Artikel 1

(1). The Governments of the Islamic Republic of Iran and the United States of America, desiring to give effect to certain provisions of the Declaration of the Government of the Democratic and Popular Republic of Algeria of 19 January 1981, have selected, as a mutually agreeable central bank, De Nederlandsche Bank at Amsterdam, to assume the management of a bank which shall act as Depositary of the funds in the Security Account established by the foregoing Declaration.
(2). The Netherlands Government concurs in the appointment of De Nederlandsche Bank for this task, subject to the provisions of the present Agreement and subject to agreement being reached among the competent authorities or central banks of the other States concerned and De Nederlandsche Bank and the Depositary on the conditions subject to which the latter shall carry out their tasks. The agreement or agreements reached by De Nederlandsche Bank and the Depositary on this matter with the authorities or central banks of the other States shall hereafter be referred to as the "Technical Agreements."
(3). Having regard to the international and public nature of the foregoing tasks entrusted to De Nederlandsche Bank and the Depositary, those banks shall, in performing their functions, enjoy immunity from jurisdiction in each of the Contracting States as described below.