Proposal by the United Kingdom Delegation to the Economic Commission for Italy on Article 68
September 20, 1946.
Revision of Paragraph 4
- The Italian Government will be responsible for the restoration to complete good order of the property returned to United Nations nationals under paragraph 1 of this Article. In cases where property cannot be returned or where as a result of the war a United Nations national has suffered a loss by reason of injury or damage to property, he shall receive from the Italian Government compensation in lire of the sum necessary, at the date of payment, to purchase similar property or to make good the loss suffered.
- United Nations nationals who have ownership interests, held directly or indirectly, in corporations or associations which are not United Nations nationals within the meaning of paragraph 8(a) of this Article, but which have suffered a loss by reason of injury or damage to property, shall receive compensation in accordance with subparagraph (a) above. This compensation shall be based on the total loss or damage suffered by the corporation or association and shall bear the same proportion to such loss or damage as the beneficial interest of such nationals bears to the total capital of the corporation or association.
- Compensation shall be paid free of any levies, taxes or other charges. It shall be freely usable in Italy but shall be subject to the foreign exchange control regulations which may be in force in Italy from time to time.
- The Italian Government agrees to accord to United Nations nationals fair and equitable treatment in the allocation of materials for the repair or rehabilitation of their property and in the allocation of foreign exchange for the importation of such material, and will in no [Page 787]event discriminate in these respects against such nationals as compared with Italian nationals.
- The Italian Government agrees similarly to compensate in lire United Nations nationals whose property has suffered loss or damage as a result of special measures taken against their property during the war which were not applied to Italian property.