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FEDERAL RESERVE BANK
OF NEW YORK
Circular No. 2 2 6 9 , September 3, 1941T
Reference to Circular No. 2262.
J

Executive Order No. 8389, as Amended, and Regulations Issued Pursuant Thereto,
Relating to Transactions in Foreign Exchange, Etc.
To all Banking Institutions, and Others Concerned,
in the Second Federal Reserve District:

For your information we quote below the texts of General License No. 55, as amended,
General License No. 72 and Public Circular No. 5 issued September 3, 1941, by the Secretary
of the Treasury pursuant to Executive Order No. 8389 of April 10,1940, as amended, and the
Regulations issued thereunder.
TREASURY DEPARTMENT
Office of the Secretary
September 3, 1941.
GENERAL LICENSE NO. 55, AS AMENDED, UNDER EXECUTIVE ORDER NO. 8389.
APRIL 10, 1940, AS AMENDED, AND REGULATIONS ISSUED PURSUANT THERETO,
RELATING TO TRANSACTIONS IN FOREIGN EXCHANGE, ETC.*

General License No. 55 is amended to read as follows:
(1) A general license is hereby granted authorizing any banking institution within
the United States to make payments from blocked accounts of China or Japan, or any
national thereof, of documentary drafts drawn under revocable or irrevocable letters of
credit issued or advised by a domestic bank prior to July 26, 1941, provided:
(a) That such letters of credit were not issued in favor of Japan or China or any
national thereof; or
(b) That such drafts have not, since July 26, 1941, been held by or for the account
of any blocked country or national thereof.
(2) Banking institutions making any payment or debit authorized by this general
license shall file promptly with the appropriate Federal Reserve Bank weekly reports
showing the details of such transactions.
(3) This license shall expire at the close of business on September 30, 1941.
E. H. FOLEY, JR.

Acting Secretary of the Treasury.

* Part 131;—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Ex. Order 8389, April 10.
1940, as amended by Ex. Order 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941; Regulations,
April 10, 1940, as amended June 14, 1941, and July 26, 1941.




TREASURY DEPARTMENT
Office of the Secretary
September 3, 1941.
GENERAL LICENSE NO. 72, UNDER EXECUTIVE ORDER NO. 8389, APRIL 10, 1940, AS
AMENDED, AND REGULATIONS ISSUED PURSUANT THERETO, RELATING TO TRANSACTIONS IN FOREIGN EXCHANGE, ETC.*

(1) A general license is hereby granted authorizing (i) the filing in the United States
Patent Office of applications for letters patent for inventions and designs, and the prosecution of such applications, in which any national of any blocked country has at any time
on or since the effective date of the Order had any interest, and (ii) the receipt of letters
patent issued pursuant to any such application, provided the following terms and conditions are complied with:
(a) The person filing or prosecuting any such application, or acting as attorney
or agent in connection therewith, shall notify the United States Patent Office
in writing that the application is being filed and prosecuted pursuant to this
general license; and
(b) Upon notification by the United States Patent Office that letters patent will
be issued and at least twenty days before the payment to such office of the
final fee therefor, there shall be filed directly with the Treasury Department
a report on Form TFR-172, setting forth, under oath, the information called
for therein.
(2) This general license shall also authorize any person who is not a national of any
blocked country:
(a) To file and prosecute applications for letters patent in any blocked country;
(b) To receive letters patent granted pursuant to any such application; and
(c) To pay fees currently due to the government of any blocked country, either
directly or through an attorney or representative located abroad, for the filing
of any such application, and for the granting and maintenance of any patent.
Domestic banks are authorized to effect the payments referred to in (c) and to establish
and maintain free dollar accounts if necessary, and only to the extent necessary, to effect
such payments. Domestic banks are not authorized to establish or maintain free dollar
accounts in cases where such payments may be effected in the manner prescribed in (a)
or (b) of General License No. 32, as amended. All banks effecting any such payments shall
satisfy themselves that the foregoing terms and conditions are complied with.
(3) All persons engaging in any of the transactions authorized by (a) or (b) under
(2) above shall file promptly with the appropriate Federal Reserve Bank reports setting
forth the details of such transactions.
(4) With respect to each payment authorized by (c) under (2) above, reports on
Form TFR-132 shall be executed and filed in the manner and form and under the conditions described in General License No. 32, as amended, except that item No. 6 of such form
shall be left blank and the originating bank shall indicate on the reverse side of such form:
(a) The specific purpose for which such payment is made;
(b) Whether or not an application for a patent has been filed in, or a patent has
been issued by, the United States Patent Office, covering the invention or
design involved; and
(c) If such application has been filed in, or such patent issued by, the United
States Patent Office, the number thereof.
(5) This general license does not authorize any assignment, grant, encumbrance,
creation of a license, or execution of any agreement or arrangement of, under, or with
respect of any patent, application therefor, license thereunder, or interest therein, in which
any blocked country or national thereof has, on or since the effective date of the Order, had
any interest, or any other transaction not specifically authorized by this general license.
E. H. FOLEY, JR.

Acting Secretary of the Treasury.
* Part 131;—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Ex. Order 8389, April 10,
1940, as amended by Ex. Order 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941; Regulations,
April 10, 1940, as amended June 14, 1941, and July 26, 1941.




TREASURY DEPARTMENT
Office of the Secretary
September 3, 1941.
PUBLIC CIRCULAR NO. S
UNDER EXECUTIVE ORDER NO. 8389, APRIL 10, 1940, AS AMENDED, AND REGULATIONS ISSUED PURSUANT THERETO, RELATING TO TRANSACTIONS IN
FOREIGN EXCHANGE, ETC.*

(1) Reference is made to General License No. 72. Attention is directed to the fact
that this general license does not authorize any person who is a national of any blocked
country to file or prosecute applications for letters patent in any foreign country, to receive
letters patent granted pursuant to such applications, or to pay any fees to any foreign
country in connection therewith. This general license does not authorize the payment of
fees to attorneys or representatives in the United States or in foreign countries for services
rendered in connection with any transaction authorized by such general license and does
not authorize the effecting or recording of any assignment, grant, encumbrance, creation
of a license, or execution of any agreement or arrangement of, under or with respect to
any patent, application therefor, license thereunder or interest therein, in which any blocked
country or any national thereof, has on or since the effective date of Executive Order No.
8389, as amended, had any interest.
(2) Applications for specific licenses relating to patents and interests therein may be
made to the appropriate Federal Reserve Bank on Form TFE-1. Such applications should
contain in addition to other information required the following:
(a) Whether an application for letters patent has been filed in, or letters patent
issued by, the United States Patent Office if such application or letters patent
are involved in, or in any manner affected by, the transaction in question;
(b) If any such application is on file in the United States Patent Office, a true
copy thereof should be attached to and made a part of the application for a
Treasury license. If letters patent have been issued by the United States
Patent Office, a copy thereof should be attached to the application for a
Treasury license; and
(c) A brief nontechnical description of the nature of the invention or design
covered by such application or letters patent, indicating the use to which such
invention may be put.
(3) Attention is also directed to the fact that the Regulations require that reports on
Form TFR-300 shall be filed with respect to any patents, applications therefor, assignments thereof, or licenses relating thereto, or any present, future, or contingent interests
therein, agreements pertaining thereto, and any other contracts affecting or involving the
foregoing, such as the right to receive royalties, licensing arrangements and contracts by
which any information in the nature of technical data or otherwise is transmitted or
exchanged, in which on either or both June 1, 1940, and June 14, 1941, any foreign
country or national thereof had any interest of any nature whatsoever, direct or indirect.
In the case of China, Japan, or nationals thereof, a report of the aforementioned interests
is required as of July 26, 1941. Attorneys who have in their possession any property in
which any of the interests referred to above exists, are required to file a report thereof on
Form TFR-300.
E. H. FOLEY, JR.

Acting Secretary of the Treasury.

* Part 131;—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Ex. Order 8389, April 10,
1940, as amended by Ex. Order 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941; Regulations,
April 10, 1940, as amended June 14, 1941, and July 26, 1941.

Additional copies of this circular will be furnished upon request.




ALLAN SPROUL,

President.

FEDERAL RESERVE BANK
OF NEW YORK

September 4, 1941.

To all Banking Institutions in the
Second Federal Reserve District:

We are pleased to announce that The Sullivan County Trust
Company, Monticello, New York, has become a member of the
Federal Beserve System effective September 4, 1941.




ALLAN SPEOUL,

President.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102