Page 275 - Historical Summaries (Persian Gulf - Vol II) 1907-1953

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Article 7.—The Manager of the Bank in Kuwait must be British.
Article 8.—Kuwaitis should be employed as clerical staff if available, otherwise
British subjects or nationals under British protection should be employed until such
time as the Kuwaitis, in the discretion of the Bank, are capable of carrying on.
Article 9.—If the Bank require guards they will be provided by the Kuwait
Government, their wages being paid for by the Bank.
Article 10.—The Bank must observe the Moslem's general holidays. In case
of uncertainty the Government of Kuwait should be referred to on the subject.
Article 11.—The Bank has no right to employ menial staff such as peons,
other than Kuwaitis.
Article 12.—The Bank notices must be exhibited in Arabic as well as in
English on the premises of the Bank.
Article 13.—The Bank shall dismiss any employee who has been found guilty
of misconduct or misbehaviour. If the employee is not a Kuwaiti and if
deportation is necessary, it shall be arranged by the Bank through the Political
Agent, or if a Kuwait subject the matter shall be referred to the Kuwait
Government.
Article 14.—Kuwaitis who have had no accounts with, and are unknown to,
the Bank should not be lent money by the Bank without prior reference to the
Kuwait Government.
Article 15.—The Bank has no right to lend money to a Kuwaiti against the
mortgage of his properties except after reference in confidence to the Kuwait
Government.
Article 16.—The Commercial Assistant should be a capable Kuwaiti with
a knowledge of English.
Article 17.—The Bank should not compel the Kuwaiti staff to wear dress
other than the usual Kuwaiti dress.
Article 18.—(a) This Agreement holds good for a period of 15 years and is
subject to renewal after that period.
(b) No permission will be given by the Kuwait Government during that period
to any other Bank to open a branch at Kuwait.
(c) It is agreed that the Bank has the right to withdraw from Kuwait at any
time during the period of this Agreement. Such withdrawal shall be considered to
terminate this Agreement.
Article 19.—This Agreement is written in English and translated into Arabic.
If there should at any time be disagreement as to the meaning or interpretation
of any article in this Agreement the English and Arabic texts shall have equal
status.
In witness whereof the parties to this Agreement have set their hands the day
and year first above written.
SHAIKH OF KUWAIT.
(Signature of Shaikh of Kuwait.)
In the presence of:
(Signed) T. HICKINBOTHAM, Major,
Political Agent, Kuwait.

(ii)
(Paragraph 195)

Amendment to the 1941 Agreement between the Ruler of Kuwait and the
Imperial Bank of Iran, dated March 1946
The contracting parties have agreed as follows: —
1. That Article 18 of the original Agreement shall be amended and the
Agreement shall hold good for a period of thirty years from 18th December, 1941,
and is subject to renewal after that period.
2. That the last sentence of Article 5 shall be altered to read as follows:
Drafts other than in rupees, in sterling area currencies, shall be calculated
at the par rates of exchange as quoted in London. Drafts in foreign currencies
other than sterling areas currencies, shall be calculated on the basis of the
official rates quoted by the Reserve Bank of India.