The years 1961 and 1962 marked a decisive turning point in connection with Marshall Plan aid for Austria—due to the conveyance of sole power of disposal over ERP funds from the American to the Austrian government, and as a result of the creation of the ERP Fund. The definitive founding of the ERP Fund occurred in 1962 with the passage of the ERP Fund Act. Before this legislation could be put into law, however, the power of disposal over ERP funds, which had been held by the American government since the initiation of Marshall Plan aid to Austria in 1948, had to be conveyed to the Austrian government. This took place within the framework of the ERP Counterpart Settlement in 1961, signed on March 29, 1961 in Vienna by Austrian Chancellor Julius Raab and US Ambassador Freeman Matthews. This Counterpart Agreement was preceded by an exchange of notes between the US and Austria, which was considered a supplementary understanding of the two governments and took effect simultaneously with the ERP Counterpart Settlement.