Proposal by the United States Delegation to the Economic Commission for Italy on Article 68
Revision of Paragraph 4
(a) 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 to the extent of . . . . . percent of the sum necessary, at the date of payment, to purchase similar property or to make good the loss suffered. In no event shall United Nations nationals receive less favorable treatment with respect to compensation than that accorded Italian nationals.
(b) 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 sub-paragraph (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.
(c) 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.
(d) 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 [Page 788]no event discriminate in these respects against such nationals as compared with Italian nationals.
The French delegation supports this amendment, subject to the addition of the following para (e)
(e) The Italian Government shall grant nationals of the United Nations an indemnity in lire sufficient to compensate, at the date of payment, the losses and damage due to the special measures applied to their property during the war, and which were not applicable to Italian property.”