Page 315 - Historical Summaries (Persian Gulf - Vol II) 1907-1953

298
ib) >!f uhnBuanr 1S recIuested t0 deal in other currencies, or in gold or silver,
tne Bank shall be free to accept or refuse such business at its own discretion
(c) The Bank may purchase and sell Maria Theresa silver dollars in the normal
course of business and undertakes to submit fortnightly to the Muscat Government
signed statements showing its total purchases and sales of Maria Theresa silver
* uS*an<* Glance hcld by the Bank. The Bank agrees to respect the wishes
of the Muscat Government regarding the extent of the Bank’s dealings in Maria
Theresa silver dollars, but the Government shall not restrict the Bank’s dealings
m such a way as to place the Bank in a worse position than any merchant or
member of the general public.
Article 4.—The Manager of the Bank shall be British.
Article 5.-—Subjects of the Sultanate will be employed by the Bank if available
and found suitable, otherwise foreign nationals, with preference for those of the
Arab countries, will be employed.
Article 6.—Guards required by the Bank will be provided by the Muscat
Government, their wages being paid for by the Bank to the Government, at
rates to be notified by the Government to the Bank.
Article 7.—The Bank will observe the Moslem general holidays in accordance
with the official Government list.
Article 8.—The Bank shall dismiss any employee found guilty of misconduct
or misbehaviour.
Article 9.—The Bank notices must be exhibited in Arabic as well as in English
on the premises of the Bank.
Article JO.—The Bank shall not be liable to taxes, duties, fines or other
obligations of any kind whatsoever other than those levied on and paid by nationals
of the Sultanate or foreign nationals of any country.
Article 11.—The Bank shall be located in the town of Muscat.
Article 12.—The Bank shall in due course build its own premises and shall
do so on land to be leased to it by the Government in a suitable position at a
reasonable rent.
Article 13.—The Bank may accept mortgages of movable property but not
of immovable property without approval of the Muscat Government.
Article 14.—No flag of any sort shall be flown from the Bank premises.
Article 15.—When the Government requires for its own use drafts on India
to an extent not exceeding Rs. 100,000 (one lakh) in any one month, the rate
of exchange shall be at par, that is, without Bank charges, but if it is necessary
to send currency notes to India for that purpose the actual cost of sending would
be payable by the Government without Bank charges.
Article 16.—The Bank will at all times do its best to help, advise, and
co-operate with the Government and undertake Government business at the most
favourable possible rates.
Article 17.—(a) This Agreement holds good for a period of twenty years.
(b) No permission will be given by the Government of the Sultanate during
that period to any other Bank to open a Branch or Branches in the Sultanate.
(c) It is agreed that the Bank has the right to withdraw from Muscat at any
time during the period of this Agreement provided that it gives twelve clear months’
notice of its intention and satisfies all proven claims against it before withdrawal.
Article 18.—The Bank shall ensure that all bills of exchange or other
commercial documents which may pass through its hands will be properly stamped
with appropriate Government Revenue stamps in accordance with all Government
regulations which may from time to time be published.
In Witness whereof the parties to the Agreement have set their hands this
day and year first written above.
On behalf of THE IMPERIAL BANK OF IRAN
(Signature in Arabic)
(Signed) DONALD SCOTT, SULTAN SAIYID SAID BIN
TAIMUR BIN FAISAL,
Duly accredited Representative of Sultan of Muscat and Oman and
the Imperial Bank of Iran. Dependencies.
In the presence of
In the presence of
(Signed) P. D. STOBART, (Signed) P. D. STOBART,
His Britannic Majesty’s Consul, His Britannic Majesty’s Consul,
Muscat.
Muscat.
i