'Treaty of Peace with Turkey. Signed at Sévres, August 10, 1920. [With Maps.]' [‎49r] (77/112)

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• ^i thG A P^ rties Cta ^ not a g ree on the amount of such compensation, it will be deter-
mined by Arbitral I ribunals composed of three members, one designated by the State of
which the concessionaire or the holders of the majority of the capital in the case of a
company is or are nationals, one by the Government exercising authority in the territory
m question and the third designated, failing agreement between the parties, by the
Council of the League of Nations. r ’ J
1 he Fribunal shall take into account, from both the legal and equitable standpoints,
a relevant matters, on the basis of the maintenance of the contract adapted as indicated
in the following paragraph.
The holder of a concession which is maintained in force shall have the rio-ht within
a period of six months after the expiration of the period specihed in the second paragraph
0 this Article, to demand the adaptation of his contract to the new economic conditions
:m< ^ the absence of agreement direct with the Government concerned the decision shall
he refei red to the Arbitral Commission provided for above.
Article 312.
In all territories detached from Turkey, either as a result of the Balkan Wars in 1913
or under the present Treaty, other than those referred to in Article 311, the State which
definitively acquires the territory shall ipso facto succeed to the duties and charges of
1 urkey towards concessionnaires and holders of contracts, referred to in the first paraoraph
of Article 311, and shall maintain the guarantees granted or assign equivalent ones.”
This succession shall take effect, in the case of each acquiring State, as from the
coming into force of the Treaty under which the cession was effected. Such State shall
take all necessary steps to ensure that the concessions may be worked and the carry in o'
out of the contracts proceeded with without interruption. °
^Nevertheless, as from the coming into force of the present Treaty, negotiations may
be entered into between the acquiring States and the holders of contracts or concessions,
with a view to a mutual agreement for bringing such concessions and contracts into
confoimity with the legislation of such States and the new economic conditions. Should
agreement not have been reached within six months, the State or the holders of the
concessions or contracts may submit the dispute to an Arbitral Tribunal constituted as
provided in Article 311.
Article 313.
ihe application of Articles 311 and 312 shall not give rise to any award of compen
sation in respect of the right to issue paper money.
Article 314.
The Allied Powers shall not be bound to recognise in territory detached from
1 urkey the validity of the grant of any concession granted by the Turkish Government
or by Turkish local authorities after October 29, 1914, nor the validity of the transfer of
any concession effected after that date. Any such concessions and transfers may be
declared null and void, and their cancellation shall give rise to no compensation.
Article 315.
c ncessions or rights in concessions granted by the Turkish Government since
October 30, 1918, and all such concessions or rights granted since August 1, 1914, in
favour of German, Austrian, Hungarian, Bulgarian or Turkish nationals or companies
controlled by them, until the date of the coming into force of the present Treaty, are
hereby annulled.
Article 316.
(a) Any company incorporated in accordance with Turkish law and operating in
1 urkey which is now or shall hereafter be controlled by Allied nationals shall have the
right, within five years from the coming into force of the present Treaty, to transfer its
property, rights and interests to another company incorporated in accordance with the law
of one of the Allied Powers whose nationals control it ; and the company to which the
property, rights and interests are transferred shall continue to enjoy the same rights and
privileges as the other company enjoyed under the laws of Turkey and the terms of the
present treaty, subject to meeting obligations previously incurred.