obstacle in the way of the companies
 of the other High Contracting
 Party which may desire
to carry en in his territories,
whether through the establishment
 of branches or otherwise,
any description of business which
the companies, partnerships and
associations or subjects or citizens
of any other foreign country are,
or may be, permitted to carry on
according to the laws in force.
The grant to the companies of
either High Contracting Party of
the right permanently to carry
on their regular commerce or
industry in the territories of the
other shall be governed by the
laws and regulations which are,
or may in future be, in force in
those territories.
The companies of either High
Contracting Party shall enjoy in
the territories of the other, so
far as concerns taxes, exactions,
customs duties, imposts, fees
which are substantially taxes, and
other similar charges, treatment
no less favourable than that
accorded to the companies of the
other High Contracting Party.

In no case shall the treatment
accorded by either of the High
Contracting Parties to companies
of the other be less favourable in
respect of ‘any matter whatever
than that accorded to companies,
partnerships and associations of
the most favoured foreign country.

ARTICLE 11.

Articles produced or manufactured
 in the territories of one of
the High Contracting Parties,
imported into the territories of
the other, shall not be subjected
to other or higher duties or
charges than those paid on the

nici o piedicd in calea societatilor
celeilalte Inalte Parti Contractante,
 cari ar dori si exercite pe
teritoriile acesteia, fie prin stabilive
 de filiale, fie altfel, orice gen
de intreprindere pecare societétile
anonime, in nume colectiv, agociatiunile
 sau supugii ori cetdtenii
oricdrui alt stat striin pot, san
vor putea, exercita in conformitate
cu legile in vigoare.
Dreptul conferit societétilor
fiecireia dintre Inaltele Parti
Contractante, de a-gi exercita in
mod permanent comertul sau
industria lor obignuits, pe teriworiile
 Celeilalte, va fi supus legilor
8i regulamentelor care sunt, sau
vor fi, In vigoare pe acele teritorii.

Societitile fiecireia  dintre
[naltele Parti Contractante vor
beneficia, pe teritoriile Celeilalte,
su privire la taxe, dir, taxe
vamale, impuneri, contributiuni
care sunt de natura taxelor, si
orice alte sarcini similare, de un
tratament nu mai putin favorabil
lect acel acordat societitilor
celeilalte Inalte Pirti Contractaute.

Tratamentul acordat de citre
fiecare dintre Inaltele Pari
Contractante societitilor celeilalte
 Parti, nu va putea fi in nici
an caz mai putin favorabil, in
nicl 0 privinta, decit acel acordat
societitilor ‘anonime, in nume
colectiv sau asociatiunilor apartindnd
 statului strdin celui mai
tavorizat.

ARTICOLUL 11.

Articolele produse sau fabricate
 pe teritoriile uneia dintre
Inaltele Parti Contractante, importate
 in teritoriile Celeilalte,
nu vor fi supuse la taxe deosebite
sau mai mari decat acele plitite
asupra articolelor similare, pro-