against gold to be set aside in De Nederlandsche Bank's name at Norges Bank in Oslo.
Norges Bank (acting as agents of the Royal Norwegian Government) shall sell Norwegian kroner to De Nederlandsche Bank (acting as agents of the Royal Netherlands Government) as may be required for payments which residents of the Netherlands monetary area, under the exchange regulations in force in that area, are permitted to make to residents of Norway,—
a) against florins to be credited at the official rate to Norges Bank's No. 1 Account with De Nederlandsche Bank, provided that the balance standing to the credit of that account is not thereby increased above a maximum of 20 million florins, or
b) if the balance standing to the credit of Norges Bank's No. 1 Account with De Nederlandsche Bank amounts to 20 million florins, either against such foreign currencies as may be agreed by Norges Bank, or against gold to be set aside in Norges Bank's name at De Nederlandsche Bank in Amsterdam.
Article 3
The kroner balance standing to the credit of De Nederlandsche Bank's No. 1 Account with Norges Bank and the florin balance standing to the credit of Norges Bank's No. 1 Account with De Nederlandsche Bank shall be compensated at the end of each month or at any other time at the request of one of the two parties at the official rate of exchange.
Article 4
De Nederlandsche Bank shall have the right at any time to sell to Norges Bank, against all or part of the florin balances held by that Bank, gold to be set aside at De Nederlandsche Bank in Amsterdam.
Norges Bank shall have the right at any time to sell to De Nederlandsche Bank, against all or part of the Norwegian kroner balances held by that Bank, gold to be set aside at Norges Bank in Oslo.
Gold set aside in Oslo in accordance with the provisions of Article 2 and the present Article shall be at De Nederlandsche Bank's free disposal and may be exported.
Gold set aside in Amsterdam in accordance with the provisions of Article 2 and the present Article shall be at Norges Bank's free disposal and may be exported.
No. 17
