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Agreement between the Government of Canada and the Government of the People's Republic of China concerning the Settlement of Private Property Claims [1981] CATSer 17 (20 August 1981)

E102999 - CTS 1981 No. 21

AGREEMENT BETWEEN THE GOVERNMENT OF CANADA AND THE GOVERNMENT OF THE PEOPLE'S REPUBLIC OF CHINA CONCERN­ING THE SETTLEMENT OF PRIVATE PROPERTY CLAIMS

The Government of Canada and the Government of the People's Republic of China, with a view to developing relations between the two countries on the basis of equality and mutual benefit, have agreed as follows:

ARTICLE 1

The Government of the People's Republic of China shall pay to the Government of Canada the sum of three hundred and forty thousand (Dlrs 340,000) Canadian dollars in final settlement of claims of Canadian citizens (including Canadian natu­ral or juridical persons) in respect of property (including certain bank accounts) in China of Canadian citizens affected by measures of intervention, expropriation, state disposition and administration or other similar measures that were adopted by the People's Republic of China on or after October 1, 1949 and prior to the date of this Agreement.

ARTICLE II

The Government of Canada shall pay to the Government of the People's Repub­lic of China the sum of sixteen thousand, four hundred and ninety-four Canadian dollars and eighty six cents (Dlrs 16,494.86) which was transferred to the Minister of Finance of the Government of Canada in respect of assets of residents of China that were formerly vested in the Office of the Custodian.

ARTICLE III

The Government of the People's Republic of China shall deduct from the amount referred to in Article I the amount referred to in Article II of this Agree­ment. The balance of three hundred and twenty three thousand, five hundred and five Canadian dollars and fourteen cents (Dlrs 323,505.14) (hereinafter referred to as the "Settlement Sum") shall be paid by the Government of the People's Republic of China to the Government of Canada within two months of the date of signature of this Agreement.

ARTICLE IV

Payment in full of the Settlement Sum shall discharge the Government of the People's Republic of China and the Government of Canada from any obligation in respect of the claims covered by this Agreement and in future neither Government will present to the other, on behalf of its citizens, any claim encompassed by this Agreement.

ARTICLE V

This Agreement shall enter into force on the date of signature.

IN WITNESS WHEREOF the undersigned, being authorized by their respective Governments, have signed this Agreement.

DONE in duplicate in Beijing on the twentieth day of August 1981, in the Eng­lish, French and Chinese languages, all texts being equally authentic.

Mark MacGuigan

FOR THE GOVERNMENT OF CANADA

Huang Hua

FOR THE GOVERNMENT OF THE PEOPLE'S REPUBLIC OF CHINA