(b) (b) leases and leases of land and houses between individuals. States, with the exception of Turkey, from which the Ottoman public debt is mentioned within the meaning of Part A of the table in the Annex to this Section, shall designate the Debt Council within three months of the date on which, in accordance with Article 47, their respective shares of the annual fees referred to in that Article are notified; an appropriate guarantee for payment on their part. if this guarantee is not transferred within the abovementioned period; or, in the event of disagreement as to the adequacy of the guarantee granted, each of the Governments which have signed this Treaty shall have the right to apply to the Council of the League of Nations. Subject to any special provisions concerning the transfer of ports and railways, whether owned by the Turkish Government or private undertakings and whether they are in the separate areas of Turkey under this Treaty, and likewise subject to any agreements concluded or likely to be concluded between the Contracting Powers concerning concessionaires and the retirement of staff; The transfer of the railways took place under the following conditions: the Treaty of Lausanne (Treaty of Lausanne in French) was a peace treaty negotiated at the Lausanne Conference of 1922-23 and signed on 24 July 1923 at the Palais de Rumine,[1][2] Lausanne, Switzerland. It officially resolved the conflict that originally existed between the Ottoman Empire and the Allied French Republic, the British Empire, the Kingdom of Italy, the Empire of Japan, the Kingdom of Greece and the Kingdom of Romania since the beginning of World War I. [3] The original text of the treaty is in French. [3] This was the result of a second attempt at peace after the failure of the Treaty of Sèvres. The old treaty had been signed in 1920, but was later rejected by the Turkish national movement, which was fighting against its conditions. The Treaty of Lausanne ended the conflict and defined the boundaries of the modern Turkish Republic.

In the treaty, Turkey surrendered all claims to the rest of the Ottoman Empire and, in exchange, the Allies recognized Turkish sovereignty within their new borders.