TNAG-1551-FCO40-2115-Possible-cultural-agreement-between-Hong-Kong-and-Japan-1986 — Page 24

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(2) The designated institution will open a bank

account to be used only in connexion with the Grant in the name

of the designated institution in an authorized foreign exchange

bank of Japan to be selected by the designated institution.

(3) The Government of Japan will make payments in Japanese yen to cover the obligations incurred by the

designated institution under the verified contracts referred to

in sub-paragraph (1) above to the account referred to in

sub-paragraph (2) above, when payment requests are presented by the bank referred to in sub-paragraph (2) above to the

Government of Japan under an authorization to pay issued by the designated institution.

5.

The designated institution will:

(a)

ensure proper and effective maintenance and use

of the equipment, and

(b)

bear all expenses, other than those covered by

the Grant, necessary to the implementation of the

Grant.

I have further the honour