I am not sure about this.
Article VII
The total tonnage for aircraft carriers of each of the Contracting Powers shall not exceed in standard displacement, for the United States 135,000 tons (137,160 metric tons); for the British Empire 135,000 tons (137,160 metric tons); for France 60,000 tons (60,960 metric tons); for Italy 60,000 tons (60,960 metric tons); for Japan 81,000 tons (82,296 metric tons).
Article VIII
The replacement of aircraft carriers shall be effected only as prescribed in Chapter II, Part 3, provided, however, that all aircraft carrier tonnage in existence or building on November 12, 1921, shall be considered experimental, and may be replaced, within the total tonnage limit prescribed in Article VII, without regard to its age.
Article IX
No aircraft carrier exceeding 27,000 tons (27,432 metric tons) standard displacement shall be acquired by, or constructed by, for or within the jurisdiction of, any of the Contracting Powers.
However, any of the Contracting Powers may, provided that its total tonnage allowance of aircraft carriers is not thereby exceeded,build not more than two aircraft carriers, each of a tonnage of not more than 33,000 tons (33,528 metric tons) standard displacement, and in order to effect economy any of the Contracting Powers may use for this purpose any two of their ships, whether constructed or in course of construction, which would otherwise be scrapped under the provisions of Article II. The armament of any aircraft carriers exceeding 27,000 tons (27,432 metric tons) standard displacement shall be in accordance with the requirements of Article X, except that the total number of guns to be carried in case any of such guns be of a calibre exceeding 6 inches (152 millimetres), except anti-aircraft guns and guns not exceeding 5 inches (127 millimetres), shall not exceed eight.
Article IX was the one that allowed the US and Japan to build their large carriers. However the Article was of little use to the French and italians as they had no such large ships under construction (or at least anywhere near the state needed). I have no idea how far along the Hood's sisters were, If only 5-10% complete it was probably easier to scrap in place and start over rather than try to work such a small amount of material built to an old design into a "new" ship.
From Wiki
View attachment 565541
Saratoga 8 March 1922. Construction had been suspended, pending her conversion to an aircraft carrier.
Boilers, turbines, armor and guns are all ordered when the ship is ordered and before laying down. In fact sometimes the guns and mounts take longer to build than the hull.
In any case the Battleship tonnage (capital ship) and the carrier tonnage are separate categories and there is no swapping back and forth.
Article X
No aircraft carrier of any of the Contracting Powers shall carry a gun with a calibre in excess of 8 inches (203 millimetres). Without prejudice to the provisions of Article IX, if the armament carried includes guns exceeding 6 inches (152 millimetres) in calibre the total number of guns carried, except anti-aircraft guns and guns not exceeding 5 inches (127 millimetres), shall not exceed ten. If alternatively the armament contains no guns exceeding 6 inches (152 millimetres) in calibre, the number of guns is not limited. In either case the number of anti-aircraft guns and of guns not exceeding 5 inches (127 millimetres) is not limited.
This article stops any shenanigans about aircraft carriers (or seaplane carriers) running around with 4-8 large caliber guns and just enough aircraft or aircraft facilities for the owning nation to
claim it is a carrier.
Article XII
No vessel of war of any of the Contracting Powers, hereafter laid down, other than a capital ship, shall carry a gun with a calibre in excess of 8 inches (203 millimetres).
I could very well be wrong but I am reading the treaty in such a way that the Furious is not counted as new construction and can be replaced, however the British converted the Glorious and the Courageous after the treaty. Had they "converted" two of the admirals The British might have hit their total tonnage or gone over