As immediate reparation, Austria shall pay during 1919, 1920, and the first four months of 1921, in such manner as provided by the Reparation Commission, “a reasonable sum which shall be determined by the commission.”

[Sidenote:  Bond issues to be made.]

Three bond issues shall be made—­the first before May 1, 1921, without interest; the second at 2-1/2 per cent. interest between 1921 and 1926, and thereafter at 5 per cent., with an additional 1 per cent. for amortization beginning in 1926, and a third at 5 per cent, when the commission is satisfied that Austria can meet the interest and sinking fund obligations.  The amount shall be divided by the allied and associated Governments in proportions determined upon in advance on a basis of general equity.

[Sidenote:  Representatives of the Reparation Commission.]

The Austrian section of the Reparation Commission shall include representatives of the United States, Great Britain, France, Italy, Greece, Poland, Rumania, the Serbo-Slovene State, and Czecho-Slovakia.  The first four shall each appoint a delegate with two votes, and the other five shall choose one delegate each year to represent them all.  Withdrawal from the commission is permitted on twelve months’ notice.

[Sidenote:  To pay cost of armies of occupation.]

Paragraph 9, (Financial.)—­The first charge upon all the assets and revenues of Austria shall be the costs arising under the present treaty, including, in order of priority, the costs of the armies of occupation, reparations, and other charges specifically agreed to and, with certain exceptions, as granted by the Reparation Commission for payments for imports.  Austria must pay the total cost of the armies of occupation from the armistice of November 3, 1918, so long as maintained, and may export no gold before May 1, 1921, without consent of the Reparation Commission.

Each of the States to which Austrian territory is transferred and each of the States arising out of the dismemberment of Austria, including the Republic of Austria, shall assume part of the Austrian pre-war debt specifically secured on railways, salt mines, and other property, the amount to be fixed by the Reparation Commission on the basis of the value of the property so transferred.

[Sidenote:  The pre-war debt.]

Similarly, the unsecured bonded pre-war debt of the former empire shall be distributed by the Reparation Commission in the proportion that the revenues for the three years before the war of the separated territory bore to those of the empire, excluding Bosnia and Herzegovina.

No territory formerly part of the empire, except the Republic of Austria, shall carry with it any obligation in respect of the war debt of the former Austrian Government, but neither the Governments of those territories nor their nationals shall have recourse against any other State, including Austria, in respect of war debt bonds held within their respective territories by themselves or their nationals.