4 of paragraph 3 of this Article 1, the Concossionnaire declares in writing that it will proceed with the construction of both. the Prevenza and Krie- kouki hydro-electric installations, thereby retaining the relevant concession privileges, the Coricession= naire may be permitted by the State to construct first the “Kriekouki hydro-electric installation and afterward the Prevenza hydro-electric installation, Wis specified that in such cuse, any time-limits con: EOHMEPIS THE KYBEPNHSEQY (TEYXOS UPQTON) corning the Prevenza hydro-electric installation (¥ preparation and submission of final reports,commence- ment and. completion of the works of ‘the hydro- cloctrio installation, or any other time-limits) shall apply. to the Kriekouki hydro-electric. installations, and, vieo' versa, the Krickouki time-limits shall apply to ‘the Prevenza installation. Article 12. Restoration of Communications and Water-flows, 1. In case of necessity, the Concossionnaire shall have the right, during the construction of the works, to interrupt communications; but if it does so, it shall first provide substitute communications at its own expense and under its dircction, conformably to the indications of the Supervising Service. The Concession- riaire shall restore the original communications upon completion of the works causing such interruption, ‘The Concessionnaire shalll also restore and ensure, at its own expense and under its direction, the free flow of the water, whether natural or artificial, which suf fered deviation or alteration because of the works car- ried out. 2, In case the works required to ho constructed un- der this Agreement should hinder the existing supply of water to canals or irrigation ditches, the Concessi- onnaire may be obliged to see that said canals and ditches are supplied with water coming from its own canal systein. 3. The Concessionnaire shall construct, at its own expense and under its ditcetion, any work, in general, which may be indicated to it hy the State for the pur: ose of rostoring the conditions existing prior to the construction of the works for the hydro-electric installa~ tions and which concern irrigation, generation of power or the cultivation and the eropping of the lands located downstream of the intake works, provided said condi- tions were adversely affected by the construction of the Concessionnaire’s works and the final report for the works did not provide for such elianges in said condi- tions. In the latter case, the provisions of Article 5 horeof shall apply with respect, to private rights. 4. The Coneessionnaire shall, by constructing ade~ quate sanitation works, prevent any seepage of water frém the works to be constructed by it,s0 as to prevent damage or unsanitary conditions in the vicinity of the works or inthe country lying lower than the grounds on which said works are to be constructed, Article 13. Proper carrying out of the Works. Responsibility, Concessionnaire's 4, ‘Tho Concossionnaire shall construct at its own expense, responsibility and direction, pursuant to the rovisions and indications specified in the approved final report, all the works and the plants connected therewith, according to the best standard, practice ‘and using materials of excellent quality. The Conces- sionnaire shall comply, for this puprose, with the writ- ten instrictions and modifications given to it trom time and duly accompanied by supporting reasons, by the Ministry of Communications and the Ministry of Rail- ways and Motor Traffic or by the Services entrustedwith the supervision of the construction. ‘The Conces- sionnaire shall not be exempt, from liability in case of any negligence or failure on the part of the competent Service ia charge of the supervision of the execution of the works. Article 44, ‘Transportation of Materials and Personnel. Cormunications. 4, The Concessionnaire shall haye the right to con= struct, at its own expense and under its direction, roads, railroad and decauville tracks, piers, quays, ropeways, Iridges, loading and unloading facitiss, obo used by the Concessionnaire exclusively for the transporta~ tion of any kind. of materials and of any personnel exclusively intended for the construction, operation, maintenance and exploitation of the Concessionnaire's hydro-electric installations; provided, however, that ab the effective date of this Agrécment there shall exist no contrary concessions or contractual obligations on the part of the State. Construction of such works shall always be subject to approval by the Ministers of Com- munications and of Railways and Motor ‘Traffie and uch approvals shall specify the terms, on which said works ‘may’ be utilised. 2. The roports pYepared by the Concessionnaire, relating to said works, shall be subject to the approval of the Ministers of Communications and of Railways and Motor Traffic according to their competence and pursaant-to the provisions of Article 9 hereof, 3, Acquisition of the lands and ereation of the easements required for thé construction of said works thall be effected according to the provisions of Article 4 of this Agreement. 4. The Concossionnaire shall have the right to carry out for its own account and by its own means, by land or water, the transportation, Joading and unload- ing of the materials and personnel intended oxchisi- yoly for tho construction, maintenance, operation and exploitation of the hydro-eleotrio plants, provided that al the effective date of this:Ageoomont thera shall exist, no contrary concessions or contractual obligations on the part of the State, As regards other rights and obligations, the Concessionnaire shall observe the laws and regulations of the State during such transporta- tion, loading and unloading, and shall have the right, to have its own rolling-stook and other equipment. of any kind, as well as its own personnel. . In such eases as the Concessionnaire makes use of the existing transportation facilities in order to trans- port said materials and, personnel and, in particular, afier the offective date of this Agroomont, the Con cessionnaire shall have tho right to pay the’ minimum freight-rates and-fares provided'for in tho tariff sched- ules for each kind of transport, provided that such pay- ments are-not contrary to any contractual obligations of the Stato, or to any provious concessions. In any event, the Concessionnaire may make agreements with carriers of any type regarding payment of freight-rates and fares even lower than said minima. Such agreements shall he subject to approval by the Ministor of Railways and Motor Traffic. 6. The State shall always have the unrestricted right,through its appropricte agencies, togrant to any third’ party the right(exclusive or not)of transporting, loading and vnloading passengers and goods in the BETIS Te Derren TERS TERT. region where the works are to be carried out; provided, however, thet. in any such grants, exception shall be made for the Concessionnaire’s transport. a8 provided for in the foregoing paragraphs of this Article 14. Article 45. Acceptance of Works. 1. Within fifteen (15) days, after the completion of each work of cach of the hydro-electric installations; that is capable of operating independently, and upon ‘certification of such completion by the District Engineer for the Prefecture of Actolo-Acarnania or by the com- petont Inspection Service, the Concessionnaire shall Submit to ‘the proper Ministries an application for provisional acceptance and test of such work. Within {wo months after the date of said application, such provisional acceptance shall be carsied. out by” Gom- mittees of Government Staff Enginéers to he designated by the competent Ministers, according to the nature of the works to be accepted, and the Concessionnaire shall facilitate the Committees’ task by providing the necessary personnel, tools. and machinery, and paying tho oxpenso relating thereto. On the basis of a joint report drawa up by said Committees certifying that all the works for the hydro-electric installations concerned have been earried out in acoordance with the terms of this Agreement and that. the results of the tests therefor wore satisfactory, the Ministers of Communi- cations and of Railways &nd Motor Traffic may grant a provisional permit to operate the plants or, if. the roport was unfavourable, shall order the Concession- naire to make up the deficiencies in the installations observed by the Committees within a reasonable and specified time-limit, One year after such provisional acoeptance, final acceptance shall be effected pursuant to the aforesaid procedure for certifying the efficient operation of tho installations. , ‘The above provisiosis shall also apply in case of expansion, elaboration or modification of cach initial hydro-electric installation. CHAPTER I, Oporation of Hydro-Electrio Installations, Artiole-46, Inspection of Construction and Operation. 4. The State shall have the right to inspect the construction and operation, with a view to aséertaining that the Concessionnaire is fully carrying out and strictly. observing the provisions of this Agreement and the laws and regulations in regard to publie safety and the safety of the personnel employed by the Con- cessionnaire at the installations. ‘The State shall have the right to make such inspection through the compe- tont Services of the Ministries of Communications and of Railwaysand Motor Traffic, The State shall also have the right to inquire into the Concessionnaire’s rela- tions with its customers concerning questions of supply of electric energy for purposes of lighting and traction, The State shall. also have the right to examino and inspect any work or installation, whether initially or998 subequently constructed, as to the proper constrac- tion and maintenance thereof. The Inspeotion Service shulll for this purpose be entitled to inspect at all times ‘tho hydro-electrio plants, the lines for the transmission of electric energy, the ‘laboratories, machine shops, garages, buildings, sub-stations, distribution systems, roads, tracks and’ transportation facilities and, gene: rally, any work, building and plant required for the production and’ transmission of the electric energy and tho exploitation thereof, 2. The Concessionnaire shall furnish the appro- priate serviees in chargo of the inspection. with all information of a technical, financial and. statistical nature, which said Services may require concerning ‘the construction and operation of the hydro-electric installations, The Concessionnaire shall place at said Servieo’s disposal, at the Concossionnaire’s offices, any ‘books, records, data or accounts, which may serve ‘the above purposes. Article 17. Concessionnairo’s Obligations concerning National Defence, Public Health eto, 1, The Goncessionnaire shall eomply.with the law and regulations in force from time to time concerning tho national defence of the country, riparian waters supply, isrigation, preservation and free circulation of of fish, protection’ of Iandseapos and sites. The cost of the works required, for. the preservation and froo oiroulation of fish shall not exceed the sum of 2,000,000 drachmas, ‘The Concessionnaire shall also be obliged, if tochnical- ty possible to construct at its own exponse dnd undor its direction, the proper works required for the preserve: tion of the existing medicinal springs ab Kremasta sito, provided, however, that. at the time the said. thermal Springs are put ont of use, this expenditure, including the construction of tho installations. (ie ‘buildings, baths and other oquipment) elsewhere, shall not ‘exceed the sun of 4,000,000 drachmas, 2, If during the operation of the installations, quos- tions should arise concerning publie health, a8 well as issues a8 to the protection of settlements and the surrounding areas against floods, the Minister of Communications or even the Prefect of Aetolo-Aoar- nania may, upon the: proposal of the appropriate Ser- vice supervising the works, order works to be construc- ted or preventive or precautionary measures to ho ta- ken, and, if necessary, the works causing the danger to be modified or the water restored to its natural channel, ‘The Coneessionnaire shall have no elaim for indemnity against the State, but any. rights of third parties against the Concossionnaire arising under the Jaws in force and under this Agreement. are hereby reserved. If, owing to the methods of operation, ripa~ rian properties are threatened with damage or loss by the change in tho usual flow of the waters, the Conces~ sionnaire shall, under its direction and af its own ouse, carry out such reotifications as the Supervising ervide may doer necessary for preventing such damage or loss, EAUMEPIZ THE KYBEPNIISEQD (TETXOE PQTON) Artiole 18, Sale of Electric. Energy to any Thi Lighting’ and ‘Traction, 4, ‘The Concessionnaire may supply eitios, villages, settlements and the open country with the electrié energy to be produced at the hiydro-clectrio installa- tions, for lighting and traction purposes, provided the Concessionnaire acquires, under the provisions, laws and regulations in force trom time to time regarding oloetrie installations and the determination of the country’s economie policy in respect of electric matters, the requisite license or concession, Such licenso or voncession shall specify the maximum rates for the sale of current per category of consumers, all the abliga- tions of the Concessionnaire and, generally, all the terms of operation and exploitation, 2. The Concessionnaire shall, during the first fivo- year period following the final acceptance of the works Of each one of the hydro-electric installations, reserve out of the total installed capacity at each. plant, ‘and according to the various water-levels, an amount of energy equal to 5 "/, of said capacity,” in order to supply from such reserve any third party filing an lication with the Concessionnaire. Said applica~ tions shall be filed in chronological order in a special book kept by the Concessionnaire, and the electric energy shall be supplied not later than six (6) months after the respective dates of filing, ‘The said powor shall be supplied in the high tension of the generators on the bus bars in. the generating plant and at a price for current of not to exceed five (5) gold lepta per kilowatt hour, provided the annual utilization of the power dispcsed of varies from 600 ‘to 4,000 hours; four (4) gold lepta, provided the annual utilization of the power disposed of varies from 1,000 to. 2,500 hours; threo (3) gold lepta, provided the annual utilization of the power disposed of varies from 2,500 to 5,000 hours; arid finally, two (2) gold lepta, provided such utilization exceeds 5,000 hours, The expense of transmission of the electric energy from the hydro-electric generating plants and of the mamfenance of the equipment pertaining thereto shall be borne by the consumers, ‘Tho aforesaid obligation of the -Concessionnaire shall be effective only in the case of applications for power amounting at least to a minimum of fifty (50) kilowatts and for a number of hours equal at least to ‘the said annual minimum of six hundred (600) hours. 3. The Coneessionnaire shall, during the second five-year period following the final acceptance of the works of cach one of the hydro-electric installations, reserve out of the total installed capacity at each plant, and according to the various water-levels, any undisposed-of amount of reserved power. not utilized during the first five-year period, as provided for above, Joss 50° for sale to any third party applying for power, upon the same terms and restrictions, as were effective for the first five-year period. 4. Aitor the lapse of the above ten-year period any amount not utilized from said reserves may be freely disposed of by the Concessionnaire at its dis- cretion,EPHMBPIS THY KYBEPNHDEOY (THYXOY IPOTON) 999) . The ahove-mentioned obligation of the Conces- jsonnaire shall also be effective with respect to any jnerease in the installed capacity of each hydro-electric plants, which increase may subsequently” he realised py means of additional works and plants constructed aiter the acceptance of each one of said works and plants or to improvements in the works accepted, Auch obligation shall be effective only for a poriod of ton fears after the final acceptance of the additions or improvements, + 6, Upon agreement, the Concessionnaire may sup® ply any third party possessing, under license, grant br concession, the right of lighting and traction in certain districts, with the electric energy to be pro: tiucod at the Concessionnaire’s Achelods hydro-electric installations, provided that. the Concessionnaire obtains the State’s permission and approval for such supply. This approval of the State shall specify the mai imum rates for the sale of the electric current and the terms with respect. to the regular operation of the installations of such third parties. 7. Whenever the State shall request, in the future, that ‘the Concessionnaire grant electric energy for the electrification of the railroad, which may even- tually be.constructed in the direction of Epirus, the Concessionnaire shall grant eleotric energy at a price not higher than the price paid by tho most fovored customer during the. three-year period immediately preceding such request of the State, provided that the Convessionnaire has a surplus of olectrie energy avail able; but.in such case all ciroumstances relating thereto shall be taken into consideration, Artiole 49. ‘Tox in favor of the State, Consumption~tax. 4, The Concessionnaive is liereby exempted from the consumption-tax on electri ourtent provided for in Law TOAZ of 1910 and shall not pay said tax on the electric current consumed by itself for lighting and heating purposes in its own hydro-electric installations, a3 well as in the Concessionnaire’s other installations, offices and personnel dwellings located at said hydro- electric installations. 2, The consumers of the electric energy shall pay to the State the taxes levied, under existing laws, ‘on the amounts paid to the’ Concessionnaire. The stamp duties shall also be charged to said consumers, ‘Such consumption-taxes shall be collected by the Concessionnaire for the account of the State. 3. Any re-sale of electric energy by third partica shall be subject to the laws in regard to taxation’ of electric current, that may be in force from time to time, and to the provisions, if any, contained in special Agreements Article 20. Conduits. 4. All conduits installed for the sorviee of consum- ers, commencing at the main switeh-board of the generating plants, shall be constructed and maintained ‘in an efficient condition at the expense and under the direction of said consumers. Nevertheless, the Concessionnaire shall have the right to demand that conduits and wiring within the generating plants and their appurtenances be installed by tho Concessionnaire at the expense of suid eon- sumer Article 21, Installation of 7 elophone System. 4, Unless contrary to obligations already assumed by the State, the Concessionnaire may, upon previous approval of the Minister of Communications, install at its own oxpense and under its direction, a’ private telephone, system connecting tho Concegsionnaire’s offices and the buildings located within the district of ‘the hydro-eleotrio installations, with the intake works, the generating plants and the sub-stations. The Conces- sionnaire shall he exempt from any syecial tax or duty ‘payment for such telephone installation, Article 22. Prohibition of Uso of Poles of Transmission Lines by ‘Third Parties. 4, Poles and supports belonging to the Concession naire’s system of transmission shall be used solely and exclusively by the Concessionnaire, and the State, ‘municipalities, communities and third partics are ex- pressly forbidden to place thereon any cable or Other material whatsoever belonging to. them. 2, In case of breach of said prohibition, the Con~ cessionnaire shall have the right to remove all such cables, material8 and, generally, all other objects, at, the expense of the party which placed the same thereon, In any event, the Concessionnaire shall have no responsibility whatsoever for any accident or loss caus 6d by such failure to observe said prohibition, nor for aay action taken by the Conoessionnaire in conse quence thereof, Article 23, Inspection of Installationis of Consumers. ‘The Concessionnaire shall have the right and obligation, before supplying any electric energy, to inspect the installations of each consumer and 0 refuse or suspend thedelivery of current to any consumer, ‘whose installation does not conform to the State regu ations in force or which may cause disturbance to the regular operation of the generating plants. In case of disagreement regarding the measures to be taken to prevont any danger or damage,or to prevent distur- hance of the normal operation of the generating plants, the dispute shall be decided by the Minister of Railways and. Motor Traffic. Article 24. “Maintenance of Works by the State in ease of the Conbessionnaire’s negligence. 1. The Concessionnaire shall always maintain in a condition of efficient and safe oporation the plants generating the electric energy, the stations for reducingor transforming the voltage, the lines of transmission of the eleotric energy, the distribution systems and fb-stations, the intake-works, conduits, onnals, rser~ voirs for impounding the wattr, stores, repair-shops, eto. and, generally, all installations usell for tho pro” duction ‘and distribution of the electric energy, a8 ‘well a8 other installations relating thereto, Sueb mai tenance shall bo such, that tho normal operation ‘of the works and plants'in accordance with the terms of this Agreement shall be fully and safely ensured. 2, In case of negligence or delay on the part of the Concessionnaire as regards the observance of the provisions of the preceding paragraph, the Ministers of Communications or of Railways and Motor Traffic shall presortbe a timo-limit,whieh shall be reasonable in accordance with the ciroumstances, and of not loss ‘than fiftoon (15) days, within which’the Goncession- naire must take dug measures. 3. If the said time-timit should elapse without action being taken, the Ministers shall ex officio inter” vene anid carry out tho requisite works, which shall be paid for out 6f the Concessionnaire’s guarantee pro- ‘ded for in Article 45 hereof and any expense incurred in excess of said guarantee shall he collected as an item of publio revenue, + Article 25. Cousessionnaire’s Participation in Constructing Works of Public Utility. 1, ‘Tho Concessionnaire shall participate in the cost vf the construction and operation of works, which may rosult in real and ectnal benefit to the Concessionnaire, either hecause of improvement in the flow water of the Achelods River or of its tributaries and tributary tor- rents, which moderate the maximum flood discharge or increase the discharge during low water-levels, or, Decause tho quantity of matter, gravel, sand or the like, carried and swopt as far as the Concessionnaire’s plants, would thorehy be reduced. 2. Tho Goncessionnaire’s participation in the cost of such works shall only be required after the comple- tion of the respective works of public utility, unless, prior to the construction thereof, itis otherwise agreed ‘otween the Concessionnaire and the interested parties, The amount to be paid by the Concessionaire by sway of participation in such cost, which must in no case excoed the value of the benefit derived ‘therefrom by the Concessionnaire, may be paid in annu- al instalments; and said instalments and total amount shall be determined each timeaccording to the procedure of Articlo 6 hereof, 4, The sums of money specified in the precedin, partereph, a8 well as the amounts annually require for operation and maintenance, shall he collested by the State in favor Of the parties at, whose expense the works have heen constructed, and according to the provisions, in force from time to time with regard to the callection of public revenues. 5. The Minister of Communications, upon request: of the Concessionnaire, and aftor considering the impor- tance of the works to bo constructed and the benefit, which the Concessionnaire will derive therefrom, shall havo the right to determine whether in principle the Con cossionnaire is obliged to participate in the cost of the Ae Ife RIDE nee UeEAUe see euiy, construction, maintenance and operation of the said works, Article 26, Inspectors and Guards, 4, The inspectors and guards to be appointed by the Concessionnairo for the purpose of superintending, guarding and generally policing tho. works of the hy: tiro-eleetrio installations, the lines of transmission and distribution of the electric energy and, in general, the Goncessionnaire's rights arising out of ‘this Agrosinent, and rolating-to the production and transmission of the electric energy, shall, prior to their appointment, be approved by the Prefect of Actolo-Acarnania and shall be furnished with a-special appointment, visaed by the competent District Gendarmerie Headquarters, gertilying the duties of said inspectors and guards. They’ shall wear a distinctive badgo. 3. At the proposal of the Coneessionnaire, the Mi- “nister of Communications shall approve and ratify regulations specifying in detail the manner, in which the duties of said inspectors and guards shall be exer- ised. Astiele 27. Protection of Personnel, 4. ‘The Concessionnaire shall comply with the laws in force from time to time for the protection of person- nel (Concessionnaire’s participation in Pension Funds, Social Insurance, Collective Agreements ete) and shall apoly the general regulations eonceming the pertonnel of electrical companies, as preseribed by the laws. of the State. Article 28. Concossionnaire's Foreign Porsonnel. 4. The Concessionnaire shall have the -right to ‘engage, for the study and construction of euch one of ‘tho hydro-electric instalations, and for the first five (5) years of the exploitation thereof, such personnel of Greck or foreign nationality, as the’ Concessionaire may consider to he especially qualified for such work. ‘On the other hand, the State shall, upon an application, ‘with supporting reasons, by the Concessionnaire, permit the alien personnel to enter and remain in the country for employment by the Concessionnaire, and, unless there are Teasons concerning the safety of the State, ‘the latter shall haye no right to object, thereto: 2. The number of aliens, whom the Concessionnaire may employ during the study, construction and tho first five (5) years of the operation of the hydro-ele- trie installations, shall not, as regards administrative personnel (engincers, electricians, superintendents, 2e- countants and highly specialized’ skilled labor), exceed for each of these categories 10 */, of the total number of the men occupied in each one of the foregoing cate- gories, and as regards ordinary skilled and unvkilled labor, ‘their number shall not exceed 3°), of the men employed by the Concessionnaire at any given time. 3, The Coneessionnaire shall have the right, after ‘the first five (5) years of operation of each hydro-cectri. installation and up to the expiration of the Concassion, regardless of the manner in which such txpiration shall take place, to retain or engage alien employees under the same conditions as provided above; put the number of such alien employees shall bo re- duced by one-half for each of the foregoing categories. 7 Article 29, Purchase abroad of Materials, Machinery and other Equipment. 4. The Concessionnaire shall have the right, upo” filing a relevant application and receiving due permis; sions from the Ministers of Communications and 9! Railways and Motor Traffic, to purchase abroad all the materials, machinery, tools, applianeés and other equipment required for the construction of the hydro- sleetric installations and their subsequent, exploita- tion, provided that such materials, machinery, ‘tools, appliances, ete, axe not produced in Greece. '2. The Coneessionnaire shall have the right, upon the same terms referred to in the preceding paragraph 1, to purchase abroad, in any country of its choice, said articles also, even when produced. in Greece, provided that the articles produced in Gresee are not, up. to the standard described in the approved specifications or that strict observance of the construction program approved for the works is rendered impossible because “of the quantities and dates of delivery of such Greek ‘articles, and also if the prices of said articles are higher by 10 0)o, than the prices prevailing in foreign Ex- changes and markets and quoted o.it. Greek port. 3. With respect. to the purchases hereinabove sct forth, the State shall see to it that the permissions for the samo are promptly granted, the Concessionnaire being obliged for such purpose to submit, in due time, the requisite lists and other data. concerning the arti- cles to be imported. ’ CHAPTER UI. Expiration and Renewal of Agreement. Repurchase- Fines, Temporary taking over of operation by State. Forfoiture. Transfor of Privileges and Organization of Company. Guarantee, Article 30. - Expiration and Renewal of Agreement. ‘This Agrooment, pertaining to, the hydro-electric installations, expire on December Bist of the year 2010. 2. Tho State may, upon said expiration of the Agreement, substitute itself for the Concessionnaire in ‘the latter's rights, and acquiro absolute ownership and possession of all the works, installations and lands set forth, in Article 8 hereof, which must be in a highly efficient ‘condition of maintenance and operation, and reo of all debt, chargo oF obligation, without payment to the Conoessionnaire on the part of the State of any’ indemnity for any causo whatsoever. ‘2. Priorto the eommencement of the eleventh (14th) year preceding the said expiration of the, Agreement, ‘the Concessionnaire must inquire of the Minister of Com- munications, in writing, whether the State intends Co regards the part thereof ts Mt shall _POTIMEPIZ THE KYREPNIZHOE (TEYXOS TPATON) make use of itsright to take over the operation of the . viro-eloctric installations, ‘The Minister of Communi ions must acknowledge to the Coneesionnaire roeaipt of anid letter. 4. Prior to the commencement of the tenth ‘year preceding the said expiration of the Agreement, oF, in tase the Concessionnaire fails to submit in due time the lotter specified in the preceding, paragraph, then within one year after the date of said lebter’s receipt, the Minister must, give notice in writing to the Con- eessionnaire of his decision, which decision. shall. be issued upon the advice of the Advisory Council as pro- ‘vided in Obligatory Law No. 149/1936. 5. Ittho Minister of Communications should give notice to the Concessionnaire of his.decision to renew the Agreement entered into with the latter, or if he chould issue no decision within the one-year time- limit provided in Une preceding paragraph, the Agree~ ment shall be extended de jure in accordance with the provisions in force with respect to it but only for a period of twenty-five (25) years.” G.I the Concessionnaire should fail to address the aloresaid letter to the Minister of Communications prior to the commencement of the sixth (6) year proce- ting thé said expiration of the Agreement, then the ‘Agrooment shall not be renewed and shall’ expire on December ‘1, 2010. 7. Upon the expiration of the Agreement, or upon the repurchase of the installations set forth in Article 8 hereof, the State shall have the right, at its absolute discretion, to operate said works and_ installations direotly or indirectly through a legal entity of public jaw created by the State for such purpose, or to en- trust said operation to a. third natural or legal person of private law; and tho State shall be obliged in the latter alternative only to give preference to the Conces- sionnaire for such operation, provided that among the olfers made to the State, the Concessionnaire’s offer {fs at least equal to the most advantagoous offer made by any third party competing with the Conoessionnaire. '8, Upon such transfer to the State of the ownership of the hydro-electric installations in general, whether the State retains for itself or entrnsts to @ logal entity of public law the operation thereof, or entrusts operation to @ person of private law, the State shall- be obliged to ensure the supply of the electric energy required by the Coneessionnaire for the regular opera {ion of tho industries to be established by the latter or js successors in the future. Such supply shall be,at east equal to the maximum annual consumption and capacity, which tho Concessionnaire had attained dur- ing any one year within the last ten-year period prior to the transfor of ownership to the State. ‘The price of the current for the first five-year poriod shall ho determined on the basis of the last ten-year period's average consumption and average total opera- Ting costs, including servicing of the capital invested, depreciation and renewal of installations, | regular and special reserves, oporating and exploitation expenses Gnd all othor costs, plus an amouat equal to 8 *], of such price. a Yn any event tho price thus resulting shallZnot, be Jess than the highest price charged during the last five- year period to the industrial installations operated by the Concessionnaire. ‘The price of the cunvent supplied to the Conces- sionnaire's industries shall be revised overy five yearon the basis of the data referred to in the preceding sub- section. ‘Tho foregoing obligation of the person operating the hydro-electric installations after the expiration of the coneossion Agreement shall end on December 31 of the year 2035, Article 31, Works and Installations to be carvied out during the last ‘Ten—Year Period. 1. In case this Agreeinent is not renewed, the Concessionnaire shall, during the last ten years im- mediately preceding the expiration thereof, open a special a expenditures fo" construction of works and installations required for the regular operation and the future development of their exploitation, the amortization’ of which expenditures will be undertaken by the State under the following provisions. 2. Prior to the Ist of May in each calendar year, the Coneessionnaire shall submit to the competent State Sorvieo supervising the operation, the reports and estimates of expenditure for all the works and instal- lations intended for construction with a view to ex- pansion or increase in the value of the concession Junmovable property, @s said proporty is described in Article 8 of this Agrooment, and which works the Concessionnaire intends to carry out in the course of th following year and the cost of which is to be entered in the afdresaid special account. The super- vising Service shall always have tho right to: extend the above time-limit, ending on the tst of May, for the submission of the said reports by the Conces- sionnaire. ‘3. The supervising Service shall investigate whether the works and installations considered in the reports are clearly necessary for the regular operation of tho enterprise arid its future development and are ade- quate for said purposes. In case the said Service finds that the above condi- tions aro met, it shall also decide which of the relevant expenditures are to be entered in the special account. 4, In tho event that the said Service shall fail to communicate its said decision within a period of three (3) months after the delivery of the Concessionnaice’s reports, the entry of the said expenditures in the special, account shall be deeined to have been approved. 5. Prior to the 1st of April in, each calendar year, ‘the special account of the preceding yoar shall be submitted to the supervising State Service and said Service shall have the right to inquire into the accuracy of the expenditure incurred, to check the account to determine whether said expenditures have been cor- rectly charged to said account, and to see that any necessary corrections thereof are made. 6. The expenditures thus cheoked shall be deomed to be entered in the special account as of the ist of January of the year following the final acceptance of the works, and amortization of said expendituros shall be made by writing off annually an amount equal ‘to one-fifteenth (1/15) of the total initial cost. 7. Upon the expiration of the Agreoment, the total amount of said expenditures, whieh shall not have been written off according to the proooding paragraph 6, shall be reokonod as debt of the State and settled. ag E®HMEPIZ THE KYBEPNHZEQY (‘TEYXOS_MPQTON) the time"of the final accounting with {he Coneaeion- naire. ns ” 8 If said acount shows ‘balance in favor of the Concessionnaire, the amounts “due to the Concession naire by the State shall be paid to the former during the twelve (12) months immediately following the expiration of the Agreement; and, with the commenee- ment of the seventh month, ‘amounts payable to ‘the Concessionnaire shall carry intorest at the rate of 5°, per annum, Article 32. Works and Installations to be carvied owt during ‘the last Five-Year Period. ccount, in which there shall be entered all . 4. From the commencement. of the fifth yoar immediately proceding the expiration of the Agrooment, ‘the Concessionnaire shall construct at the expense of the State any work and installation considered and indicated by the State to be necessary for preparing and regulating the future operation of the enterprise. For this purpose the State shall, prior to the 4 of May in each year, forward to the Concessionnaire the program of the work, which the latter must carry out for the account of the State during the following year. Said programs shall be prepared in such a way that the Concessionnaire shall always be able to produce during each ono of the five years an amount of kilo- ‘watt hours at least equal to the average annual pro- ductién, leas 10°),, of the five-year period imme- diately preceding the imposition of each program. 2. The Concessionnaire shall, prior to the construg- tion of said works, communicate to the State price quotations and draft agreements concerning the works to be carried dut by sub-contractors, all of which shall become effective only after approval thereof by the State, In all such cases, the Coneessionnaie shall be responsible for the good construction of the works and for-the observance of the laws and, regulations eon- cerning the use of ronning water. Article 33, Computation of the Expenditures to be incurred according to Articles 31 and 32. 4, ‘The prices to bo appliod in computing the ex- penditare incurred, both lor works, the cost of which shall be entered in the special account. under Article ‘Sthereof,and for works to be constructod at the charge of the State under Article 232 hereof, shall be determi- ned, as regards labor, on the basis of the wages paid by the Concessionnaire on works constructed for its own account in the operation of tho installations, and as rogands purchases, on the basis of the actual amounts paid therefor to the suppliers ‘There shall be added Lo the sum total of the costs, computed as aforesaid, a Inmp sum equal to. 15°/, of such costs for the Concessionnaire’s general and other expenses, . Article 34. Method of Payment of Expenditure. A Statemént of the total expenditure incurred by the Concessionnaire during each calendar year for earMOHMEPIS THE KYBEPNHSEOY (‘TEYXOZ UPOTON) ing out the works set forth in Article 82 hereof, Uhich. oxpenditnre shall be charged to the State, shall he submitted by the Concessionnaire before the Ist of ‘April of the following year. ‘During the month following the date of the sub- mission of said statement, the State shall pay to the Concessionnaire a sum equal to nine-tenths (9/10) of such expenditure and the balance of one-tenth {i/10) shall bo paid during the month following the final examination of the statement submitted. ‘Advance payments made in each year on the part of the Concessionnaire for the construction of the works teferred to in Article 32, shall not exceed 20°), of the Coneessionnaire’s average annual working capital for the five-year period immediately preceding the date of any such payment. Such advance payments shall hot, in any ease, oxceod in any one year the sum of 300,000 gold drachmas. , Article 35. Supplies and Spare Parts, 4, Upon the expiration of the Agreement, the ma- terials and spare parts purchased by the Concession- naire, whether in its warchouses or en route, shall be taken over by tho State, against payment to the Con- cossionnaire of a sum to be dotermined on’ the basis of inventory cost or invoice price. In case of disagroe~ ment, the said sum shall be fixed by experts. 2, In any event, the State shall be required to take over only th materials necessary for the continuation of the regular operation of the hydro-electric instal- lations, and of the Tine of transmission of the electric ‘energy for one year, Article 36. Concessionnaire’s Obligations upon"the Expiration of tho Agreement. 4. ‘The Concessionnaire shall, during the two years immediately preceding the year of the expiration of the ‘Agreement, advise the State of the terms of every agree~ ment then in effect, entered into by the Concessionaire and concerning the supply of electric energy. 2. Upon the expiration of the Agreement, the Con- eessionnaire shall be responsible for every obligation . undertaken by it towards consumers of electric energy, excopt the obligation concerning the supply thereof in in so far as such obligation was undertaken pursuant to the terms hereof. 3. The State shall have no obligation to collect amounts due to the Concessionnaire for current deli- vered to consumers or for any other cause in connection therewith. Article 37. Repurchase, 4. The State shall have the right, at any time from’ December 31, 1990, to the expiration of the Concession Agreement, to repurchase the Coneossion- naire’s hydro-electric installations, togothor with their appurtenances and accessories, necessary and “useful for the production and exploitation of the oleotric energy and the transmission thereo! to the districts 1003 of consumption, For the foregoing purpose it shall bo sufficient that tho Stato give notice in writing to the Concessionnaire two (2) years in advance; according! such notification of repurchase may be given at any time after December 31, 1988, ‘2. The price of repurchase shall be paid to the Coneessionnaire in equal annual instalments fixed as follows: The average of the net profits shall be taken, computed in respect of the seven last years, “upon omitting the most unprofitable two years thereof, The aggregate of the net, profits of said five years added ‘together shall be divided by 5 (five) and the ‘amount thus found shall be the annual instalment of ‘the repurchase price, to be paid to the Concessionnaire ‘each year therealter up to the expiration of the con- cossion. 2 Tn no case may such annual instalment be less than tho net profits of the last of the above seven ‘years. '3. The not profits for each year shall be caloulated by deducting irom the gross income, exclusive of State taxes and dues, all operating costs, including mainte- nance expenses, cost of renewal of works, machinery and equipment, but not including servicing of capital nor amortization of the cost of the original instal- lations, 4. Moreover, th sionnaire: {a) An amount equal to the Coneessionnaire’s expenditures duly justified and incurred by it for works and installations existing at the, time of repu chase and carried out during the ten-year period imme- diately preceding the date of repurchase, less a redue- tion of one-tenth (1/10) of the value of cach work. or installation for each year elapsed after completion, (h) An amount, ‘ropresenting the purchase value of supplies, including those already under way, to be fixed on the basis of inventory cost and invoice priees. In case of disagreement, the determination of said value shall be made by experts. The State shall be obliged to purchase only such supplies as shall be required to carry on regular operation for one (1) year, State shall pay to the Conces- Article 38, Bificient Maintenance of Installation. ‘The Conccssionaire shall, cither in case of ropur- chase of the installations or upon the expiration of the Concession Agreoment deliver all the installations in effici=nt and good condition of operation and mainte- nance; otherwise, the State shall have the ‘right to proceed ‘with the repairing thereof at the Coneession- naire °s expense, "Theamount, which may be required for such repair- ing, shall be deducted from the Concessionnaire’s gutranteos or from indemnities due from the State to the Coneossionnaite. Article 39. Wines for submitting the Reports and carrying out the Worksafter the expiration of the prosoribved timo= limits, 4, Tho Ministers of Communications and of Rai ways and Motor Traffie may, if tho Concessionnaire should fail to comply with its obligations assumed1004 under this Agreement. impose on the Coneessionnaire in favor of the State, the following fines (a) A fine of not to exceed twenty thousand (20, 000) drachmas per week, if the Concestionnaire should fail to snbmit for approval the final reports herein provided for tho works and installations, together with the data and plans specified in Article 9 hereof, within the timo-timits fixed in the Articles referring thereto. If the delay should exeeed two months, the above fine shall be doubled. (b) A fine of not to excoed thirty thousand (30, 000) drachmas per week, if the Coneessionnaire should fail to commence the eonstraction of each work or to complete the samo within the time-limits specified in this Agreement and in the approved program of the construction of the works. If the delay should exceed two months, the above fine shall be doubled. 2. All said fines shall be inflicted on the Concession- naive indepondently of the forfeiture of the latter's rights a8 ot forth in Article 42 hereof. Anticle 40. Fines during Construction and[Operation of the Hydro~ Electric Installations, 4. If the Concession re should fail to comply with any of its obligations arising out of this Agreement, and, in particular, those arising out of Article 24, or with the Jaws and regulations in foree from time to time, the Mi- nisters of Communications and of Railways and Mo- tor Traffic may, provided they make no ase of their tights arising out of Article 24, impose the following fines on the Concessionnaire : (a) A fine of from five hundred (500) to three thou- sand (3,000) drachmas per weok for a period of time extending from the date of the expiration of the time- limit prescribed by the Ministers of Communications and of Railways and Motor ‘Traffic, according to Ar- ticle 2% hereof,to the dato on which the Concessionnaire shall comply with the orders to’be given to it for any negligence of the Concossionnaire as to the efficient, and safe operation and maintenance of the hydro-electric installations producing the electric energy, the sta- tions for reducing and transforming the voltage, the lines of transmission of the energy, the distribution sys- tems and substations, the intake works, conduits, canals, reservoirs for impounding the water, stores, machino: shops ete. and, generally, all plants and equipment ro- quired for the generation and distribution of the el ‘tric energy, a8 well as other installations relating theroto, (b).A fine of from two hundred(200) to two thousand (2000) drachmas per week for any other breach by the Coucossionnaire of the other provisions of this Agroo- ment or for the Concessionnaire’s failure to obsorve the laws and regulations im foree from time to time, for a period extending from the date of the notice to the Con- eessionnaire of such breach, following upon verification of the breach by the competent Service supervising con- struction and operation, to the date on which the Con- cassionnaice shall comply with the onders to be given 0 it, : _. 2 All such fines shall be imposed on the Conces- siounaire independently of the forfeiture of its rights as Provided for in Article 42 hereof. 3. In the event that the sum total of the fines in- Posed within one month on the-Concessionnaire by vir tue of this and the preceding Article should exceed one hundred and fifty thousand #(150,000) drachmas, tho Concessionnaire shall have the right to have recourse to the proceduro specified in Artiole 49 hereof, within « peremptory time-limit of one month, Article 41. Measures to be taken by the State in oase of danger to Public Safety. Operation provisionally taken over by the State. 1. If the public safoty should be threatened, the Profect of Actolo—Acarnania shall, upon the advice of the appropriate Service supervising the works, onter any emergency measures to be taken at the expense of the Concessionnaire and under its direction and respon- sibility, provided such measures he required to elimi nate the danger threatening the public safety. Simul- taneously, the Prefect shall make known to the compe tent Minister the final corrective measures, which he proposes to take for attaining the said purpose. The Minister of Communications or the Minister of Railways and Motor Traftio, after making any modifica tion of the final measures proposed by the Prefect, shall call upon the Concessionanaire to take the measures indicated and required, in order to avoid in the future ‘the dangers threatening tho public safety. ‘The Minister shall fix for the purpose a reasonable time-limit, 2. The same emergenoy and final measures shall he taken according to the provisions of the preceding paragraph 1, in case of the partial or complete suspen: sion of the regular functioning of the exploitation of the hydro-electric installation ‘i 3.°If such reasonable time-limit, prosoribed as pro: vided in the foregoing paragraphs, should elapse ‘with: out action being taken by the Concessionnaire, or in case of immediate and imperative necessity, the State shall have the right, on the proposal of the.competent Ministers and on @ decision of the Cabinet Council, to take over the operation of the entire enterprise and operate said enterprise for the acoount of the Coneos- sionnaire. : Such taking over of the operation by the State shall not put an end to the Concessionnaire’s obligations ari- sing out of the laws, decrees, regulations and agreements in force, nor the Concessionnaire’s liability arising out of such ‘obligations or the consequences thereof. The Direction and Management (Board of Dires: tors ete.) of tho ontexprise shall not be affected and the Concessionnairo’s existing personnel shall continue to be employed and their vested rights shall be kept in tact. 4, As soon as the réasons causing such intervention by the State shall coaso to exist, the State shall promp- tly restore the exploitation of tho enterprise to the Conovssionnairo, provided there shall then exist. no rea- sons for forfeiture of the Concessionnaire’s rights, which ‘may be imposed on. the Concessionnaire for causes forth in this Article 4t and conformably to tho provi sions of the following Article 42. Auticle 42 Forfeiture of the Concossionnaito's Rights. 1. The privileges and rights granted to the Gonces” sionnaire under this Agreement eonceraing the construe:tion and exploitation of each’ of the hydro-electrio instil- lations may, by decisions of the Ministers of Communi- cations and of Railways and Motor Traffic, given upon the advice of the competent Councils of Bublie Works ‘and of Railways, be revoked and the%Concessionaize's rights declared forfeited in the following eases (a) In case the Concessionnaire should fail to submit tothe Ministry. of Communications the final report for the works, as soid report is described in tho Agreement, within threo months after the expiration of the time prescribod in'this Agreement, or if the Conoossion- naire should failto prepare and submit, the final vo port, duly comrected or elaborated according to the final Inodifications and elaborations. suggested by said Min- ister, within the time-limit fixed by the competent Minister. (b) In case the Concessionnaire should fail to com- mence construction of the works within two months aiter the expiration of the time-limit. specified in this, Agreement and the approved construction programs basod on said Agreoment. (c) Io case the Concessionnaire ‘should carry out ‘tho works in a conspicuously slow mannor for suspend tho execution thereof, and such delay and susponsior should be considered by the competent Minister to be such as to make it impossible to complete the works within the time-limits specified in this Agreement o specified in the approved -construetion programs hased ‘mn said Agreement. (2) In case tho Concessionnaire should fail to com- \ete the works and to put them into regular operation within six (6) months after the expiration of the time- limit fixed for tha purpose in this Agreement or in the construction programs to be approved under said Agree ment or within the timo-limits to be specified under it. (e) In case the Concessionnaire shonld suspend the operation and exploitation of the hydro-electric plants fora period of time exceeding 12 conseentive months. (i) In ease the Concessionnaire, when sumtaoned horeto by the State, should fail to’ comply in general with the provisions of this Agreoment and particularly With the provisions concerning the chief and principal aim of the Concessions, (g) In case the Concessionnaire should fail to deposit ‘the guavantoos provided for under Artiole 43 or to make up the amounts thereof on the occasion of withdrawals _ileoted in whole or in.part, conformably to the provi- sions of this Agreement and according to the time~ limits to be fixed for such doposit. 2. Forfeiture of thd Concessionnaire’s rights shall hovome final upon the issuance of the award of arbitra- tion as provided in Acticle 49 hereof, to which arbitra tion the Concessionnaire has the right to resort within & peremptory time-limit of two months after the date ofthe forfeiture decision of the Ministers of Communi~ tions and of Railways and Motor Traffic, 3. In ease of final forfeiture of the Concessiounaie’s tights, all the guarantees lying in the hands of the State, which concern the privilege, .with respect to Which the forfeiture was declared, shall be forfeited to the State and shall he collected as public revenue, 4, Final forfeiture of the Concessionnoire’s pri leges concerning the Kromasta hydro-electric installa~ ‘ions shall entail final forfeiture of the privileges con- cerning the hyydro-cleetrie installations of Prevenza and Kriokouki. Final forfeiture of the Concessionnaire's privileges concerning the Prevenza hydre-clectricinstal- MOHMEPIS ‘THY KYBEPNHZEQS (TEYXOY UPQTON) _ 1005 lations shall entail final forfeiture of the privileges eon- coming the Kriekouli hydro-eloctrie installations ; and; viee versa, in case the State permits-previous con struction of the Kriekouki installations according to paragraph 9 of Article 41 hereof, final forfeiture of the Concessionnaite’s privileges converning the Kriekouki hydro-electric installations shall entail forfeiture of the Concessionnaire’s privileges concerning the Provenza hydro-electric: installation. Articla 43, Procedure in vase of Forfeiture. 4, In case of final forfeiture of the Concessionnaire’s rights, continuation of the construction of the works and completion thereof, as well as satisfaction of any other obligation of the Concessionnaire arising out of ‘this Agreement, shall be ensured through a new Conces- sionnaire, who shall prove to be the highest. bidder in an adjudication held on the basis of the estimated value ‘of the tracts of land expropriated or purchased by the Concessionnaire, the works carried out by it, the Con- cessionnaire’s materials, tools and machinory, and the supplies eontracted for” by him, Such estimated value shall be fixed by the Ministers of Communications and of Railways and Motor traffie on the basis of estimates made by the Coneessionnaire or its lawful substitutes, who shall be entitled to demand valuation by experts. 2. All bidders’ applications inust be previously. approved by the Ministors of Communications and of Railways and Motor Traffic in order to be admitted to the above adjudication. A voucher of the «Official Escrow and Loan Depo- sitory» or of any other Public Collector's Office, show- ing doposit of a sum equal to one-tenth (1/10) of the value of the enterprise, fixed as above, must accompany said applications as 0 guarantee of participation. ‘The adjudication shall be hold at Athens and in the offices of tho Ministry of Communications not later than six (6) months after the publication of the notioe thereof. ‘The notice of said adjudication, prepared upon the advice of the Councils of Publie Works and of Railways, shall contain all terms and formalities required for the conduct and approval of the adjudication to be held, fs well of any detail necessary for the proper conduct of said adjudication. 3. ‘The successful bidder, who shall be declared tothe ‘the new Coneessionnaire, shall bo subjoot to the provi- sions specified in this Agreement and shall substitute himself for the former Concessionnaire, acquiring all ‘of the former Concessionnaire’s rights ‘and assuming the ‘latter's obligations. ‘The former Concessionnaive shall receive only the amount offered by the successful bidder, less any amounts due to the State conformably to this Agreement, 4, If said adjudication should be without result, « second adjudication shall be held not later than six months after the first adjudication, but not on the ba- sis of the above-mentioned valuation. In case the second adjudication should be without result, all the reports prepared, the works and plants carried out, and the Concessionnaine’s supplies ote. shall pass to the ownership of the State without payment to ‘the Goncessionnaire of any indemnity for any oause whatsoover,: Article 44, = Transfer of Privilege. i msfer by the Concessionnaire of the rights and privileges aequired under this Agreement con- cerning tho construction and exploitation of the hy- dro-eloctric installations shall not be valid unless pre- viously approved by the Ministers of Communications and of Railways and Motor Traffie who, at their abso- Jute diseretion, shall be entitled to refuse such: transfor. 2. The approval of said transfer shall be granted hy Royal Deeroo issued at the instance of the Ministers of Finance, of Communications and of Railways and Motor Traffic, . Artielo 45, Guarantees. . 4, Upon the signing of this Agreement, Concession naire’ must.present a voucher of the «Official Escrow and Loan Depository» showing deposit of the sum of 50,000 drachmas as a guarantee for delivery to the State of the lotter of guarantee specified below. 2, Within sixty days after the date of publication of the law ratifying this Agreement, and under penalty of forfeiture of the guaranteo of 58,000 drachmas, do- posited as above, and of collection ‘thereof as an item Of public revonud, the Concessionnaire shall deliver a letter of guarantee for 2,000,000 drachmas in a form and from a’Bank to be specifiod by the Minister of Com- munications, as a guarantee for the preparation and delivery within due time of final reports drawn up for the works and plants of the three hydro-electric installa- ions in accordance with the provisions of this Agree: ment, Upon delivery of said letter of guarantee, the said voucher for 50,000 drachmas shall be returned to the Coneossionnaire, The said guaranteo shall be forfeited to the State and collected as an item of public revenue in the event that the Conoessionnaire should fail to submit the final report for each of the hydro-electrie installations in due time or in the event that it should submit a final report which is deficient and not in accordance with the pro- visions of this Agéeement or with the modifications or clahoration, which may have been proposed hy the State. 3 In addition to said initial guarantee, the Conces- sionnaire shall, within two months after tho due appro- val of the final report for each of the hydro-electrio installations, submit as a basie guarantee a letter of guarantee from a Bank recognized by the Ministers of Communications and of Railways and Motor Traffic and in a form to be specified by said Ministers, the value of which shall be equal to two per cent (2°,) of the estimated expenditure to be incurred for construction of the works for each of the hydro-clectrio installations at Kremasta, Prevenza and Kriekouki, in general. If pursuant to paragraph 3 of Article 41 hereof, the Conces- sionnaire should declare that it will refrain from the construction and exploitation of works of the Pre- venza hydro-electric installation, tho Concessionnaire shall have the right to reduce said guarantee by an a- mount equal to 2°, of the estimated expenditure to ‘he incurred for the works of the Prevenza and Krie- kouki hydro-electric installations, in general; and in case, pursnant to paragraph 6 of Article 11 hereof, the (OZ_IPQTON) Concessionnaire declares that it will only refrain from tho construction and exploitation of the works of the Kriekouki_hydvo-clectrie installation, the Concession nairo shail have the right to redueo the above basi guarantee by an amount equal 102°), of the expendi. ure to be incurred for the works of the Kriekouki instal- lation, in general. ‘The said guarantees shall be forfeited to the State and collected as public revenue, if commencement. of ‘the construction of the respective works does not take aco in due season or delay in construction is such that ik may be presumed that the work will not be oomplet- ed within due timo acconling to tho time-limits speci fied herein or to be specified in the construction pro- grams to be approved, such cases involving final for- feiture of the Concessionnaire’s rights. The Concessionnaire shall have the right, alter commencement of the construction of the works of each hydro-clectrie installation, and upon reaching a satisfactory degree of progress in such construction, to call upon the State for a valuation of . the work done by the Concessionnaire; and if the expendi- ture incurred for the permanent works in existence at, the time has exceeded the amount of the guarantee deposited for each hydro-electric installation, the Conoes ssionnaire shall have the right to ask that 9/10 thereof he returned to the Coneessionnaire. In such case, the Concessionnaire shall be entitled to withdraw its guar- antec and to deposit a now letter of guarantee in the same form and from the same bank in an amount equil to one-tenth (1/10) of the original guarantee, In case dolay in. construction is such as to render probable a failure to terminate the works in due time and particularly within tho time-limits specified in the meoment or ‘the, approved construction programs, said guarantce shall be forfeited ‘to the State ond collected as public revenue. Tt is undorstood that, in caso of forfeiture of the Concessionnaire’s rights ‘and substitution of a new Coneessionnaire through adjudication, the State shall collect. from the sum to be rofunded to the old Conces- sionnaire an amount equal to said 9/10 of the guar- antes. 4, Upon final accoptanee of the works, there shall ‘ho substituted for said guarantees a voucher of the «Of ficial Escrow and Loan Depository» or a deposit-re- ceipt from a hank selected by the State in an amount of 5,000,000 drachmas; and such final guarantee shall ré- main throughout the duration of this Concession Agree- ment to ensure the obsorvanes by the Concessionnaire of all of its obligations arising under this Agreement. ‘The Ministers of Communications and of Railways and Motor Traffic'may allow said final guarantee to be re- duced to one-fifth (1/5) of the amount thereof, provi- ded the plants have efficiently and continously opera~ tod for a period of five years. Any interest accruing on such deposit. shall belong to the Concessionnaire. ‘The said final guarantee shall be returned to the Concessionnaire upon the expiration of the Conoession Agreement and delivery of the works and installations to the State. Tho competent. Minister may from time to. time and at'the proposal of the public Service supervising construction and operation, dispose of the final guarantee in whole or in part, in order to pay for any work se- tired ‘for elaboration or morification of the works car- ried out by the Concessionnaire and indispensable forine protection of the interests of the State, Municipa- jlies and Communes or the interests of any third party, provided that tho Concessionnaire doosfnot carry out uch work within the time-limit preseribed for the Con~ yessionnairo according to the provisions of this Agree- nent. The Concessionnaire shall, upon such withdraw of the guarantee, in whole or in part, make up the the sum withdrawn within a time-limit to be prescribed oy the Minister. 6, Failure to deposit in due season the guarantoos specified above or to make up the amounts thereof within the time-limits to be preseribed, shall constitute grounds for the revocation of the privileges and rights granted to tho Concossionnaire under this Agreement, declaration of forfeiture of its rights and collection of the guarantee deposited to date as an item of public re- von. 7. Any forfeiture of the guarantees to the State and collection thereof in its favor shall be effected by a joint decision of the Ministers of Communications and of Railways and Motor Traffic upon the adviee of the competent Advisory Council as per Obligatory Law No 145/1996. CHAPTER IV. General Provisions. Extension of ‘Time-Limits. Organization of Company. Arbitration. Duty and ‘Tax Exemptions, Article 465. Extension of Time-Limits. 41. By decision of the competent Ministers of Com- munications and of Railways and Motor Trafic, given upon tho adviee of the Advisory Council as per Obli- gatory Law No. 15/1936, all time-limits. specified in Part T. of this Agreement and referring to the study, construction and operation of the hydro-electric in- stallations, as well as all time-Timits to be prescribed horeafter under this Agreement through approval of the construction programs, and, by decision” of the Cabinot Council published in the Government Gazette and issued at the instance of the above-mentioned Mi- nistors and on the advice of the Advisory Council as per Obligatory Law No. 145/1936, the time-limits pro- ‘vided for in paragraph 4 of Article 1 (December 34, 2010), in paragraph 2 of Article 11 (December 31, 1952), in paragraph 5 of Article 11 (December 34, 1957), in paragraph 8 of Article 11 (December 34, 1963), may, at said Ministers’ and Cabinet's absolute discretion, be extended in the following two cases: (a) In the case of mutual agreement between the State and the Concessionnaire (b) Tn cases of exceptional events distinctly posses sing the character of force majeure and duly verified, Provided such events prejudice the normal progress of the study, construction or oporation of the works, Extension of the time-limits in the latter case shall ot exceed tho delay caused by. end exceptional event and such delay shall be reckoned from the date of the Concessionnaire’s application relating thereto, QOHMEPIS THE KYBEPNHEBQS (TEYXOS MPOTON) | Article 47. Mortgages. 41, All drafts of mortgage instruments relating to the mortgaging of the Concessionnaire’s rights arising ‘out of this Agceoment and susceptible to mortgage, must previously be communicated to, and approved by, the Ministers of Communications and of Railways and Motor Traffic, Such approval shall. he expressly yoferred to in the final instrument; otherwise, the mortgage shall not be valid, 2: Tf, for any reason whatsoever, the loan secured by mortgage becomes due, the mortgagee shall heve ‘the right to procoed with sequestration or forced execution and the provisions No.53-63 of the Law- Decree “On special provisions concerning Limited Liability Companies, of the 17th of July, 1925, shall apply thereto. : 3. Tho consent of the Ministers of Communications and of Railways and Motor Traffic must he applied for before any act of foreed execution is taken, The said Ministors may, at their absolute discretion, refuse such consent and they shall not be bound by the approval, if any, of the loan contract or the mortgage instrument. 4, Jn oase the rights mortgaged according to para- graph {above are sold at compulsory auction, Uhe assignment. (i.e. knocking down) shall not bo valid, unless it is previously approved by the Ministers of Communications and of Railways and Motor Traffic, who may, at their absolute diseretion, refuse such approval . 5. In ouse an application for sequestration is filed ‘or invase of any substitution of the sequestrator, the President of the Court of First Instance at Athens must request the approval of the Minister of Commani- cations and of Railways and Motor Traffic as reganis the person of the soquestrator :and said President, shall not have power to appoint any pereon other than the one approved by the said Ministers. 6. No right shall he oreated against the State in favor of the Concessionnaire, mortgagees or any third party by any suoh refusal of the said Ministers, whether said Ministers refuse to approve forced execution and sale by anction or whether they refuse to approve either assignment, compulsory auction or substitution of the sequestrator; and in said cases, where approval is subject to the absoluto diseretion of said Ministers, neither the Coneessionnaire nor any other party shall have the right, to resort to arbitration, 7. In case of foreed sale by auction, all the Con- ovssionnaive’s privileges, rights and obligations under ‘this Agreement shall, upon approval by said Ministers, pass to the highest bidder. Anticle 48." Organization of Greek Company 1. Within one year after the final acceptance of the works and plants of the Kremasta hydro-clectrie in- stallations, the. Concessionnaire shall organize a Greek Limited Liability” Company, having its prineipal office at Athens, and shall transfor to such Company the said hydeo-clectrie installations, conveying the ownership of said works and plants and the right of their exploit-ng said installation. No modification of such Greck Company's statutes shall he permitted as regards its principal office and its Greek nationality. 2. Likewise, within one year after the final acceptances of the other hydro-electric installations at Prevenza and Kriekonki, as well as within one year after permission is granted to operate each ono of the industrial installations, the Conoessionnaire shall trans~ fer to the Greek Limited Liability Company to be orga~ nized as provided for in paragraph 1 of this Avticle 48 or to any other Groek Limited Liability Companies to be established by the Concessionnaire under the terms of this Agreement, the said hydro-electric and adustrial installations of the Concessionnaire, 3. The plants and generally the works to be trans- ferred by the Coneossionnaive inpon the organization of the aforesaid Greek Limited Liability Companies, os ‘wollassubsequently to their organization, shall be valued at a prico equal to the expenditures entered in the books of the Concessionnaire and inourred by it for the study, construction and establishment of the works ‘thus transferred, and in the case of such transfers, the provisions of Article 9 of Law No, 2190 «On Limited Liability Companies* concerning ascertainment of the ivalwe of contributions in kind, shall not apply. For said value of the installations transferred ax above, less such amounts arising out of the debts con tracted by the Concossionnaire for the purpose of stu- dying, constructing and ostablishing said transferred plants and works, as are to be charged to cach of the Greek Limited Liability Companies to be organized, the Coneessionnaire shall issue, at its discretion, shares of a kind allowed by the law; and the Con? cossionnaire shall receive said shares, For the amount of the debts, with which each of tho Greek Limited Liability Companies to he onganized shall_bo debited , any bonds allowed by the law may bs issued in’ dollars, at, the "discretion of the Concessionnaire 4, The ‘Concessionnaire shall’ have the right to ‘transfer the works and installations provided for in this, Agreement. and the exploitation thereof to one or more Greek Limited Liability Companies, to be. organized as above. The Greck Limited Liability Company or Companies thus organized shall be ‘recognized as the Concessionnaire's successors to the latter's rights and obligations arising out of this Agreoment. Tt is hereby permitted to reckon the share eapital of such Greek Limited Liability Company or Companies in dottart of the United States of America and to* issue their shares in the same currency. In the event of the Conos sionnaire organizing sovoral companies, the Conees- sionnaire shall also have the obligation to transfer to each one of such Companies the Concessionnaire's rights and obligations arising out of this Agreement, and more spoeifieally, the rights and obligations aris- ing out of Article 59, in due proportion to each company, in ordor to ensure for all the said companies the existence of foreign exchange available abroad. 5. By decision of the Ministors of National Economy, of Communications and of Reilways and Motor ‘Traf- fic, 2 Government Commission’ shall be appointed for each one of the Companies to be organized as above. Said Commissioners, who shall be high officials of the ‘technical staffs of the Departments of said Ministries, or competent professors of the Highest: State Schools, or private persons of recognized technical authority ROUMEPIS. THY KYBEPNHSEQS (TEYXOE TIPQTON) may, upon being duly called and without the right of ‘voting, participate in all the mootings of the Boards of Directors of such Companies and, upon instructions from the competent Minister, may propose any ques- ‘tions connected with tho efficient application of the terms of this Agreement and the development and improvement, of the exploitation of the hydro. clectri¢ installations, as may be regarded as worthy of discussion. Said Government Commissioners’ reriunera- tion shall be fixed by the Ministers of National Economy, of Communications and of Railways and Motor Traffic, but mnst never be higher than the ordinary Directors! fees specified for their presence at the meetings of the Boards, Artielo 49, Arbitration, 4. With the oxeeption of disputes and disagn ments, which may arise during the approval of the reports for the works or the subsequent modifications and elaboration of said reports, and disagreements concerning the construction program, all of which shall be settled at the absolute discretion of the State upon the advieo of the Councils of Publie Works or of Railways (whichever may bo competent to give such opinion), as well as disagreements concerning’ decisions of the Stato takon pursuant to the provisions of this Agreement at the absolute discretion of the State, any dispute or disagreement ‘between the State and tho Concessionnaire as regards the application, execution or interpretation of this Agreement, including cases where the object matter is not definable in torms of ‘money and also questions as to the Concessionnaire’s taxation, exemption, protection ete, shall be settled by arbitration. The’ President of the-Areopagus (i. ¢. tho Chiof Justice of the Greek Supreme Court) and the senior Justice of that Court or, if said Justices cannot serve, their lawful substitutes, and two other persons, one to be appointed by the State and the other by the Conoossionnaire, shall be the arbitrators Within thirty days after notification of the appoint- ment of either contracting party's arbitrator, the other contracting party shall appoint its own arbitrator without, being required to observe the provisions of Article 406 of the Civil Procedure. 2. Tf, within the said thirty days? time-limit, no arbitrator has been appointed by the State or’ the Concessionnaire, such arbitrator shall he appointed by the President of the Arcopagus within twenty days after the application of the. other party to said Pre- sident. 8. In ¢ase one or moro axbityators“rofuse to under- take ‘or continue the arbitration, or in case they are “unable to do so, if such arbitrators belong to the judi- ciary body, their lawful substitutes shall be called upon to take their place, and if such arbitrators are members appointed by the contracting parties, another arbitrator shall be appointed by the party concemed within a time-limit of twenty days from the date of the other party's notice calling on the former 80 to do. Tn case no appointment is made, such arbitrator shall be appointed by the President of the Areopagus within twenty days afterthe expiration of said time- Himit. ‘The refusal of one or more arbitrators to undertake 6r continue the arbitration shall be proviously certi- fied hy act of the President of the Areopagus.__ Sofie: ms ve 4, The awards. of said arbitrators shall be final, conalusive and irrevocable, their decisions being taken py a majority vote, Such decisions shall not be subject 4) any ordinary or extraordinary remedial procedure, tad neither action for rescission of the arbitration nor appeal against the writ of execution of the award can de oxercised. ‘5. In case of @ tie yote of the four arbitrators, cortified by act of the President of the Areopagus, the State and the Coneessionnaire shell appoint in common a fifth arbitrator and, upon disagreement as to the person of suoh filth arbitrator, the President of the Kreopagus shall appoint @ Justice of that Court to act, as filth arbitrator. 6, Upon. the appointment of the fifth arbitrator. the caso shall be heard by all five arbitrators at a com tion sitting; and their decision shall be taken by a majority vote, Like the awards given by the four arbitrators alone, such decisions shall be final, con- tlusive and irrevocable and shall not be subject to ‘any ordinary or extraordinary remedial provedure. In ‘this case also, neither action for rescission of the arbitral decision nor appeal against the writ of execu- tion of the awards can be resorted to, ‘7, The arbitrators shall not be bound by any judicial procedure and must givo their award within two months at the latest after the delivery of the docu- ‘ments in tho-case, Such delivery shall’be certified by fot of the President of the Areopagus. The same pro~ cedure shall apply if, upon a tie voto, a fifth arbitrator is appointed. The President of the Areopagus may, at the request of the partios concerned, of the other arbi- ‘trators or of the experts provided for below, extend the said time-limits. 7a. On questions of. a lechnical nature, either of the parties shall have tho right to demand that an expert opinion be taken, and such demand must. be accompanied by alist of persons of recognized techni authority specializing in such matters, With such @ demand for an expert opinion the President of the Areopagus or his legal substitute must comply and must appoint one of the persons named in the said list. If the other parly should demand that a second expert also be appointed, said party shall submit a similar list of specialist experts and the said President, choosing from the latter list, shall appoint a second export as well. ‘The experts thus appointed may be of Greek, Swiss, Dutch, Swedish or Norwegian nationality; their opinion shall Be advisory only and shall in no wise be bind- ing upon the arbitrators, 8. The cost of the arbitration and the fees of the arbitrators shall be charged to the party defeated in the arbitration, paragraphs 2 and 3 of Article 211 of the Civil Procedure applying thereto, ‘The arbitral alward shall fix how*much per cent: of the above cost shall be charged to each party, and ‘the fees of the arbitrators shalll be fixed by the Minister of Communications upon the advice of the Councils of Publie Works or of Railways. 9, By mutual agreement between the State and the Conoessionnaire, an amicable arrangement of differenoos and disagreements may be resorted to prior to recourse to the arbitral procedure laid’ down in paragraphs 4-8 of this Article 49, Each contracting party shall, ditectly after the dispute or disagreement has arisen, designate a vepre- sentative and the two representatives shall moot to- gether to examine andsettle the difference. In case of disagreement between said representatives, which must ‘be set forth in a report drawn up and signed by both or only one of them, the dispute shall be referred for sotilement by arbitration as provided in this Article 49. Ttis understood that in case the settlement reached. by the said two representatives is not accoptable to either of the contracting partios, each contracting party shall have the right to refer such disagreement to Arbitration as provided in this Article 49. 10, As regards the appointment of said represen- tatives and the procedure and time-limits, the pro- visions of paragraphs 1-8 of this Article 49 shall apply. 44. All time-limits not exprossly specified in this Article 49 shall be fixed by the President of the Areo- agus. 15, In cages of disputo or disagreements betwoen tho Stale and the Concessionnaire as to the applica- tion and the interpretation of the provisions of Articlos 50, 57 and 58 of this Agreement, the President of the Council of State end a Councillor of State appointed by said Prosident shall by way of excoption participate in the Arbitral Tribunal provided for in paragraph 1 of this Article 49, instead of the President of tho Areo- pagus and said senior Justice of the Supreme Court; End wherever in the provisions 2-14 of this Article 49 tho Prosident of the Areopagus is mentioned, the President of the Council of State shall be understood. Article 50. Import Duties. ‘Taxes. 4. All materials,-whether processed or not, tools, machinery, accessories, raw materials. and objects of any nature, which the Concessionnaire shall import from abroad for the exclusive purpose of carrying out the reports, the construction of the hydro-electric installation, the renewal, modilication,. extension and exploitation of said installations during the period commencing with the effective date of this Agreement fand tontinuing to the date when said works shall pass to the ownership of the State, shall be subject, on {heir importation, to the import duty in foree from time to time, which duty, however, shall not excood twe and one-half per cent (2.5 %,) of the value thereof £0. b. at port of shipment. ‘Upon the above-mentioned materials and other things the Concessionnaire shall pay an additional tex not exoceding’ two and one-half per cent (2.5 °/,) 01 tthe value thereof as above defined (ie. f. 0, b. "pori of shipment) as a business turnover-tax, municipal tax, port dues, road-building tax and asa fax to cover all Other taxes, dues, duties, contributions in favor of the State, Municipalities, ” Communitios, Pert Funds, Road Building and Road Maintenance Funds and any other legal entity of publie law, or for any other pur- pose; and both upon the importation of such materials, Tools, machinery, accessories, raw materials and objeots, ‘and during their transportation up to the installations, ‘the Coneessionnaire shall pay no other tax, fee, con~ tribution or dues levied in favor of the State, Munici- palities, Communities, Port Funds. and any other ‘entity of public law or for any other purpose, now oxisting or thal. may be enacted hereafter, except the Convessionnaire’s participation in the construction of works of public utility, referred to in Artzole 25 heseot,1010 One and one-half por cent (1.5%), out of the additional two and one-half per cent (2.5 %e) provided for in this sub-section shall appertain to the business ‘tumover-tax and the other ono per cont (1 */,) to the other taxes, dues, contributions etc. collected together with the import duties, said one per cent to be app tioned according to the ratio provided in the existing lation. 2, The materials and other objects referred to in paragraph 4 of this Artiole 50, which the Concession~ naire may purchase in Greece for the exclusive purpose of carrying out the reports, the construction, the renewal or modification of the hydro-electric installa~ ‘ions, shall always be exempted from existing or future ‘taxes, fees and import duties or contributions, levied jin favor of the State, Municipalities, Communities Road Building and Road Maintenante Funds and any other legal entity of public law or purpose. The saine exemption shall also apply to any extension of the hydro-electric installations of the Concesionnairey "3. In order to carry out the foregoing provisions, ‘the Concessionnaire shall submit for approval to the Ministries of Communications and of Railways and Motor Traffio, in duo soason a list of the articles to be imported and transported and for the materials and lier objects approved; thegappropriate steps shall ott oe mndaly by ssit Mastin, wits view to applying the said reduced tariffs or allowing the said exemptions pursuant to the above provisions regarding ‘the articles imported and transported by the Conces- sionnaire. In case of delay in issuing the documents provided for in the preceding sub-section of this paragraph 3, if such delay should retard the completion of the works, ‘the Coneessionnaire may pay the taxes, dues and other charges claimed and recover the same after the docu- ‘ents concerning imposition of reduced taxes or exomp- tion shall have been issued, 4, Under the approvalof the Ministry of Communi- cations, contracts shall be permitted between the Con- cessionnaire and port authorities, whereby the Conoes~ sionnaire may hire port spaco against¥payment in cash or in consideration of the construction;of harbor works. In the case of such contracts, exemption from the port dues , or reduction thereof, shall be permitted. 5. Machinery, accessories, tools and materials of any nature and kind, imported from abroad and used in eonnestion with. the{Concessionnaite’s hydro-electric ‘installations, which, because of replacements, renewals, modifications or obsoleseaner, will no Tonger be useful ‘othe Concessionnaire, may be freely re-exported abroad by. the latter withont payment fof any existing or fature duty, duo, tax, contribution or fee whatsoover to the Stale, municipalities, communities, port funds, road-building and road—mainteniance funds, or other entities of public law, nor for any other existing or future purposes. In case such machinery, accessories, tools and mato- vials are eventually disposed of in Greoce, they. shall he subject to the payment of the differenoo, if any, hetween the import duty and other taxes paid thereon and the import duty and other taxes payable under the general laws 6. With respect to taxes, dues and other charges relating to tho construction and exploitation of the hy- dro-eleetrie installations and the lines of transmission EOHMUPIZ TAY KYBEPNHSEOS (TEYXOS MPQTON) | of electric energy to tho places of consumption, the provi- sions of Article 58 horeof shall apply. Article 51. Appointment of Representative. Instructions, Notices, Applications. 1, The Concessionnaire shall appoint an attomey or agent with general and specific powers and authority to represent the Concessionnaire in all its relations wit the Siate. to settle or accept settlement of disputes and disagreements as per Article 49 hereof, as well as to receiveservice of any documents or instructions from the State. The said agont must reside ab Athens and notice of his appointment must be given to the State within three months after the effective date of this Agreement. In the meantime, unless such agent. be appointed; any document communicated to the Clerk ‘of tho Court of Fivst Instance at Athens shall be deemed to be communicated to the Concessionnaire, 2, In order that any instructions, orders and com- munivations from the State to the Conoessionnaire, as well as requests from the Concossionnaire to the State, be valid and have logal effect, they must. be in writing and safely delivered to the ‘other contracting party. - 3. All relevant correspondence concerning the exe- cution of this Agreement, allreports and other docu- ments shall be in the Gréek language. PART II. Industrial Installations, Eeonomic and Financial Terms, Article 52, Privilege of Establishing Industrial Installations, 4, Pursuant to Article 4, parageaph 4, sub-section (t) of this Agreement and the terms of this Artiole 52, tho Coneossionnaire is hereby granted (upto Devember 31, 1965) the right of establishing industrial installa~ tions for eleotro-metallurgy and eleotro-chemistry, with the right of producing therein the products defined in ‘Avtile 56 of this Agrooment, by utilizing therefor only tthe electric energy to he produced at its hydro-electrio installations at Achelods, without any restriction what soever as to the quantities of said products, the methods applied in their preparation, production, processing, servicing, fabrication, the system or systems of the industries, or the quantities and kinds of the raw mate- rials used, and finally as to the sale theroof either in Grovce or abroad, all of which shall be at the Conoos- sionnaire’s absolute choice. The Concessionnaire shell have the right, up to December 31, 2010, to modify, change and substitute, from time to ‘time, according to trade’ requirements and industrial development, the industrial installations thus established by the Con- cessionnaire on or before December a1, 1966. Nevertheless, at the Concessionnaire’s request and upon approval of the Ministers of National Beonomy, of Communications and of Railways and Motor Trat- fio, the Concessionnaire may be permitted evon alter December 31, 1965, to establish for the first time any of the induatrios provided for in this Agreement,DLN 2. At the Concessionnaire’s request, the State may grant (0, the latter permission to produce, any other produets tad to establish the indus taining thereto, provided that the industries to bo established for such pitrpose shalluse the electric energy proda- ced at the Concessionnaire’s Achelods hydro-electric jnstallations for their lighting and traction and, geno- rally, for their operation and exploitation, Article 53. Concessionnaire’s Rights and Privileges in connection with its Indastrial Tastallations. 4, Tho Concossionnaire’s industrial installations provided for in the preceding Article 52 may freely use the electric energy produced by the Concossionnaire jin amounts determined and fixed by it; and the Con cessionnaire shall have tho right to establish said industries on tracts belonging to it either in the district of the hydro-electric. installations or in the district of the city of Itea and its vicinity, making use of the electric energy produced by it (i.e, the. Concessionnaire). 2. ‘The Concessionnaire may also establish its industries at any other point, in Greece, to which the clectrio energy to be produced at the Concessionnaire’s hydzo-eleetric| installations ‘oan be transmitted, but always under tho approval of the Ministries of National Eeohomy, of Communications and of Railways and Motor Trafic. : 3. The industrial installations to be established by the Concassionnaire, as aforesaid, are hereby declared to be works of public utility, and they shall enjoy all therights and privileges granted by virtue of this A-. groomeat to the hydro-electric installations and, more particularly, the right of compulsory expropriation of Jands and generally real estate rights with a view to the establishment, operation and exploitation of the said industria! installations, pursaant to the laws in force from time to time, eaaesrning compulsory exprop tion, There shall also be grant +d to the Conoessionnaire ‘on the approval of the Ministers of National Economy, of Commanications and of Railways and Motor Trat- fic, the rights and priviloges set forth in Artiole 44 of this Agroemant in regard to the “Conoassionnaire’s Communications, ‘Transportation of Materials and Personnel», which transportation shall also include transportation of the Coneessionnaire's products and by-products; those sot, forth in Article 24 concerning the Installation of a ‘Telephone System»; those set forth in Artiole 26 in regard to «Inspectors and Guards; and those set forth in Article 29 in regard to «Pur- chases abroad of materials, machinery, tools, appli- ances and objects of any nature. 4 The Convessionnaire’s said industrial installa tions with all their appurtenances and accessories shall ‘not pass to the ownership of the State , but shall eon- stitute the absolute, exclusive and unrestricted private Property of the Concossionnaire, The plants, buildings and engineering works of the Concessionaire’s industri al factories shall not be subject. to compulsory expro- Driation in favor of the State or any other legal or na~ dural person, nor for any purpose whatsoever of pub- ite need or utility up 0 the year 2010, VIS THE KYBERNISEQY (7 XOX _MPRTON? Article acessionnaire’s Industrial Installations, Plans of C L. Prior to the commencement of the construction of each of its industrial installations, the Concts nairo shall submit to the Ministry of Communications and the Ministry of Railways and Mortor Traffic gone- ral plans of the buildings and works which the Conces~ sionnaire is to construct, which shall include the ne- cessary data for examination as to whether such build- ings ‘and works meet the requirements of existing anys -and regulations concerning the safoty and health ‘of the public and the personnel. Such plans shall be accompanied by a report containing a general descrip- tion of the said buildings and works and a statement of the purposes assigned to each one of therm, The com- petent Ministries shall approve such plans within two months from the date of the submission of the above data by the Concossionnaire according to the provisions of paragraphs 40, {1, 12 and 13 of Article 9 hereof. 2. The Concessionnaire shall not be required to disolose to the State the method of processing, nox to give to the Stste any other information concerning ‘the fabrication ar processing of all or any of the Con- céssionnaire’s products in relation to the processes of fabrication or methods of processing applied by the Concessionnaire in any of its industrial installations. Tne Concessionnaire, however, shall furnish the appro- priate fiscal authorities with’ the necessary data and information relating to the fulfilment of its tax obligations arising out of this Agreement, . Article 35. Conoessionnaire’s foreign personnel for the Industrial Installations. Up to Docesnbor 31, 2010, the Concessionnaire shall enjoy all the rights reterred to in Article 28 of this Agreement concerning employment of foreigners in all the Concessionnaire’s industrial installations, exoept that the number of foreign technical employees, who will be employed in the industries of the Concession~ naire during ‘the period of the preparation of the reports, the construction of said. installations and during’ the first five years hegivning with the eom- mencement of oporation of each industrial installa- tion, shall be at the Coneessionnaire’s absolute dis- cretion without any restriction. Atter the lapse of said five-year poriod, the foreign teclinical staff shall be restricted to fifteen por cent (15 ‘/6) of the total number of technical omployees required at any given time. Article 56, Concessionnaire’s special protection. A. The Concessionnaire shall have the right to produce in the industrial installations to be estab- lished by itall or any of the following products: (a) nitrogen (nitrogen products), synthetic ammonia, nitro-lime, caustic soda, nitric acid; (b) non- ‘metals, alumina, aluminium, magnesium, oopper, ni zine, manganeso, lead and tin eitherinthe form of ingots, plates, bers, foils, powder, cables or in the form of101 ROUMEPTS ‘THY KYB abrasives; and (0) chromium in Ui form of ingots, plates, bars or foils; and (d) any vombination of the foregoing metals. 2, An case, from tho offective date of this Agreement up to December if, 1952, the State should conteruplate the preparation of a report for the construction and exploitation of any hydro-electric installation of maximnm capacity (maximum height of fall to be utilized multiplied by maximum discharge to be utili- zed and diverted) exceeding 10,000 horse power with respect to falls at athor sections of the Achelods ana its, tributaries (the Kremasta, Prevenza ana Kriekouki falls, as deseribed-in Article 1 heroof, being excluded), ag well as on the rivers Aliakmon and the torrents Mornos and Fidaris, or should any third parties submit such offers, the State shall, before procoeding to any decision or grant to third parties, inquire of the Conces- sionnaie.in writing, whether’ the Concessionnaire intends to apply for the grant of a concession for the exploitation of the falls in question. The Coneessionnaire must, within a peremptory time-limit of two months beginning on the date of the aforasaid notice of the State, give either an affirmative or @ negative answer. In ‘case the Concossionnaire should faildo give any answer, or should give a negative answer, within the said two months? time-limit, then the State shall be free of all obligation to tho Concessionnaire and may, at its absolute discretion, itself exploit such falls of the said rivers and tor: rents, ‘or grant to third parties the exploitation thereof, In case, however, the Concessionnaire should answer in the affirmative within the said two month®’ timo- limit, then the Concessionnaire must: within a time— limit’ of two years, beginning on the date of the Slate's notice ‘as above, submit a preliminary report and an offer regarding the construction and exploitation of the fall in question. ‘Together with said affirmative answer, the Conces- sionnairo shall deposit with the State 500,000 drach mas as a guarantee for carrying ont its aforesaid obli- gation and unless it 50 does, its answer shall not be con- sidered . Such guaranteo shall be included in the gua- rantee to he specified in the agreement, which will be concluded between the State and the Goncessionnaire for the proparation of said report, The State's permit for the preparation of said report shall be granted by Royal Decree issued conformably to the terms of the Royal Deoree of Oct. 30 1936, «On granting an option ‘to prepare a report for hydro-olectrie installations with 4 view to the exploitation of the falls of the rivers Aliakanon, Achelods, and the torrents Mormos and Fida~ ris», Likewise, the preliminary report to be submitted by the Concessionnaire shall contain all the plans, eal- culations, and other duta required by the said Royal Decree of October 30, 1936, and shall be examined and approved pursuant t0 the provisions of the said Royal Decree, the Concessionnaire furnishing’ guarantees proportionate to the gusrantecs specified therein. ‘The State is hereby discharged of any obligation to the Concestionnaire if, al, its absolute dscretion, it should fail to accept the Coneessionnaine’s offer within a time-limit-of 6 months after said offer is submitted, the State being entitled, at its free and absolute °disere- tion, to exploit forits own account or to grant to third SEN parlios the hiydro-clectrie installations, which contd te ‘established at the afore-mentioned rivers and torrents, ‘The reports to be prepared by the Concossionnaire, as provided for above, shall pass to the absolute ownor’ ship of the State, conformably to the provisions of Arti- cle 7 of the said Royal Docreo. 3, Up to December 31,1968, in case any one attempts ‘to import into Greece products similar to those produ- ced hy the Coneessionnaie at prices lower than quota. tions for the same on the Exchanges or markets of London and Now York, oi. Greek port, to give pro- tection to the Coneessionnaire by prohibiting such im- portation into Greece or by levying on such products Proportionate import duties, precluding competition with the Concessionnaire. Such protection shall bo given in so far as the Concessionnaire sells said products at the prices of said Exchanges or of London and New York markets, cif. Greek port. ‘The provisions of this paragraph 3 shall not apply in the excoptional cases of a Greek war or a.war between Great Powers, if owing to such war, exceptional price fluctuations should arise. 4, Enterprises in Greeve exploiting metal ores and quarey products most to December 31, 2010, supply the Concessionnaire with the quantities and qualities of such ores necded to meet, the Concessionnaire’s proces- sing requirements and at the current, prices quoted in Gic0ce for the sale abroad of such articles, restricting, i necessary, their deliveries of such products abroad, Minister of National Economy may, by deci- sion issued at the Concessionnaire’s request and under ‘the foregoing conilitions, fix from time to time certain amounts to he reserved by each of said enterprises for the requirements of the Coneessionnaire’s industries ; and the Concessionnaire shall take delivery of such reserve amounts within a time-timit to be fixed by the same decision, and ata price to be dotermined by said Minister, 5. Up to December 34, 2010 the Concessionnaire shall not. be subject to any legal restrictions against aliens as regards the acquisition of rights of any nature ‘to mines or quarries or the exploitation thereof; and for such purpose the Concossionnaire shall be considered ‘to be Greek national in so far as the ores or materials, extracted by the Concossionnaire are used to meet the requirements of its industries. 6. The industries to be established by the Conces- sionnaire in Greece are hereby rocognized as Greck industries and tho products thereof ax Greek products. Up to December 1, 2010, such industries shall enjoy all exceptional rights, favors and protection, which may be granted by the Stato hereafter to any other similar industrial enterprises, which may be established in Groece either by Grovks or foreigners. Article 57. Import and Exporé Duties, 1. With respect to the materials, tools, machinery, fnocessories, raw materials and objects, referred to it paragraph { of Article 50, which the Concessionnaire may import from abroad’ for the exclusive, purpose of carrying out the reports and the construction of thé initial installations of ite industrial enterprises provided for in Article 53 and 56 of this Agreement, and for therenewal thereof, the Coneossionnaire shall pay only the import duties and additional tax charges referred ta in paragraph 1 of Article 50 hereof. 2. The materials, ete> above referred to in para- graph 1 of Article 50, which the Concessionnaire may gurehaso in Greece for the exclusive purpose of carrying Sut the reports and the construction of the Concession- haire's initial industrial installations, shall bo exempt from existing or future taxes, dues, import duties or contributions levied in favor of the State, Munioipali ties, Communities, Port, Funds, Road Building and Road Maintenance Funds, and any other legal entity of public law or purpose. 3. With rospect to all inaterials, ote. defined in pa- ragraph 4 of Article 50, which the Concessionnaire may in the future purchase abroad or in Greece for the exclu- purpose of expanding its industrial installations, the Concessionnaire shall enjoy all the favors referred to in paragraph 1 of Article 50 and paragraphs 1 and 2 of this Article 57, provided said expansion is accom- plished through ‘the investment of new share capital or funds to he raised by borrowing abroad. 4, Unprocessed minerals and generally unprocessed. ores and quarry products, which the Concessionnaire may purchase either abroad or in Greoee for the purpose of processing in its industrial installations, shall always }bo exempt: from all existing or future import duties,dues, contributions or feos in favor of the States Municipa- lities, Communities, Port Funds, Road Building and Road Maintenance Funds and any other legal entity of public law or for any other purpose, provided. the products manufactured from said minerals ores and other products are exported abroad. 5. In order to carry out the foregoing, provisions, tho Concessionnaire shall submit. to the Ministries of Communications and of National Economy in, due soa- son, a list of the imported or transported articles, and the’ appropriate steps shall be taken immediately by the said Ministry with a view to appling the said re- duced taxes or allowing the said exemptions, confor- mably to the foregoing provisions with respect to t Goneessionnain’s ‘said! imports and transport “art Tn case of delay in issuing the above documents, if such delay is likely to retard the completion of the works the Concessionnaire may pay the amounts of the taxes, dues and other similar charges claimed and recover ‘tho same after the documents concerning imposition of redneod taxes or exemption are issued. 6. The products of the Concessionnaire’s industrial ntorprises established undor this Agreement, when ex- ported abroad, shall slways be exempt from all existing fr future taxes, duties, fees, contributions or dues in favor of the Stato, Municipalities, Communities, Road Building and Road Maintenance Funds and any other legal entities of public law, except the port—dues. Such exemption shall also apply to any necessary transpor- tation in Grooee required for the exportation of said products, 4 With tho approval of the Ministry of Communi cations, contracts may be concluded between the Con- cessionnaire and Port authorities, whereby the Conces~ sionnaire shall hiro port space against payment: in cash or in consideration of the construction of harbor works. In the case of such contracts, exemption from the port dues or reduction thereof shall be permitted. 8, Machinery, accessories, tools or other equip- ent, and materials of any nature and kind, imported from abroad and used in connection with the Conoes- sionnaire’s industrial installations, which, by reason of replacements, renewals, modifications or deterio~ ration, are no. longer useful to the Concessionnaire, may be freely re-exported abroad by the latter without payment of any existing or future duty, due, tax, con- tribution or fee whatsoever to the State, Municipalities, Communities, Port Funds, Road Building and Road Maintenance ‘Funds, or other entities of public law, nor for any other purpose. In case such machinery, accessories, or other oquip= ment and materials are eventually disposed of in Greece, they shall be subject to the payment of the difference, if any, betwoen the import duty and other taxes paid and the import duty and other taxes payable under the goneral laws. ‘J. The provisions contained in this Article 57 shall cease to have effect, on December 31, 2010, and ther after the provisions in foreo from time to time with respect to the other industries and enterprises in Greece shall apply. Artiele 58. ‘Taxes, Duos and other similar Charges. In addition to the tax obligations set forth in the preceding Articles hereof, tho other taxes, fees, contribu- tions and dues which the Concessionnaire and the Greck Limited Liability Companies to be organized byt shall ‘be obliged to pay as from the effective! date of this ‘Agrooment to the year 2010, inclusive, shall be as Tollows : Tneome tax. Such taxshall be imposed pursuant to the existing provisions contained in the codification made public by the Circular Order No.144/1939 of the Ministry of Finance, taking into consideration also the relevant special provisions of this Agreement. ‘Tho rates of said tax per category of income (in which all additional taxos of any kind collected there- with in favor of third parties shall be included), shall ho as follows : (A) On income from buildings 19 */,. (B) On income from lands 20°! (C) (a) On income of Category. C. class a, distributed to their sharcholders by Greek Limited Liability Gom- panies to be organized, 20°"). ‘On other income of said class d, as well as on income of Category C, classes b and c, the tax-rate in force and effect from timo to time. (b) If profits, with respeot to which said tax was paid under Category D, are also contained in the divi- dends and the like distributed, then the tax-rate for such part of the profits shall bo reduced to 5 "Jo Tf any amount of profits, exempted from tax under ‘the provision of paragraph’ E_of this Article 58, is included in the dividends distributed, then such part of the profits sball remain untaxed when the tex on Ca- gory Cis levied. (c) There. shall be exemptied from the tax imposed on income of Category C; the-amounts paid as interest ‘on any kind of loans raised abroad end granted to the Gresk Limited Liability Companies provided for in Article 48 hereof, as well “as the amounts “paid. as interest on the loans contracted by the Concessionnaire. which shall be taken over by said Companies upon their organization,Until the Grock Limited Liability Companies provided for in Article 48 of this Agroement shall be organized, thesame tax exemption shail also be granted in favor of the amounts paid as interest on any kind of, loans of the Concessionnaire raised abroad, even if suoh Joans are granted through the Concessionnaire’s prinei- pal office abroad, excepting such sum as the Conoess onnaire shall transfer to its office in Greece out of its own share capital and which for the purpose of the calewlations under this Agreenent must not he deemed to be less than 2,500,000 dollars, (D) (a) On profits realized from the exploitation of the hydro-clectrie and industrial enterprises provided for under this Agreemont, which profits are taxed under under Category D, 17 "fu. (b) For the computation of the Concessionnaire’s not income there shall be deducted from its gross inoome the expenses and costs referred to in paragraph 2 of Artiele 49 of said Income Tax Code. (c) With respoct to the oases of amortization provi- ded for in ease f of paragraph 2 of Article 19 of said Income ‘Tax Code by reason of depreciation of the in- siallations, the following deduction shall be annually credited against gross income : oo (I) Forthe hydro-electric. installations, including the dams, the buildings (but not the land), the installa- tions for transmission of the electric energy, a percen- tage of not to exoced 4 "Jeol the cost thereof: (IT) For the industrial installations for electro chemistry and eleotro-metallnrgy, including the build- ings oontaifing the plants (but not the land), a percentage of not to exeved 10 "J, of the cost therco!. (d) The Greek Limited Liability Companies to be organized shallalso havetherightto ereatethe Reserve Fund provided for in case g, paragraph 2, of Artiole 19 of said Income Tax Gode, for the pur pose of recovering the assets. which shall pass to the State under this Agreement... However, the deduction granted for depreciation under the pro™ visions of the preceding oaso (0) shall be included in such Reserve, ~ (E) For ten twolve-month financial periods, there shall be deducted. from the total annual profits of the one or more Companies to be organised for the exploit- ation of the hydro-electric installations as provided in Artiole 48 of this Agreement, an amount of profits equi- valent to 10"/, of the paid-up share capital of said Company. Such amount. shall not_be taxed under In- come Tax Category D,and the first of said financial pe- riods shall begin with the organization of said Company With respect to the application of the tex provi sions of this Agreement, said first financial period may exceptionally include more than twelve (12), but not more than eighteen (18) months, 7 ‘at the Greek Limited Liability Com? Tn the ovont tl pany to be organized for the purpose of exploiting the Qirdno-eleotrie installations intend also to Captor thie industrial branches, the tax exemption provided for above shall be granted only in respect of the profits from the hydro-electric energy and said 10 J, covered by said exemption shall be computed only on such part of said capital as pertains to the value of the hydro- electric installations and the installetions for trenismis- sion of electric energy. 5 Computation of such part of said capital as pertains to the value of the hydro-electric installations, the in 0% HPATON) stallations for transmission of eloctrie energy ete. shall de made by dividing the entire sharo capital into pro. portionate parts according to-the ratio existing between the value of tho hydro-electric installations, the instal. lations for transmission of electric energy ete. on the fone hand, and the value of the industrial installations on the other hand. The Limited Liability Company to 16 organized shall keep separate aocounts for euch self. subsistent branch of its onterprise both as regards the funds invested and as regards the results achioved by each of-these ranches. Expesses whieh, owing to ‘their nature, are common to all branches, shall be ap- portioned between or among tho self-subsistent bran- ches: according to the ratio of their vospective gross incomes, ‘The priog for thé eleotrio current supplied to the branches of the Concessionnaire’s industrial interprises whether said entorprises are exeroised by the same Li. mited Liability Company or by self-subsistent compa- nies, shall be determined on the one hand on the basis of the last ten-year poriod’s annual averages, of the to- tal amount of electric energy consumed out of the en- tire amount of electric energy produced atthehydro- electricinstallations during said period and,on theother hand, of all the oporating costs inourred during said period, including servicing of the funds invested, de- preciation and renewal of installations, ordinary and extiaordinary reserves and all and any other costs, and expenses, plis an amount equal to 8", of such price For the first 10 years of the exploitation of the hi dro-electrio installations, beginning with the final aceep- tance of each one of said installations, the price of ‘the ourrent for each year shall, at the elose of each year ‘be determined on the basis of the foregoing data (i. e. average total consumption and average total cost) for the years immediately preceding such year, plus an a mount equal to 8 */, of such prico. In any event the price thereby resulting shall not be higher than the highest price charged during the last five years to the self- Subsistent industrial installations, and for each one of the first five yoars, not higher than the price charged during the year immediately preceding the year under consideration. (F) On income, ete. provision for which is made in Article 4 of said Income Tax Code, 17". (G) On any income, which is not classified under ‘the afore-mentioned net income Categories, 18 *.. (H) The net profits arisirg after the completion of the works of each hydro-electric or industrial instal- lation capable of being operated independently and prior to the organization of the respective Greck Limited Liability Companies, shall be reckoned as profits per- taining to the Company or Companies to be organized and shall he addod to the results of their first financial periods, License Tax, This tax shall be imposed pur suant to the existing provisions contained in tho codi- fication made publio by Ciroular Order No 5417/1937 of the Ministry of Pinanoe but such tax shall not ex: coed the sum of drachmes 400,000 ineluding the mu- nicipal tax, Business Turnover Tax. ‘This tax shall hoimpased on the -value of the-products sold in Greece. ‘To such tax is liable also the gross income of the Greek Limited Liability Company operating said hydro electric installations, derived from the delivery oflectrio current to third parties and the Concession- paire’s other industrial enterprises, when the latter fare operated by separate limited liability companies. Thsurance tax, On insurance of any kind, the tax in force from time to time Transter tax. On transfers of real property, the transfor tax in foree from time t6 time. When transferring to the Company or Companies provided for in Article 48 of this Agroement the rydro~ Hhetrio and industrial installations and generally teal property, the Concessionnaire and the Companies to be orgonized by it shall be oxempted from said transfer tax on real property. Dues etc. (a) Without exception, on all agree ments or transactions nade by the Goncessionnaire in Greece with the Stato in connection with the sindy, construction, operation’ and exploitation of all ‘of the Concessionnaire’s hydro-electric and indus- trial installations and generally the conduct of its un- dertaking, on which agreements or transactions a eivil- rate stamp duty is payable under, the existing legislation, a stamp shall he colleot- ed at commercial rates, as preetibed by the existing legislation and moro specifically by Obligatory Law No, 1578/1939. (b) In its business transactions with third partios ‘the Concessionnaire shall have the right to require that the entire stamp-duty be paid by the other partiee, excopl whore the Stato is involved, the State not being considered to be athird party. (6) On such transactions, concluded by notarial acts, the notarial fees are hereby fixed at one-fourth of the regular fees, (d) This Agreemont is subject to a fixed stamp-duty of 1,500 drachmas. The same duty shall be pul on any Agreement alwoen the State and the Concessionnaire in relation to this Agreement or modifying this Agroement. Likowise, the stamp-duty on the transfers referred to above (viz. in the second subsection of Trans - fer Taxn) is herehy fixed at one thousand five hun- ‘dred drachmes ; and the rogistration fees and dues shall not exceed one thousand five hundted -rachmes. Forest Tax. In the event that the Concession” naire should proceed with forest. cutting, it shall pay the forest, -tax required by the legislation existing from time’ to time. ‘The Concessionnaire shall have the right of total exemption from suoh tax by declaring to the State that it grants to the latter the timber derived from such cutting. In such case the State shall be obliged, within six months after receipt of the written notice thereof addressed by the Coneessionnaire to the Ministry of Finanoo, to remove such timbor beyond the district of the works. Other Taxes, The Conoessionnaire shall be sub- jot to the taxes existing on the effective date of this Agreement with respect to tho following articles of consumption: fa) On illuminating gas and acetone substances. (b) On explosives and. small shot. (c) On aleohol, wine and beer. (a) The Concessionnaire shall also bé subject to the provisions in regard to State Monopolies existing on ‘the effective date of this Agreement and the tax on the ireulation of private passenger cars. (e) The Concessionnairo is hereby exempted trom the exoise tax on clecttic current provided for in Law _BOFMEPTZ THY KYBEPNEZEOS (TEYXON TPOTON) PHAZ" of 1940, with rospect tothe electric current whieh the Concossionnaire itself will consume for purposes of lighting and hestingin its own hydro-electric and indus {ria} installations, a8 well as in the, Concessionnaire s plants, offices, staff’ dwellings and transportation Centres Iocatod at such hydro-electric aud industrial installations. Exemption from Other Existing and Future Taxes and Similar Chargos ‘The foregoing taxes, fees and dues, mentioned in. ‘Avticles 50 and 39 and in this Article 58, shall be the only obligation of the Goncessionnaire concerning taxes, feos, dues, contributions and similar charges, and the Coneisionnaire and any successors of the Concession- naire, shall have no obligation up to December 31, 5010, to pay beyond such taxes, fees and any other existing o fulure tax, fee import duty. stoppage, con- tribution or dues of any kind to the State, Municipali- ties, Communes or any other entity of public law Jn the samo way all the Coneessionnaire’s agroements, including this Agreement, entered into with the State fora logal entity of public Jaw and relating to the said enterprise of the Concessionnaire, shall be exempt from any existing or future deductions and contributions le Vied in favor of the Pablio Buildings Fund, the Civil Service Pension Fund, the Engineers’ and Contractors Pension Fund, the Technical Chamber of Gresee, the Greek Jurists” Fund and from any other existing or future contribution or retention of Any kind. Taxes ete. payble by Third Parties. ‘The Concessionnaire and the Greok Limited Lia, bility Companies to be organized by it shall, within Uh prescribed time-limits, withhold and pay to the State Pte. the taxes, foes, dues, contributions and other char- gee payable byits Board of Direotors or its salaried or Sage-earning Greek or foreign staff,auditors, experts, Conteactors, suppliers etc. The Concessionnaire or said Companies generally, whenever a tax, fee, contribution or other charge is payable by third parties through the Conoeasionnaire or said Companies in their capacity as employers, contracting parties and the like, must retain and duly pay such taxes, fees, contributions or ‘thor charges, and upon failure 80 to do they shall be Table to the penalties provided for in the special pro- visions existing from time to time . “The foreign staff is liable to the same analytical and eynthetic taxes (i.e, taxes and surtaxes) as the Grok staff. Tax ObI gations after the Expiration of the Agreement. “The taxes, import duties and other similar charges generally in foreo, with respect to the other industrial and other enterprises in Greece, shall apply after De~ reomber 31, 2010. Article 59, Sale of Concessionnaire’s Produots. Foreign Exchange. 4. ‘The Concessionnaire shall always be free to dis- pose of the products of its industries in Greece ‘or abroad.__ lois Incase the State through its competent. authorities should require, by reason of the needs of the Greek market, that the Concessionnaire sell in Greece an amount exceeding ame-third of the annual output in any of the products of the industries established mder this Agreoment or if the State should requisition (com- mandeer)an amount thereof in excess of said one-third (1/3), the Concessionnaire shall receive the value of such excess amount in free foreign exchange. Such value shall he equal to the price quoted for such pro- duets from time to time inthe London or New York markets ¢.if, Greek port, 2. Under no ciroumstanves shall the State or any other authority have the right to roquire (through obli- gatory price-fixing or otherwise) that the Concossion- naire sell its products in Greece at. prices lower than ‘those existing in the markets of London and New York at the time being for the same articles 0.i.t. Greek port. In any event, the Concessionnaire’s sales contracts shall not be affected by subsequent acts of the State or any other authority, but shall be respeotéd and shall remain valid. 3, Theshares, bonds or any kind of securities to be issued by the Greek Limited Liability Company or Companies provided for in Article 48 of this Agreement may be exported to foreign countries without any r0- striction whatsoever. ., The Concessionnaire and the Greek Limited Liahi- lity Company or Companies provided for in Article 48 of this Agreement shall have the right to collect abroad, in any currency, foreign exchange or gold, the entire proceeds of the sale of theConcessionnaire’s or saidCom- pany’s or Commanies’ products exported from Greece and sold abroad, as well as the proceeds from the Con- cessionnaire’s or said Company's or Companies’ pro- ducts requisitioned i, , commandored,.in quantities exoooding the one-third referred to in paragraph 1 of this Article 59,and to keop in the Concessionnaire’s or said Company’s or Companies account with any Bank or Banks abroad any amount of foreign curren cies, exchange or gold which the Concessionnaire or the afore-mentioned Companies may acquire from the said sales, The Concessionnaire and the Greek Limited Liabi- lity Compnies to be organized under Article 48 shall always have the right, without any formality as to per- mission,to dispose freely of their free funds made avail- ‘able abroad as provided for in the foregoing provision, in order to meet any of their obligations abroad to third parties or to their own shareholders. The Concession- naire and said Greek Limited Liability Companies shall also be permitted to keep abroad out of the aforesaid available funds such amounts as are required for amortization of any kind as well as for the creation of reserves of any kind. TE the Concessionnaire does not possess available funds abroad, it may contract loans in drachmas in Greece, but only with the approval of the State. In the event of said hydro-electric installations con® stituting a seit_subsistent company or companies inde pendent of the industries, for whioh a separate Pompany or companies inay also be established, such companies shall bo permitted to transact business with each other in foraign* currencies or exchange on foreign countries, in order to pay to said hydro-clectrie Com- panies, on the part of the industrial Companies, the price of the electric energy supplied, Such foreign ex- 2 THS KYBEPNHSEOS (TEYXOS MPQTON) change and currencies shall be paid to said_hydro-clee- trie companies abroad out of the funds available under the second sub-section of this paragraph 3. 4, Tho Greek State and the Benk of Greece under. tako no obligation to supply the Concessionnaire with any amount of foreign currencies or foreign exchange for its requirements (except in such eases as are spo- citieally provided for by the provisions of this Agree. ment), the Concessionaire being required to cover such requirements out of its own funds available abroad, To the extent that the Concessionnaire’s funds available in drachmas in Greece are not sufficient to pay its obligations in Greece, the Concessionnaire shall bring into Greece and sell free foreign exchange to the Bank of Greeoe in the amounts required 6. Tho Concessionnaire shall bring into Greece ‘an amount of free foreign exchange equivalent. to the price of the articles purchased by the Concessionnaire in drachmas in Greece, and which were imported from abroad; and the Concessionnaire shall sell_ such foreign exchange to the Bank of Greece. By acts of the Ministers of National Economy and of Financo,the Coneessionnaire may be permitted to make such ‘purchases without boing obliged to import and sell rer foreign exchange. 7. The Concessiounaire shall also have the right, in addition to making use of its funds available abroad for the payment of dividends to shareholders, to make such payments to shareholders domiciled abroad in drachmas out of its funds available in Gresee. Such shareholders shall be allowed to use, with the permis- sion of the Bank of Greece, such dividends for any of their actual financial requirements in Greece. . For this purpose, and in s0 far as the above ondi- tions shall exist, the importation into Greece, through the Bank of Greece, of tho relevant securities (shares eto.) required for such payments shall be allowed. In cage the Concessionnaire has insufficient. funds abroad, it shall havo the right to meet its obligations abroad’ by payments in drachmes in Greece. Such payments shall be made, subject to the above-men- tioned conditions, and the necessary securities (bonds ote. ) shall be imported through the Bank of Greece. 8. The State and the Bank of Greece shall have ‘the right to follow and check the Gonoessionnaire accounts reflecting transactions in drachmas and in foreign exchange or foreign ourrencies, ete, and the Concessionnaire must furnish the State with all requi- site information for verifying the lawful use made of such exchange. For this purpose, employees of the State or of the Bank of Greece, the number thercof to be fix- ed by mutual agreoment hetween the State and the Concessionnaire,shall be placed at the Concossionnaine’s offices. Any remuneration given to such omployees shall be at the exponso of the Concessaionnaire. In casoit should be shown through such checking that a violation has occurred, the Concessionnaire slall comply with instructions which maybe given by the State or the Bank of Groece. In east of disagreement, the Concessionnaire shall, in any event, he entitled to resort to arbitration, as provided for in Axticle 49 of this Agreement, for settlement of the difference. 9. The provisions contained in this Article 59, aod more particularly those contained in pagageaphs 3 ¢0 % the purpose of which is to facilitate the kervicing of the foreign capital to bo invested in the iustfilations provi- dod for in this Agreement, are establishdll as excoptions ‘to the laws now existing in Groove regarding the proteo-tionof the eunreney and fo other laws relating Uhoreto, tet to any other such Inws whieh may be in force in the future;eonsoquently,if any future laws should afford the Conoessionnaire sroater freedom, in whole or in art, than the Freedom provided for by said provisions, Maid relovant Laws shall apply to the Concessionnaire. Wherever the term «Concessionnairen is used in ‘this Artiolo 59 it shall also moan in every instance the Grook Limited Liability Company or Companies pro- vided for in Article 48 of this Agroement, 10. All the above provisions of this Article 59 shall bein foree up,to Decomber 1, 2010, and thereaiter the provisions in foree from timo to time, reganding the Uther industries and enterprises in Greece, shall apply, tile 69) Detinition of Gold Drachma, Wherever in this Agreement the term «Gold Drachma» orits quotient. the «Gold Leptony are men- tioned, said term shall mean a monotary unit, the gold contents of which shall he deemed to be equal to the monetary unit of the old Latin Monetary Union. Article 61 Book- keeping. 1. The Concessionnaire shall keep in Greece, at the sified of its representative provided es per Article 5t, a complete set of hooks of accounts with the Youohers pertaining thereto, showing, in detail, the capital in- yested in the Concessionnaive’s installations and trans antions in Creece. ‘The Convessionnaive’s books and records shall be kept in the Grock language, the Coneessionnaiye having the right to keep the same in the English language also, PLS ‘CS KYBEPNEZEO: UPEYXOS TIPQTON) wy The Coneessioniatire ehall he alloyed lo keep its mts in United States dollars. 2. The Concessionnaire shall be obliged to furnish the competent fi seal authorities with the necessary data and information relating to the fulfiment of the Con- vessionnaite’s tox obligations arising out of this Agroe- ment. 3. The Concessionnaire shall correspond with the State in the Greek language. ae Acticle 6 Rffective Date of Agreement. 1, This Agreement shall take effect upon the pub- fication in the Governmont Gazette of the Obligatory Law ratifying this Agreement. 2. This Agreement, subject to a stamp-duty of one thousand five hundred’ drachmas, was exoeuted in the Greek original text and is accompariied by an English translation ;for the interpretation of this Agrocment, however, only the said Greek original text shall apply. In witness whereof this Agreement, consisting of 62 Articles, was. signed in quintuplicate at Athens, this 24th day of January 1940. THE CONTRACTING PARTIES FOR THE STATE: ‘The Ministor of Finance J. Arvanitis. >» — » Communications A. Reonomon, >» > Railways and Motor Traffic (j. Ni > » > National Eeonomy M. Kyriacopoulos, ‘OR THE CONCESSIONNAIRE : G. A. Antoniades.lois Ty THE KYBEPNHSEOS (TEYNOS TELOTON) H AIEYOYNZIZ TOY EONIKOY_TYNOFPAMEIOY KAI ZOPATIZTHPIOY PNQSTOTIOIE! “Ondad 1M ‘Tavovagton 1938 duvdnes caw § § 1, 2 8 zal 4 rod delhonw'1 rob fn’ dead 1018)1987 ‘Avayiiaorwxod Néwou ris 30 Asvsuofow 1987 éxeoi tooaoroujoems wav aegt tod. "Eve x05 Toxoypage(on xeuttvoy duardfsov> Snsonievbévros 812.100 bx" dou 531 vig 31 {iow jyvdg (Ted. 405 A’) pothov vig Eqnneatios vig Kufegvsivews xat tig eic Extéheaw aizod éxSoDelons tix" dowd. Me 19288 tiis 81 Aeepfigcou 1987 daopdocor vot Yaougyot rv Otxovouxdv Snuoowvdelons uidn, uegdy did to8 ia’ dai. 278 (Teizoc B’) qékhov ris “Fipnueotbos vis Kupeevioems, Goienouy of Boor vag érnoiag ovvdonie tis Eqnuegibos ric KuPeovijoews, va téky tov Syonietoeay xa | Twh TOV THMMATIAGE MOROVEVOY PERKY (raady xal véov) vA Eqnueoidog vie KuBepvicewc xis. de xétode: “Aad vic 16 “Toviiov 1938 510 bn’ deid. T. 5788)1938 daopdcens rob abcod “Yaovgyot, (Ep. Kv. 145)1938 Tstzoc B’) dgfobnoay ra xéln tic Snpooiesaems vv Kodxoxowovaévenr. Karaoverucey rv ‘Avay. ‘Exagiby, sis d9. 5000, dd 58 rig 9 “Oxtafiotov 1989 dia vig Gn" doud. E. 9247)1939 duotag dnoqiovog (Bp. Ku. 251)1959 vetyo¢ B’) dotatinoay ra vin, Syuoctetotws fv tA. A. E. rGv xaré 1) dad 20)5)1989 B.A dvaxowdaeov rev tad dudhvow nal ExxaDdgvowy “EAkgvuioy “Avoviuoy ‘Erogudv eic 89. 200. OPO! ETHZIQN ZYNAPOMON KAI TEAH AHMOZIEYZEQN K.A.TT. Romeo |e arte vy * vay | 2+ Tov ABT" wevnss, 108 Mlagueriuaeos, cot bel low "Av. "Bra.gtiv win rom Tetzous «llgdéas Noni | 9, Bt doom As Butane >= cas Ae. 1 2. Av Exaotoy 83 dvettunov co¥ Aekstow ungemais TBioxenotus re Ta véln HY Snuooredaecr Sottovear te és A’. Big vb Aeieloy “Avwoviyeo» “Eraipudy |. uit 23'soby0s AY Ait 33 reiyo: BY. BAe acon Wey 4 Aud x0 segs I”. did wh rota vedgn AY BY Aud cb Tugdornie Be 7 Aud xd wey AY, BEY xt ob Tragdgrua.- 2. “ acne 8, but @ Aeixiov "AY. “Fewouby > 600 1. Tov dixeorundv xodieoy..........e4. Ao. 800 oan eee eee || 2 Lav weraocunindy coy “Avov, “Bengiay » 10,000) ovgrmua sal 18 Aekefov “Avo 8. Tov wgonoxouiseav xv nacaoratxdy wiuow Kreupuby. .. ar sv *Avooviuory “Braigtdv. eee essee eee» 2,000 10, Aid 1d Asiciov Blowng. “Thtoee > Tv teoaonovjosov xatacratixiy “Aver HL. Aud wa revign, A’, BD 1d Hae | uw "Exaugetdi, docas Squonesoreas pdgrmun nel ta Acdriw "Aver. | werd nav ui} rooxoxotouuévov edgo els ye “Tower. <> 1200 2200 |) Eatoy natuevov aruoraro +s 4. #5000 12, Ad tb webpos «MTodfeuc Now. . Tov dsotvdaewy wal xooarhiseaw ets Tloootinow Ar. Avion es» 600 850] Tey Swatetong tov “Avon iemass > 800 lo. 6. Tav avanowdosov civ ind Sudhvowy xa > 2000 3500] eantdoaw SEXinv. “Avov. “Heavy 7 |, omedves 1 B.A. 1980 ..... > 200 ‘Tay laokoyonév wav “Avov. Eraigey » 4,000 Tay ovvemxiy ynvatoy -nucuovéseey ‘Touretixiy “Avovinoy "Eragedy.:... » 1.500 Rig xb Hagigrnua vis “Epyy. Kvpegrioews ‘By Sumotxdy mgoaAyjozoy al houxdv wh Suooedosmy ...eee ne + > BOO 18, AC davea +2 tedyn v3 TE pce wal cit Ack. apie S20 Ailmors, 08 Kedcoos 8 tencta aovsen || 7 iplcdn tie ve fimtcy ths as ave" avaypagonevns ovvspe: lg 709 Fewtepixed, 8, “HL ovvbqoui, et: xdouv xegfmemaw deyerat dd ‘ng "Ta | vouapion Exdarov Eopus al elvan soo-dygarée. “AL cu) ray ranuacnisg xohoundvoy aula xai véow PEARY ig "Fxpyueoido: Hotaiy “O° Exaotov or we Ai qhnowuai du cas ovvdondg xat 1d xd rékn tHV xdons qoews SnHo- oiebcey, éveovobvea xooxarafiohnd: slc ta Anudov Tapeta Evaver QU narlov xagahaPrig Seg dxootéhhera, wagd rod évotapeoonévov ely thy "Yamgesiay rod "Efvixod Tuxoygupeiov. ‘Ev ‘Adjvag rf) 9 ‘Oxrofolov 1939 © AIEYeYNTHE —— ay LN. NIKOAATAHS, : "Fe wei "Bivnod Tonoyeaipalon