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FEDERAL RESERVE BANK OF DALLAS Dallas, Texas, October 14, 1940 D O C U M E N TS PERTAINING TO FOREIGN FUNDS CONTROL To all Banking Institutions, and Others Concerned, in the Eleventh Federal Reserve District: For your information, we enclose a publication of the United States Treasury Department under date of October 1, 1940, entitled “ Documents Pertaining to Foreign Funds Control.” As stated on page 3 thereof, Execu tive Order No. 8389, dated April 10, 1940, as amended, amending Executive Order No. 6560, dated January 15, 1934, regulating transactions in foreign exchange, transfers of credit and export of coin and currency, the Regula tions of the Secretary o f the Treasury issued pursuant thereto, and General Rulings and General Licenses issued by the Secretary o f the Treasury under said Order and Regulations, as amended, which were unrevoked as o f Octo ber 1, 1940, have been reproduced in the publication for convenient use. Additional copies o f the enclosed publication will be furnished upon request. Yours very truly, R. R. GILBERT President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) UNITED STATES TREASURY DEPARTM ENT WASHINGTON: OCTOBER 1, 1940 DOCUMENTS PERTAINING TO FOREIGN FUNDS CONTROL Executive Orders and Regulations Relating to Transactions In Foreign Exchange, Transfers of Credit, Payments, and the Export or Withdrawal of Coin, Bullion and Currency, and Transfers, Withdrawals and Exporta tions of, or Dealings In, Evidences of Indebtedness or Ownership; and to Reports of Foreign Property Interests in the United States; and General Rulings and General Licenses under such Orders and Regulations. CONTENTS Page E x e c u t iv e O rders N o. No. N o. No. No. No. 6560, 8389, 8405, 8446, 8484, 8493, . January 15, 1934............................................................... April 10, 1940...................................................................... M ay 10, 1940...................................................................... June 17, 1940...................................................................... July 15, 1940...................................................................... July 25, 1940..................................................................... . 4 5 5 7 8 R eg u lation s 9 Approved N ovem ber 12, 1934..................................... ........... ...... Approved April 10, 1940..................................................................... A pproved M ay 10, 1940...................................................................... 10 10 A m e n d m e n t to R eg u lation s 12 12 Approved June 17, 1940..................................................................... A pproved July 15, 1940...................................................................... G e n e r a l R u l in g s No. 1 No. 2 No. 3 No. No. No. No. No. 4 5 6 7 8 T erm “ Denmark” not applicable to Iceland.................................................................................................... Transfer of stock certificates and custody of securities .............................................................................. Transactions regarding securities registered or inscribed in name o f a designated foreign country or national t h e r e o f............................................................................................................................................... Definitions o f terms used in rulings, licenses, etc.......................................................................................... Control of imported s e cu ritie s................................................. ............................................................................. Delivery o f imported securities by Federal Reserve Banks to certain banking institutions.............. Securities com ing from the Philippine Islands and the Panama Canal Z o n e ..................................... Certain payments to designated foreign countries and nationals t h e r e o f ............................................. 13 13 13 14 14 15 16 16 G e n e r a l L icenses No. 1 No. 2 No. 3 No. No. N o. No. No. No. No. No. No. No. No. N o. No. No. 4 5 6 7 8 9 10 11 12 13 14 15 16 17 No. 18 No. 19 No. 20 No. 21 No. 22 No. 23 No. 24 No. No. N o. No. No. 25 26 27 28 29 No. No. No. No. 30 31 32 33 Paym ents to affected accou n ts................................................................................................................................................. D ebitin g affected accounts for certain charges due banking institutions.................................................... P aym en ts o f checks and drafts drawn or issued prior to A pril 8, 1940 from accounts o f N o rw ay and D en m ark and their nationals, and of checks and drafts drawn or issued prior to M a y 10, 1940 from accounts o f Netherlands, B elgium and L u xem b o u rg and their nationals........................ Sale o f securities on a national securities exchange .................................................................................................. P aym en ts to the U n ited S ta te s................................................................................................................................................. P aym en ts from accounts of G overnm ent of the Netherlands .......................................... ................................ P aym ents from accounts of G overnm ent of B elgium and Banque Nationale de B e lg iq u e ................ P aym ents from accounts of certain N etherlands banks ......................................................................................... Com m odities futures co n tracts................................................................................................................................................. P aym en ts from accounts o f certain Belgian b a n k s .................................................................................................. P aym ents for living, traveling and similar personal expenses in the U nited S ta te s .............................. 17 17 17 18 18 18 19 19 19 19 20 ......................................................................................... 20 21 P aym ents from accounts o f certain banks in N etherlands W e s t In d ie s ........................................................ 21 A cce ss to safe deposit b o x e s ................................................... ................................................................................................. P aym en ts from accounts of certain Netherlands banks L etters of credit respecting trade betw een Netherlands E a st Indies and the U nited S ta tes............ E xten sion to France o f certain general licenses ....................................................................................................... P aym en ts of checks and drafts drawn or issued prior to June 17, 1940 from accounts of France and its nationals ................................., .................................................................................................................................... P aym ents from accounts o f French Am erican B anking C orp oration............................................................... P aym en ts from accounts of certain Netherlands banks ......................................................................................... P aym en ts from accounts o f U nited States citizens domiciled or residing in N etherlands E ast Indies or W e s t Indies .......................................................................................................................................................... P aym ents from accounts o f Netherlands T rading Society E ast, L td ., and Netherlands T rading Society E ast, In c.......................................................................................................................................................................... P aym en ts from accounts of Banque B eige pour l’ E tranger, O verseas, L td ................................................. E xten sion to Latvia, E stonia and Lithuania of certain general licen ses...................................................... P aym en ts of checks and drafts drawn or issued prior to July 10, 1940 from accounts of Latvia, E stonia and Lithuania and their nationals................................................................................................................... E ffect of attachm ent of F o rm T F E L - 2 to securities .................................................................................................. Transactions in certain A m erican D epositary Receipts and A m erican S h ares............................................. R edem ption or collection of securities................................................................................................................................. T ransactions b y certain U nited States citizens w ho are “ nationals” o f designated foreign countries A pplication o f certain general licenses to accounts referred to in paragraph (4) of General R uling N o . 6 ................................................................................................................................................................................................ P aym ents from , and transactions in the administration of, certain trusts and e s t at e s . . . . . . . . . . . . Collection of coupons from certain securities bearing stam ps of designated foreign countries......... Rem ittances by certain U nited States residents to their relatives or dependents................................... Certain remittances to U nited States citizens in foreign countries.................................................................. 2 21 22 22 22 22 23 23 23 24 24 24 24 25 25 26 26 26 27 28 F o r convenient use, Executive Order No. 8389, dated A p ril 10, 1940, as amended, amending Executive O rder No. 6560, dated January 15, 1934, regulating transactions in foreign exchange, transfers o f credit and export o f coin and currency, the Regulations o f the Secretary o f the Treasury issued pursuant thereto, and General Rulings and General Licenses issued by the Secretary o f the T reasury under said Order and Regulations, as amended, which were unrevoked as o f October 1, 1940 are here reproduced. In the interests o f brevity, the form al headings o f the General Rulings and General Licenses as issued by the Secretary o f the Treasury and their designations as parts o f the Code o f Federal Regulations have been omitted. The catch line inserted immediately preceding each General R uling and General License is not a part thereof as issued by the Secretary o f the Treasury and should be disregarded in determining or interpreting the meaning o f any provision thereof. Official copies o f the documents reproduced herein, except Executive Order No. 6560, dated January 15, 1934 and the Regulations o f the Secretary o f the T reasury dated N ovem ber 12, 1934, are printed in the F ederal Register. Executive Order No. 6560 is printed as P art 127 and the Regulations o f November 12, 1934 are printed as P art 128 o f Title 31 o f the Code o f F ederal Regulations. Reference should be made to the Federal Register fo r additional Orders, Regulations, General Rulings and General Licenses issued subsequent to October 1, 1940, and fo r revocations o f or amendments to those printed herein. Additional copies o f this publication may be procured from the T reasury Department, W ashington, D. C., or from any Federal Reserve Bank. 3 EXECUTIVE ORDER NO. 6560 REGU LATIN G TRANSACTIONS IN FOREIGN EXCHANGE, TRANSFERS OF CREDIT, AN D T H E E X P O R T OF COIN AND CURRENCY By virtue of the authority vested in me by Section 5(b) of the Act of October 6, 1917 (40 Stat. L., 411) as amended by Section 2 of the Act of March 9, 1933, entitled “An Act to Provide Relief in the Exist ing National Emergency in Banking and for other Purposes” , I, FRAN K LIN D. ROOSEVELT, PRESIDENT of the U N ITED STATES OF AM ERICA, do declare that a period of national emer gency continues to exist, and by virtue of said authority and of all other authority vested in me, do hereby prescribe the following regulations for the investigation, regulation, and prohibition of trans actions in foreign exchange, transfers of credit between or payments by banking institutions as herein defined, and export of currency or silver coin, by any person within the United States or any place subject to the jurisdiction thereof: Section 1. Every transaction in foreign exchange, transfer of credit between any banking institu tion within the United States and any banking institution outside of the United States (including any principal, agent, home office, branch, or correspondent outside of the United States of a banking institu tion within the United States), and the export or withdrawal from the United States of any currency or silver coin which is legal tender in the United States, by any person within the United States, is hereby prohibited, except under license therefor issued pursuant to this Executive Order; provided, however, that, except as prohibited under regulations prescribed by the Secretary of the Treasury, foreign exchange transactions and transfers of credit may be carried out without a license for (a) normal commercial or business requirements, ( b) reasonable traveling and other personal requirements, or (c) the fulfillment of legally enforceable obligations incurred prior to March 9, 1933.* Section 2. Possessions of the United States. Except as prohibited in regulations prescribed by the Secretary of the Treasury, transfers of credit between banking institutions in the continental United States and banking institutions in other places subject to the jurisdiction of the United States (includ ing principals, agents, home offices, branches, or correspondents in such other places, of banking insti tutions within the continental United States), may be carried out without a license. Section 3. Licenses. The Secretary of the Treasury, acting directly or through any agencies that he may designate, and the Federal reserve banks acting in accordance with such rules and regulations as the Secretary of the Treasury may from time to time prescribe, are hereby designated as agencies for the granting of licenses as hereinafter provided. Licenses may be granted authorizing such trans actions in foreign exchange, transfers of credit, and exports of currency (other than gold certificates) or silver coin in such specific cases or classes of cases as the Secretary of the Treasury may determine in regulations prescribed hereunder and rulings made pursuant thereto. Section 4. Reports. The Federal reserve banks shall keep themselves currently informed as to foreign exchange transactions entered into or consummated, and transfers of credit made between bank ing institutions outside of the continental United States and banking institutions, in their districts, and report to the Secretary of the Treasury all transactions in foreign exchange and all such transfers of credit not permitted under Sections 1 or 2 hereof which are effected or attempted in their districts without a license. Section 5. Regulations. The Secretary of the Treasury is authorized and empowered to prescribe from time to time regulations to carry out the purposes of this Order, and to provide in such regula tions or by rulings made pursuant thereto, the conditions under which licenses may be granted by the Federal reserve banks and by such other agencies as the Secretary of the Treasury may designate; and the Secretary of the Treasury may require any person engaged in any transaction, transfer, export, or withdrawal referred to in this Executive Order to furnish under oath complete information relative thereto, including the production of any books of account, contracts, letters, or other papers, in connec tion therewith in the custody or control of such person either before or after such transaction, transfer, export, or withdrawal is completed. Section 6. Penalties. Whoever willfully violates or knowingly participates in the violation of any provision of this Executive Order or of any license, order, rule, or regulation issued or prescribed here under, shall be subject to the penalties provided in Section 5 ( b) of the Act of October 6, 1917, as amended by Section 2 of the Act of March 9, 1933. Section 7. Definitions. As used in this Executive Order the term “ United States” means the United States and any place subject to the jurisdiction thereof; the term “ continental United States” means the States of the United States, the District of Columbia, and the Territory of Alaska; the term “ person” means an individual, partnership, association, or corporation; and the term “ banking institu tion” includes any person engaged primarily or incidentally in the business of banking, of granting or transferring credits, or of purchasing and selling foreign exchange or procuring purchasers and sellers thereof, as principal or agent; and, for the purposes of this Order, each home office, branch, principal, agent, or correspondent of any person so engaged shall be regarded as a separate “ banking institution” . Section 8. Section 8 of the Executive Order of August 28, 1933, Relating to the Hoarding, Export, and Earmarking of Gold Coin, Bullion, or Currency and to Transactions in Foreign Exchange, is hereby revoked. This Executive Order and any rules, regulations, or licenses prescribed or issued hereunder may be modified or revoked at any time. FRAN K LIN D. RO O SEVELT T he W hite H ouse, January 15,1934. * See Regulations of N ovem ber 12, 1934 which are set forth on page 9. 4 EXECUTIVE ORDER NO. 8389 [E xecu tive O rder N o . 8389, dated A pril 10, 1940, am ended E xecutive O rder N o . 6560, dated January 15, 1934, by adding thereto four sections, numbered 9 to 12 inclusive. Since E xecutive O rder N o . 8389 w as am ended by E xecutive O rder N o . 8405, dated M a y 10, 1940, printed im m ediately below , the original text of E xecutive O rder N o . 8389 is om itted. Subsequent am endm ents to E xecu tive O rder N o . 8389 are set forth on pages 7 and 8.] EXECUTIVE ORDER NO. 8405 AM EN DM EN T OF EX ECU TIV E O RDER NO. 8389 OF A P R IL 10, 1940, AM ENDING EXECU TIV E O RD ER NO. 6560, D ATED JAN U ARY 15, 1934. Executive Order No. 8389 of April 10, 1940, is amended to read as follows: “ A M E N D M E N T O F E X E C U T I V E O R D E R N O . 6560, D A T E D J A N U A R Y 15, 1934, R E G U L A T I N G T R A N S A C T IO N S IN F O R E IG N EXCHANGE, TRAN SFERS O F C R E D IT , A N D THE EXPORT O F C O IN A N D CURRENCY. “ By virtue of the authority vested in me by section 5(b) of the Act of October 6, 1917 (40 Stat. 411), as amended, and by virtue of all other authority vested in me, I, FRAN K LIN D. ROOSEVELT, PRESIDEN T of the U N ITED STATES OF AMERICA, do hereby amend Executive Order No. 6560, dated January 15, 1934, regulating transactions in foreign exchange, transfers of credit, and the export of coin and currency by adding the following sections after section 8 thereof: “ ‘Section 9. Notwithstanding any of the provisions of sections 1 to 8, inclusive, of this Order, all of the following are prohibited, except as specifically authorized in regulations or licenses issued by the Secretary of the Treasury pursuant to this Order, if involving property in which Norway or Denmark or any national thereof has at any time on or since April 8, 1940, had any interest of any nature whatsoever, direct or indirect, or if involving property in which the Netherlands, Belgium or Luxembourg or any national thereof has at any time on or since May 10, 1940, had any interest of any nature whatsoever, direct or indirect: “ ‘A. All transfers of credit between any banking institutions within the United States; and all transfers of credit between any banking institution within the United States and any banking institution outside the United States (including any principal, agent, home office, branch, or correspondent outside of the United States, of a banking institution within the United States) ; “ ‘B. All payments by or to any banking institution within the United States; “ ‘C. All transactions in foreign exchange by any person within the United States; “ ‘D. The export or withdrawal from the United States, or the earmarking of gold or silver coin or bullion or currency by any person within the United States; “ ‘E. All transfers, withdrawals or exportations of, or dealings in, any evidences of indebt edness or evidences of ownership of property by any person within the United States; and “ ‘F. Any transaction for the purpose or which has the effect of evading or avoiding the foregoing prohibitions. “ ‘Section 10. Additional Reports. “ ‘A. Reports under oath shall be filed on such forms, at such time or times and from time to time, and by such persons, as provided in regulations prescribed by the Secretary of the Treasury, with respect to all property of any nature whatsoever of which Norway, Denmark, the Netherlands, Belgium or Luxembourg or any national thereof is or was the owner, or in which Norway, Denmark, the Netherlands, Belgium or Luxembourg or any national thereof has or had any interest of any nature whatsoever, direct or indirect, and with respect to any acquisition, transfer, disposition, or any other dealing in such property. “ ‘B. The Secretary of the Treasury may require the furnishing under oath of additional and supplemental information, including the production of any books of account, contracts, letters or other papers with respect to the matters concerning which reports are required to be filed under this section. “ ‘Section 11. Additional Definitions. In addition to the definitions contained in section 7, the following definitions are prescribed: “ ‘A. The terms “ Norway” and “ Denmark” , respectively, mean the State and the Govern ment of Norway and Denmark on April 8, 1940, the terms “ the Netherlands” , “ Belgium” , and 5 “ Luxembourg” , mean the State and the Government of the Netherlands, Belgium and Luxem bourg on May 10, 1940, and any political subdivisions, agencies and instrumentalities of any of the foregoing, including territories, dependencies and possessions, and all persons acting or purporting to act directly or indirectly for the benefit or on behalf of any of the foregoing. The terms “ Norway” , “ Denmark” , “ the Netherlands” , “ Belgium” and “ Luxembourg” respec tively, shall also include any and all other governments (including political subdivisions, agencies, and instrumentalities thereof and persons acting or purporting to act directly or indirectly for the benefit or on behalf thereof) to the extent and only to the extent that such governments exercise or claim to exercise de jure or de facto sovereignty over the area which, on April 8, 1940, constituted Norway and Denmark and which on May 10, 1940, constituted the Netherlands, Belgium and Luxembourg. “ ‘B. The term “ national” of Norway or Denmark shall include any person who has been or whom there is reasonable cause to believe has been domiciled in, or a subject, citizen or resident of Norway or Denmark at any time on or since April 8, 1940, but shall not include any individual domiciled and residing in the United States on April 8, 1940, and shall also include any partnership, association, or other organization, including any corporation organ ized under the laws of, or which on April 8, 1940, had its principal place of business in Norway or Denmark or which on or after such date has been controlled by, or a substantial part of the stock, shares, bonds, debentures, or other securities of which has been owned or controlled by, directly or indirectly, one or more persons, who have been, or whom there is reasonable cause to believe have been, domiciled in, or the subjects, citizens or residents of Norway or Denmark at any time on or since April 8, 1940, and all persons acting or purporting to act directly or indirectly for the benefit or on behalf of the foregoing. “ *C. The term “ national” of the Netherlands, Belgium or Luxembourg shall include any person who has been or whom there is reasonable cause to believe has been domiciled in, or a subject, citizen or resident of the Netherlands, Belgium or Luxembourg at any time on or since May 10, 1940. but shall not include any individual domiciled and residing in the United States on May 10, 1940, and shall also include any partnership, association, or other organiza tion, including any corporation organized under the laws of, or which on May 10, 1940, had its principal place of business in the Netherlands, Belgium or Luxembourg, or which on or after such date has been controlled by, or a substantial part of the stock, shares, bonds, debentures, or other securities of which has been owned or controlled by, directly or indirectly, one or more persons, who have been, or whom there is reasonable cause to believe have been, domiciled in, or the subjects, citizens or residents of the Netherlands, Belgium or Luxem bourg, at any time on or since May 10, 1940, and all persons acting or purporting to act directly or indirectly for the benefit or on behalf of the foregoing. “ ‘D. The term “ banking institution” as used in section 9 includes any person engaged primarily or incidentally in the business of banking, of granting or transferring credits, or of purchasing or selling foreign exchange or procuring purchasers and sellers thereof, as principal or agent, or any person holding credits for others as a direct or incidental part of his business, or brokers; and, each principal, agent, home office, branch or correspondent of any person so engaged shall be regarded as a separate “banking institution” . “ ‘ S ec tio n 12. Additional Regulations. The Regulations of November 12, 1934, are hereby modified insofar as they are inconsistent with the provisions of sections 9 to 11, inclusive, of this Order, and except as so modified are hereby continued in full force and effect. The Secretary of the Treasury is authorized and empowered to prescribe from time to time regulations to carry out the purposes of sections 9 to 11, inclusive, of this Order as amended, and to provide in such regula tions or by rulings made pursuant thereto, the conditions under which licenses may be granted by such agencies as the Secretary of the Treasury may designate.’ ” F R A N K L IN D. R O O S E V E L T T he W hite H ouse, May 10, 1940, 7 :55 A.M., E. S. T. 6 EXECUTIVE ORDER NO. 8446 AM EN DM EN T OF E X E C U T IV E O RD ER NO. 8389 OF A P R IL 10, 1940, AS AMENDED. By virtue of the authority vested in me by section 5(b) of the Act of October 6, 1917 (40 Stat. 411), as amended, and by virtue of all other authority vested in me, I, FRAN K LIN D. RO O SEVELT, PRESIDENT of the U N ITED STATES OF AM ERICA, do hereby amend Executive Order No. 8389 of April 10, 1940, as amended, so as to extend all the provisions thereof to, and with respect to, property in which France or any national thereof has at any time on or since June 17, 1940, had any inter est of any nature whatsoever, direct or indirect; except that, in defining “ France” and “ national” of France the date “ June 17, 1940” shall be substituted for the dates appear ing in the definitions of countries and nationals thereof. FRAN KLIN D. R O O SE VELT T h e W h it e H ouse , June 17, 1940 EXECUTIVE ORDER NO. 8484 AM EN DM EN T OF EXE C U TIV E O RD ER NO. 8389 OF A P R IL 10, 1940, AS AMENDED. By virtue of the authority vested in me by section 5(b) of the Act of October 6, 1917 (40 Stat. 411), as amended, and by virtue of all other authority vested in me, I, FRAN K LIN D. RO O SEVELT, PRESIDEN T of the U N ITED STATES OF AM ERICA, do hereby amend Executive Order No. 8389 of April 10, 1940, as amended, so as to extend all the provisions thereof to, and with respect to, property in which Latvia, Estonia or Lithuania or any national thereof has at any time on or since July 10, 1940, had any interest of any nature whatsoever, direct or indirect; except that, in defining “ Latvia” , “ Estonia” , “ Lithuania” and “ national” thereof the date “ July 10, 1940” shall be substituted for the dates appearing in the definitions of countries and nationals thereof. FRAN KLIN D. RO O SEVELT T h e W h it e H ouse , July 15, 1940. 7 EXECUTIVE ORDER NO. 8493 AM EN DM EN T OF E X E C U TIV E O RD ER NO. 8389 O F A P R IL 10, 1940, AS AMENDED. By virtue of the authority vested in me by section 5(b) of the Act of October 6, 1917 (40 Stat. 411), as amended, and by virtue of all other authority vested in me, I, FRAN K LIN D. RO O SEVELT, PRESIDEN T of the U N ITED STATES OF AM ERICA, do hereby amend Executive Order No. 8389 of April 10, 1940, as amended, amending Executive Order No. 6560 of January 15, 1934, by adding the following sections after section 12 thereof: “ Section 13 A. The following are prohibited except as specifically authorized by the Secretary of the Treasury by means of rulings, regulations, instructions, licenses, or otherwise: “ (1) The acquisition, disposition or transfer of, or other dealing in, or with respect to, any security or evidence thereof on which there is stamped or imprinted, or to which there is affixed or otherwise attached, a tax stamp or other stamp of a foreign country designated in this Order, or a notarial or similar seal which by its contents indicates that it was stamped, imprinted, affixed or attached within such foreign country, or where the attendant circumstances disclose or indicate that such a stamp or seal may, at any time, have been stamped, imprinted, affixed or attached thereto. “ (2) The acquisition by, or transfer to, any person within the United States of any interest in any security or evidence thereof if the attendant circumstances dis close or indicate that the security or evidence thereof is not physically situated within the United States. “ B. The Secretary of the Treasury may investigate, regulate, or prohibit under such rulings, regulations, or instructions as he may prescribe, by means of licenses or otherwise, the sending, mailing, importing or otherwise bringing, directly or indi rectly, into the United States, from any foreign country, of any securities or evidences thereof or the receiving or holding in the United States of any securities or evidences thereof so brought into the United States. The provisions of General Ruling No. 5 of June 6, 1940, and all instructions issued pursuant thereto, are hereby continued in full force and effect, subject to amendment, modification or revocation pursuant to the provisions of this Order. “ C. In the case of any transaction covered by this section, an application for license may be filed in the manner indicated in the Regulations of April 10, 1940, as amended, issued pursuant to this Order. “ D. The Regulations of November 12, 1934, are hereby modified in so far as they are inconsistent with the provisions of this section. “ Section 14. The Secretary of the Treasury may require any person to furnish under oath, complete information relative to any transaction referred to in this Order, or with respect to any property in which any foreign country designated in this Order, or any national thereof, has any interest, including the production of any books of account, con tracts, letters, or other papers, in connection therewith, in the custody or control of such, person, either before or after such transaction is completed.” F R A N K L IN D. R O O S E V E L T T h e W h it e H ouse , July 25, 1940. TREASU RY D EPARTM EN T, Office of the Secretary, November 12, 1934. REGULATIONS Relating- to Transactions in Foreign Exchange, Transfers of Credit, and the Export of Coin and Currency Article 1. These regulations are prescribed and issued under authority of Sec tion 5 (b) of the Act of October 6, 1917 (40 Stat. L., 411), as amended by Section 2 of the Act of March 9, 1933, and the Executive Order of January 15, 1934, Regulating Trans actions in Foreign Exchange, Transfers of Credit, and the Export of Coin and Currency. Article 2. Licenses may be granted, and a general license is hereby granted, to all individuals, partnerships, associations, and corporations, authorizing any and all transactions in foreign exchange, transfers of credit, and exports of currency (other than gold certificates) and silver coin. The general license herein granted authorizes trans actions to be carried out which are permitted by the Executive Order of January 15, 1934 under license therefor issued pursuant to such Executive Order; but does not authorize any transaction to be carried out which, at the time, is prohibited by any other order or by any law, ruling, or regulation. Article 3. In order that Federal reserve banks may keep themselves currently informed as to foreign exchange transactions and transfers of credit, as required in Sec tion 4 of the Executive Order of January 15, 1934, every person engaging in any trans action, transfer, export, or withdrawal referred to in Section 1 of such Executive Order shall furnish to the Federal Reserve bank of the district in which such person has his principal place of business in the United States complete information relative thereto upon report forms prescribed by the Secretary of the Treasury, except that reports are not required to be furnished by (1) persons not carrying during any part of the report ing period, accounts abroad or accounts in the United States for non-residents thereof, or (2) persons whose aggregate transactions, transfers, exports, or withdrawals for their own account and the account of others do not exceed $5,000 during any seven-day period. Such information shall be furnished on a weekly basis except as the respective Federal Reserve banks permit the information in certain cases or classes of cases to be furnished on the basis of longer intervals. These regulations and the general license herein granted may be modified or revoked at any time. FIe n r y M o r g e n t h a u , Jr., Secretary of the Treasury.. APPRO VED : November 12, 1934. F R A N K L IN D. R O O S E V E L T . 9 [The Regulations of the Secretary of the Treasury issued April 10, 1940 under Executive Order No. 6560, dated January 15, 1934, as amended, were amended by the Secretary of the Treasury on M ay 10, 1940. The amendment dated M ay 10, 1940 is printed immediately below and, therefore, the original text of the Regulations issued April 10, 1940, is omitted. Subsequent amendments to the Regulations are set forth on page 12.] TR E A SU R Y D EPARTM EN T Office of the Secretary May 10, 1940. C O D E O F F E D E R A L R E G U L A T IO N S T itle 31— Money and Finance: Treasury Chapter I — M on etary Offices, D epartm en t of the T reasury Part 130 AMENDMENT TO REGULATIONS The regulations of April 10, 1940, are amended to read as follow s: “ REGULATIONS “ Relating to Transactions in Foreign Exchange, Transfers of Credit, Payments, and the Export or With drawal of Coin, Bullion and Currency, and Transfers, Withdrawals and Exportations of, or Dealings in, Evidences of Indebtedness or Ownership; and to Reports of Foreign Property Interests in the United States.(* ) “ S ection 130.1. Authority for reputations. These regulations are prescribed and issued under authority o f Section 5(b) of the Act of October 6, \9\7 (40 Stat. 411), as amended, and Executive Order No. 6560, dated January 15, 1934, as amended.(*) “ S ectio n 130.2. Definitions. “ (a) The term ‘Order’ shall refer to Executive Order No. 6560, of January 15, 1934, as amended. “ (b) The term ‘regulations’ shall refer to these regulations. “ (c) The terms ‘property’ and ‘property interest’ or ‘property interests’ shall include, but not by way of limita tion, money, checks, drafts, bullion, bank deposits, savings accounts, any debts, indebtedness or obligations, financial securities commonly dealt in by bankers, brokers, and investment houses, notes, debentures, stocks, bonds, coupons, bankers’ acceptances, mortgages, pledges, liens or other right in the nature of security, warehouse receipts, bills of lading, trust receipts, bills of sale, any other evidences of title, ownership or indebtedness, goods, wares, merchandise, chattels, stocks on hand, ships, goods on ships, real estate mortgages, vendors’ sales agreements, land contracts, real estate and any interest therein, leaseholds, ground rents, options, negotiable instruments, trade acceptances, royalties, book accounts, accounts payable, judgments, patents, trade-marks, copyrights, insurance policies, safe deposit boxes and their contents, annuities, et cetera. “ (d) Safe deposit boxes shall be deemed to be in the ‘custody’ not only of all persons having access thereto but also of the lessors of such boxes whether or not such lessors have access to such boxes. The foregoing shall not in any way be regarded as a limitation upon the meaning of the term ‘custody’. “ (e) For the meaning of other terms reference should be made to the definitions contained in the Order.(* ) “ S ection 130.3. Licenses to engage in foreign exchange transactions, etc. Applications for licenses to engage in foreign exchange transactions, transfers of credit, payments, the export or withdrawal from the United States or the earmarking of gold or silver coin or bullion or currency, or the transfer, withdrawal or exportation of, or dealing in, any evidences of indebtedness or evidences of ownership of property, involving property in which Norway or Denmark or any national thereof has at any time on or since April 8, 1940, had any interest of any nature whatsoever, direct or indirect, or in which the Netherlands, Belgium or Luxembourg or any national thereof has at any time on or since May 10, 1940, had any interest of any nature whatsoever, direct or indirect, shall be filed in duplicate with the Federal Reserve bank of the district or the Governor or High Commissioner of the territory or possession of the United States in which the applicant resides or has his principal place of business or principal office or agency, or with the Federal Reserve Bank of New York if the applicant has no legal residence or principal place of business or principal office or agency in a Federal Reserve district or a territory or possession of the United States. Application forms may be obtained from any Federal Reserve bank, mint or assay office, or the Secretary of the Treasury, Washington, D. C. Applications shall be executed under oath before an officer authorized to administer oaths, or if executed outside of the United States, before a diplomatic or consular officer of the United States. The applicant shall furnish such further information as shall be requested of him by the Secretary of the Treasury or the Federal Reserve bank or other agency at which the application is filed. Licenses will be issued by the Secretary of the Treasury, acting directly or through any agencies thr t he may designate, and by the Federal Reserve banks acting in accordance with such rules, regulations, and instructions as the Secretary of the Treasury may from time to time prescribe, in such cases or classes of cases as the Secretary of the Treasury may determine in rules, regulations, and instructions prescribed by him. The Federal Reserve bank or other agency at which an application is filed will advise the appli cant of the granting or denial of the license. Licenses for the export or withdrawal of currency or gold or silver coin or bullion or evidences of indebtedness or evidences of ownership of property, after having been cancelled by the collector of customs or the postmaster through whom the exportation or withdrawal was made, may be returned by such collector of customs or postmaster to the licensee. Appropriate forms for applications and licenses will be prescribed by the Secretary of the Treasury. Licensees may be required to file reports upon the consummation of the transactions. The decision of the Secretary of the Treasury with respect to the approval or disapproval of an application shall be final.(*) ( * ) Sections 130.1 to 130.6:— Sec. 5 ( b ) , 40 Stat. 415 and 9 66; sec. 2, 48 Stat. 1 ; Public Resolution N o. 69, 76th Congress; 12 U . S. C. 9 5 a ; E x . Order 6560, Jan. 15, 1934; E x . Order 8389, A pril 10, 1940; E x. Order 8405, M ay 10, 1940. 10 “ S ectio n 130.4. Reports of Property Interests of Norway, Denmark, the Netherlands, Belgium, Luxembourg and Nationals Thereof. “ (a) On or before May 15, 1940, reports shall be filed on Form TFR-100, duly executed under oath, contain ing the information called for in such Form, with respect to all property situated in the United States on April 8, 1940, in which Norway or Denmark or any national thereof has at any time on or since April 8, 1940, had any interest of any nature whatsoever, direct or indirect. Within thirty days of the publication of these regulations in the Federal Register, reports shall be filed on Form TFR-100, duly executed under oath, containing the information called for in such Form, with respect to all property situated in the United States on May 10, 1940, in which the Netherlands, Belgium or Luxembourg or any national thereof has at any time on or since May 10, 1940, had any interest of any nature whatsoever, direct or indirect. Such reports shall be filed by: “ (1) Every person in the United States directly or indirectly holding, or having title to, or custody, control, or possession of such property including, without any limitation whatsoever of the foregoing, every partnership, association, or corporation organized under the laws of the United States or any state or territory of the United States or having its principal place of business in the United States, in the shares of whose stock or in whose debentures, notes, bonds, coupons, or other obligations or securities Norway or Denmark or any national thereof has at any time on or since April 8, 1940, had any interest of any nature whatsoever, direct or indirect, or in which the Netherlands, Belgium, or Luxembourg or any national thereof has at any time on or since May 10, 1940, had any interest of any nature whatsoever, direct or indirect; and “ (2) Every agent or representative in the United States for Norway, Denmark, the Netherlands, Belgium or Luxembourg or any national thereof having any information with respect to any such property. “ Provided, That no report on Form TFR-100 need be filed where the total value of all property interests to be reported is less than $250. “ (b) Reports shall be executed and filed in triplicate with the Federal Reserve bank of the district or the Governor or High Commissioner of the territory or possession of the United States in which the party filing the report resides or has his principal place of business or principal office or agency, or if such party has no legal residence or principal place of business or principal office or agency in a Federal Reserve district or a territory or possession of the United States, then with the Federal Reserve Bank of New York. A report shall be deemed to have been filed when it is received by the proper Federal Reserve bank or other agency or when it is properly addressed and mailed and bears a postmark dated prior to midnight of the date upon which the report is due. The Federal Reserve bank and other agencies shall promptly forward two copies of every report filed with it to the Secretary of the Treasury. “ (c) (1) All spaces in the report must be properly filled in. Reports found not to be in proper form, or lacking in essential details, shall not be deemed to have been filed in compliance with the Order. “ (2) Where space in the report form does not permit full answers to questions, the information required may be set forth in supplementary papers incorporated by reference in the report and submitted therewith. Supple mentary documents and papers must be referred to in the principal statement in chronological or other appropriate order and be described in such manner that they can be identified. “ (d) A separate report under oath must be filed by each person required to file a report except that persons holding property jointly may file a joint report. “ (e) The Secretary of the Treasury may, in his discretion, grant such extensions of time as he deems advisable for the making of any or all of the reports required by these regulations. “ ( f ) Report Form TFR-100 may be obtained from any Federal Reserve bank, mint or assay office and the Secretary of the Treasury, Washington, D. C .(*) “ S ection 130.5. Penalties. Section 5(b) of the Act of October 6, 1917, as amended by Section 2 of the Act of March 9, 1933, provides in part: “ * * Whoever willfully violates any of the provisions of this subdivision or of any license, order, rule or regulation issued thereunder, shall, upon conviction, be fined not more than $10,000, or, if a natural person, may be imprisoned for not more than ten years, or both; and any officer, director, or agent of any corporation who knowingly participates in such violation may be punished by a like fine, imprisonment, or both. As used in this subdivision the term ‘person’ means an individual, partnership, association, or corporation.’ (*) “ S ectio n 130.6. Modification or Revocation. These regulations and any Forms or instructions issued here under may be modified or revoked at any time.(*)” H e n r y M o r g e n t h a u , Jr. APPROVED: May 10, 1940, 7 :55 A. M. E.S.T. Secretary of the Treasury. F r a n k l in D. R oosevelt 11 C O D E O F F E D E R A L R E G U L A T IO N S T itle 31— M on e y and F in an ce: T reasu ry Chapter I— M on etary O ffices, D epartm en t of the T reasu ry Part 130 TREASU RY DEPARTM EN T, Office of the Secretary, June 17, 1940. AMENDMENT TO REGULATIONS* The Regulations of April 10, 1940, as amended (Sections 130.1 to 130.6), are further amended so as to extend all the provisions thereof to, and with respect to, property in which France or any national thereof has at any time on or since June 17, 1940, had any interest of any nature whatsoever, direct or indirect; except that reports on Form TFR 100 with respect to all property situated in the United States on June 17, 1940, in which France or any national thereof has at any time on or since June 17, 1940, had any inter est of any nature whatsoever, direct or indirect, shall be filed by July 17, 1940. H. M o r g e n t h a u , Jr. Secretary of the Treasury. A P P R O V E D : June 17, 1940. F r a n k l in D. R oosevelt * Sections 130.1 to 130.6:— Sec. 5 ( b ) , 40 Stat. 415 and 9 66 ; Sec. 2, 48 Stat. 1; Public Resolution N o . 69, 76th C o n gress; 12 U . S. C. 95a; E x . O rder 6560, Jan. 15, 1934; E x . O rder 8389, A p ril 10, 1940; E x . O rder 8405, M a y 10, 1940; E x . O rder 8446, June 17, 1940. C O D E O F F E D E R A L R E G U L A T IO N S T itle 31— M on e y and F in an ce: T reasu ry Chapter I — M on etary Offices, D epartm en t o f the T reasury Part 130 TREASU RY DEPARTM EN T, Office of the Secretary, July 15, 1940. AMENDMENT TO REGULATIONS* The Regulations of April 10, 1940, as amended (Sections 130.1 to 130.6), are further amended so as to extend all the provisions thereof to, and with respect to, property in which Latvia, Estonia or Lithuania or any national thereof has at any time on or since July 10, 1940, had any interest of any nature whatsoever, direct or indirect; except that reports on Form TFR-100 with respect to all property situated in the United States on July 10, 1940, in which Latvia, Estonia or Lithuania or any national thereof has at any time on or since July 10, 1940, had any interest of any nature whatsoever, direct or indirect, shall be filed by August 10, 1940. H. M o r g e n t h a u , Jr. Secretary of the Treasury. A P P R O V E D : July 15, 1940. F r a n k l in D. R oosevelt * Sections 130.1 to 130.6:— Sec. 5 ( b ) , 40 Stat. 415 and 9 66 ; Sec. 2, 48 Stat. 1 ; Public R esolution N o . 69, 76th C o n gre ss; 12 U . S. C. 95a; E x . O rder 6560, Jan. 15, 1934; E x . O rder 8389, A pril 10, 1940; E x. O rder 8405, M a y 10, 1940; E x . O rder 8446, June 17, 1940; E x . O rder 8484, July 15, 1940. 12 GENERAL RULINGS ISSUED U NDER EXECU TIV E O RD ER NO. 8389, A P R IL 10, 1940, AS AM ENDED, AND REGULATIONS ISSUED PURSUANT THERETO, RELATIN G T O TRANSACTIONS IN FOREIGN EXCHANGE, ETC. TERM “D E N M A R K ” N O T A P P L IC A B L E T O IC E L A N D General Ruling No. 1 The Secretary of State has advised me as follow s: “ Denmark and Iceland are two separate political entities. Acting under the authority of a provision of the Icelandic Constitution the Icelandic Parliament has within the past few days passed a resolution stating that since the King of Iceland is not now in a position to carry out his Constitutional duties with respect to Iceland, the Icelandic Government has assumed for the time being the exercise of the Royal prerogatives and the entire control of Icelandic foreign relations. “ In view of the foregoing it would not appear that Iceland falls within the definition of the term ‘Denmark’ in Section 11 of the above-mentioned Executive Order.” In view of the foregoing, the Treasury Department construes the term “ Denmark” as used in the above-mentioned Executive Order and Regulations as not applying to Iceland. [Issu ed A pril 15, 1940.] TRAN SFER OF STOCK C E R T IF IC A T E S A N D CUSTODY O F S E C U R IT IE S General Ruling No. 2 Inquiry has been made as to whether the following are prohibited by the Executive Order and the Regulations issued thereunder except under license: (a) The transfer by a banking institution within the United States of stock certificates from or into the names of “ nationals” of Norway or Denmark; and (b) The delivery out of custody accounts or the receipt in custody accounts, by a banking institution within the United States, of securities held or to be held in custody for “ nationals” of Norway or Denmark. The Treasury Department construes the Executive Order and Regulations as prohibiting such transactions, except under license. [Issu ed A pril 19, 1940.] T R A N S A C T IO N S IN NAME OF A R E G A R D IN G D E S IG N A T E D S E C U R IT IE S F O R E IG N R E G IS T E R E D COUNTRY OR OR IN S C R IB E D N A T IO N A L T H E R E O F General Ruling No. 3 as Amended The attention of banks, brokers, transfer agents, registrars and all other persons and banking institutions in the United States is invited to the fact that the Treasury Department construes Executive Order No. 8389, April 10, 1940, as amended, and the Regulations issued pursuant thereto as prohibiting the acquisition, transfer, disposition, transportation, importation, exportation, or withdrawal of, or the endorsement or guarantee of signatures on, or otherwise dealing in, or with respect to, any security (or evidence thereof) registered or inscribed in the name of any country designated in Executive Order No. 8389, April 10, 1940, as amended, or any national thereof, except pursuant to a specific license, irrespective of the fact that at any time (either prior to, on, or subsequent to April 10, 1940) the registered or inscribed owner thereof may have, or appears to have, assigned, transferred or otherwise disposed of any such security. Applications for licenses should be made in the manner provided in the Regulations issued under Executive Order No. 8389, April 10, 1940, as amended. [Issu e d June 3, 1940; am ended June 17, 1940.] 13 D E F IN IT IO N S O F T E R M S U S E D IN R U L IN G S , L IC E N S E S , E T C . General Ruling No. 4 Except as otherwise specifically indicated, all definitions appearing in Executive Order No. 8389, of April 10, 1940, as amended, and the Regulations issued thereunder, shall apply to the terms employed in all rulings, licenses, instructions, etc., issued pursuant to such Executive Order and Regulations. [Issu ed June 3, 1940.] CONTROL O F IM P O R T E D S E C U R IT IE S General Ruling No. 5 The sending, mailing, importing or otherwise bringing into the United States, on and after June 7, 1940, from any foreign country, of any securities or evidences thereof or the receiving or holding in the United States of any securities or evidences thereof so brought into the United States is prohibited, except on condition that such securities and evidences thereof be immediately delivered for examination to a Federal Reserve bank as fiscal agent of the United States. Such Federal Reserve bank, as fiscal agent of the JJnited States, shall hold such securities and all evidences thereof until the Treasury Department is satisfied as to whether or not any of the countries named in Executive Order No. 8389, as amended, or any national thereof has at any time on or since the dates specified in such Order, as amended, had any interest of any nature whatsoever, direct or indirect, in such securities or evidences thereof. Proof as to whether or not any of such countries or any national thereof has had any such interest may be submitted to the Federal Reserve bank holding such securities or evidences thereof. Customs officers and postal employees are instructed to deliver any such securities or evi dences thereof to a Federal Reserve bank. Any articles arriving from any foreign country on or after June 7, 1940, which in the opinion of customs officers or postal employees contain such securities or evidences thereof, shall be subjected to customs inspection in accordance with the Customs Regulations of 1937. If any article opened by an addressee or his agent in the presence or under the supervision of a customs officer or postal employee is found to contain such securi ties or evidences thereof, such securities or evidences thereof shall be surrendered forthwith to such customs officer or postal employee for delivery to a Federal Reserve bank, as above pro vided. [Issu ed June 6, 1940. O n June 7, 1940, the Secretary of the T reasury announced that, until further notice, securities com in g into the U n ited States from Great Britain, France, Canada, N ew foundland or Berm uda need not be forw arded to a Federal R eserve bank for exam ination under General R uling N o . 5. Supplem enting his said statem ent o f June 7, 1940, the Secretary o f the T reasu ry announced on June 17, 1940, that, until further notice, securities com in g into the U n ited States on or after June 17 from France m ust be forw arded to a Federal Reserve bank for exam ination under General R u lin g N o . 5.] 14 D E L IV E R Y O F IM P O R T E D TO S E C U R IT IE S B Y C E R T A IN B A N K IN G FED ER AL RESERVE BANKS IN S T IT U T IO N S General Ruling No. 6 Supplementing General Ruling No. 5 (1) The provisions of General Ruling No. 5 of June 6, 1940, and all instructions issued pur suant thereto, are hereby continued in full force and effect, Provided, That any Federal Reserve Bank to whom securities or evidences thereof (hereinafter referred to as securities) have been for warded under such General Ruling may, as fiscal agent of the United States, deliver the securities, at any time, under appropriate arrangements with the addressee of the securities, to a bank or trust company incorporated under the laws of the United States or of any state, territory or district of the United States, or to a private bank subject to supervision and examination under the banking laws of any state, or to any other banking institution authorized for that purpose by the Treasury Department. (2) Prior to such delivery by a Federal Reserve Bank of any such security a complete description of the security shall be made or received, and retained by such Federal Reserve Bank, and in any case in which a security bears a stamp, seal or other mark not lending itself to precise description, a photostat of such mark shall be made at the expense of the addressee and retained by such Federal Reserve Bank. This requirement may be dispensed with in any case in which appropriate arrangements are entered into for furnishing such Federal Reserve Bank with this description within a reasonable time after such delivery. (3) Upon the delivery of any such security by a Federal Reserve Bank to any such institu tion, such institution shall execute such form of receipt as may be prescribed by the Secretary of the Treasury. (4) Any institution to which any such security shall be delivered by a Federal Reserve Bank shall place such security in an account in such institution, from which payments, transfers, or with drawals may be made only in accordance with a license issued pursuant to Executive Order No. 8389, as amended. In the event that any such security so held by such institution is sold or other wise dealt with under a license the proceeds therefrom shall be held by such institution under the same conditions as those under which the security was held, and such proceeds shall be placed in an account in such institution in the same name in which the security sold or otherwise dealt with was held, from which payments, transfers or withdrawals may be made only in accordance with a license issued pursuant to Executive Order No. 8389, as amended. (5) Federal Reserve Banks shall release any security referred to in paragraph (1) hereof, or shall authorize the release of the contents of any account referred to in paragraph (4) hereof, if and when the Treasury Department is fully satisfied that no foreign country designated in Execu tive Order No. 8389, as amended, or any national thereof, has, at any time, on or since the dates specified in such Order, as amended, had any interest of any nature whatsoever, direct or indirect, in such security or in such account. [Issu ed A u g u st 8, 1940.] 15 S E C U R IT IE S C O M IN G F R O M T H E P H IL IP P IN E IS L A N D S A N D T H E PANAM A CANAL ZONE General Ruling No. 7 The provisions of General Ruling No. 5, as supplemented by General Ruling No. 6, have been extended to securities or evidences thereof coming from the Philippine Islands and the Panama Canal Zone into any other part of the United States. [Issu ed Septem ber 18, 1940.] C E R T A IN PAYM ENTS TO D E S IG N A T E D F O R E IG N C O U N T R IE S AND N A T IO N A L S T H E R E O F General Ruling No. 8 Inquiry has been made as to whether the following is prohibited, except under license, by Executive Order No. 8389, as amended, and the Regulations issued pursuant thereto: A request or authorization made by or on behalf of a bank or other person within the United States to a bank or other person in a foreign country other than one of the countries designated in Executive Order No. 8389, as amended, as a result of which request or authoriza tion such latter bank or person makes a payment or transfer of credit either directly or indirectly to one of the foreign countries designated in the Executive Order, as amended, or a national thereof. The Treasury Department construes the Executive Order, as amended, and Regulations as prohibiting such a transaction except under license. [Issu ed Septem ber 18, 1940.] 16 GENERAL LICENSES ISSUED UNDER EX ECU TIV E O RDER NO. 8389, A P R IL 10, 1940, AS AM ENDED, AND REGULATIONS ISSUED PURSUANT TH ERETO , RELATIN G TO TRANSACTIONS IN FOREIGN EXCHANGE, ETC. PAYM ENTS TO AFFECTED ACCOUNTS General License No. I as Amended A general license is hereby granted authorizing payments and transfers of credit to accounts in banking institutions within the United States in which Norway, Denmark, the Netherlands, Belgium, Luxembourg, France, Latvia, Estonia or Lithuania, or a national thereof has a property interest within the meaning of the Executive Order of April 10, 1940, as amended, and the Regula tions issued thereunder; provided that the payments or transfers of credit are not made from accounts in which Norway, Denmark, the Netherlands, Belgium, Luxembourg, France, Latvia, Estonia or Lithuania or a national thereof has a property interest within the meaning of such Order and Regulations. [Issu ed A pril 30, 1940; am ended M a y 10, 1940; am ended by General License N o . 16, June 17, 1940; am ended by General L icense N o . 23, July 15, 1940. T h e scope of General License N o . 1 was extended b y General L icense N o . 29.] D E B IT IN G A F F E C T E D DUE A C C O U N T S F O R C E R T A IN B A N K IN G CHARGES IN S T IT U T IO N S General License No. 2 as Amended A General License is hereby granted authorizing banking institutions within the United States to debit accounts with such banking institutions in which Norway, Denmark, the Netherlands, Belgium, Luxembourg, France, Latvia, Estonia or Lithuania or a national thereof has a property interest within the meaning of the Executive Order of April 10, 1940, as amended, and the Regula tions issued thereunder, in payment or reimbursement for interest due to such banking institutions, cable, telegraph, telephone charges, or postage costs, custody fees and service charges, including but not by way of limitation minimum balance charges, account carrying charges and reference books, notary and protest fees, photostats, credit reports, transcripts of statements, registered mail insurance, stationery and supplies, checkbooks and other similar items, provided that all banking institutions making any such debits shall file promptly with the appropriate Federal Reserve bank weekly reports showing the details of such debits. [Issu ed M a y 10, 1940; am ended b y General License N o . 16, June 17, 1940; am ended June 19, 1940; amended b y General License N o . 23, July 15, 1940. T h e scope of General L icense N o . 2 w as extended b y General L icense N o . 29.] PAYM ENTS FROM OF CHECKS AN D DRAFTS D RAW N ACCOUNTS OF N O R W A Y AND DENM ARK O R IS S U E D AND C H E C K S A N D D R A F T S D R A W N O R IS S U E D P R IO R T O OF NETH ERLAND S, B E L G IU M AND P R IO R T O A P R IL T H E IR 8, 1940 N A T IO N A L S , A N D L U X E M B O U R G A N D T H E IR N A T IO N A L S General License No. 3 Revoked [Issu ed M a y 10, 1940; am ended M a y 17, 1940; revoked June 13, 1940.] 17 OF M A Y 10, 1940 F R O M A C C O U N T S SALE O F S E C U R IT IE S O N A N A T IO N A L S E C U R IT IE S EXCHANGE General License No. 4 as Amended A general license is hereby granted authorizing the bona fide sale of securities on a national securities exchange by banking institutions within the United States for the account, and pursuant to the authorization, of nationals of Norway, Denmark, the Netherlands, Belgium, Luxembourg, France, Latvia, Estonia or Lithuania, and the making and receipt of payments, transfers of credit, and transfers of such securities which are necessary incidents of any such sale, provided that: (a) the proceeds of the sale are credited to an account in the name of the national for whose account the sale was made and in the banking institution within the United States which held the securities for such national; and (b) this general license shall not be deemed to authorize the sale of any security registered or inscribed in the name of Norway, Denmark, the Netherlands, Belgium, Luxembourg, France, Latvia, Estonia or Lithuania, or any national thereof, irrespective of the fact that at any time (whether prior to, on, or subsequent to April 10, 1940) the registered or inscribed owner thereof may have, or appears to have, assigned, transferred or otherwise disposed of the security. Each banking institution making any sales herein authorized is required to file promptly with the appropriate Federal Reserve bank weekly reports showing the details of the transactions, including a description of the securities sold, the dates of sales, the persons for whose account the sales were made, and the prices obtained. This amendment of General License No. 4 shall not be deemed to prevent the completion on or prior to June 6, 1940 of purchases and sales, which were made prior to June 4, 1940 pursuant to General License No. 4, of securities other than securities registered or inscribed in the name of Norway, Denmark, the Netherlands, Belgium, Luxembourg, France, Latvia, Estonia or Lithuania, or any national thereof. [Issu ed M a y 10, 1940; am ended June 3, 1940; am ended b y General License N o . 16, June 17, 1940; am ended by General L icense N o . 23, July 15, 1940; amended A u gu st 8, 1940. T h e scope of General L icense N o . 4 w as extended by General License N o . 29.] PAYM ENTS TO THE U N IT E D STATES General License No. 5 as Amended A general license is hereby granted authorizing the payment to the United States and agencies and instrumentalities thereof of taxes, fees, charges, and other items payable to the United States and agencies and instrumentalities thereof from accounts in which Norway, Denmark, the Netherlands, Belgium, Luxembourg, France, Latvia, Estonia or Lithuania or a national thereof has a property interest within the meaning of the Executive Order of April 10, 1940, as amended, and the Regulations issued thereunder. [Issu ed M a y 10, 1940; am ended by General License N o . 16, June 17, 1940; am ended b y General License N a 23, July 15, 1940. T h e scope of General L icen se N o . 5 w as extended b y General License N o . 29.] PAYM ENTS FROM ACCOUNTS OF GOVERNM ENT General License No. 6 Revoked [Issu ed M a y 13, 1940; revoked M a y 16, 1940.] 18 OF THE NETHERLANDS PAYM ENTS FROM AND ACCOUNTS BANQUE OF GOVERNM ENT N A T IO N A L E DE O F B E L G IU M B E L G IQ U E General License No. 7 Revoked [Issu ed M a y 13, 1940; revoked June 26, 1940.] PAYM ENTS FROM ACCOUNTS OF C E R T A IN NETHERLANDS BANKS General License No. 8 Revoked [Issu ed M a y 13, 1940; revoked M a y 16, 1940.] C O M M O D IT IE S FUTURES CONTRACTS General License No. 9 as Amended A general license is hereby granted authorizing the bona fide purchase and sale of commodi ties futures contracts and of evidences of ownership of actual commodities by banking institu tions within the United States, for the account of nationals of Norway, Denmark, the Netherlands, Belgium, Luxembourg, France, Latvia, Estonia or Lithuania, within the meaning of the Executive Order of April 10, 1940, as amended, and the Regulations issued thereunder, pursuant to the instructions of such nationals, and necessary transfers of credit and payments between accounts in banking institutions within the United States as required in connection with such purchases or sales or because of fluctuation in the market value of the commodities covered by such con tracts or evidences of ownership, provided that: (a) in the case of the purchase of commodities futures contracts or evidences of owner ship of actual commodities, the contracts or evidences of ownership purchased are held in an account in a banking institution within the United States in the name of the national of Norway, Denmark, the Netherlands, Belgium, Luxembourg, France, Latvia, Estonia or Lithuania, whose account was debited in connection with such purchase. (b) in the case of the sale of commodities futures contracts or evidences of ownership of actual commodities, the proceeds of the sale are credited to an account in a banking insti tution within the United States in the name of the national of Norway, Denmark, the Nether lands, Belgium, Luxembourg, France, Latvia, Estonia or Lithuania for whose account the sale was made. Each banking institution making such a purchase or sale is required to file promptly with the appropriate Federal Reserve bank weekly reports showing the details of the transactions includ ing a description of the commodities futures contracts or evidences of ownership of actual com modities purchased or sold, of the person for whose account the purchase or sale was made, and the price at which the purchase or sale was made. [Issu ed M a y 14, 1940; am ended by General L icense N o . 16, June 17, 1940; am ended by General License N o . 23, July IS, 1940.] PAYM ENTS FROM ACCOUNTS O F C E R T A IN B E L G IA N General License No. 10 Revoked [Issu ed M a y 14, 1940; am ended M a y 20, 1940; revoked June 25, 1940.] 19 BANKS P A Y M E N T S F O R L IV IN G , T R A V E L IN G A N D S IM IL A R P E R S O N A L E X P E N S E S IN T H E U N IT E D STATES General License No. 11 as Amended A general license is hereby granted authorizing payments and transfers of credit in the United States from accounts in banking institutions within the United States in which a national of Norway, Denmark, the Netherlands, Belgium, Luxembourg, France, Latvia, Estonia or Lithuania has a property interest within the meaning of the Executive Order of April 10, 1940, as amended, and the Regulations issued thereunder, to or upon the order of the person in whose name the account is held, provided that (a) the banking institution making any such payments or trans fers of credit satisfies itself that such payments and transfers of credit are needed for living, traveling and similar personal expenses in the United States, (b) such payments and transfers of credit by such banking institution do not exceed $500 in any one month to or for the account of any one depositor, and (c) each banking institution making any such payments or transfers of credit shall file promptly with the appropriate Federal Reserve bank monthly reports showing the details of such payments and transfers of credit. [Issu ed M a y 15, 1940; am ended by General License N o . 16, June 17, 1940; am ended b y General L icense N o . 23, July 15, 1940. T h e scope of General License N o . 11 was extended by General License N o . 29.] ACCESS T O S A F E D E P O S IT B O X E S General License No. 12 as Amended A general license is hereby granted authorizing access to safe deposit boxes leased by Norway, Denmark, the Netherlands, Belgium, Luxembourg, France, Latvia, Estonia or Lithuania or a national thereof within the meaning of the Executive Order of April 10, 1940, as amended, and the Regulations issued thereunder, or containing property in which any of the foregoing has an interest of any nature whatsoever, direct or indirect, and the deposit therein or removal there from of any property, but in each case only on the following terms and conditions: (1) Such access shall be permitted only in the presence of an authorized representative of the lessor of such box; (2) In the event that any money or evidences of indebtedness or evidences of ownership of property are to be removed from such box, such access shall be permitted only in the presence of an authorized representative of a banking institution within the United States, which may be the lessor of such box, which receives into its custody immediately upon removal from such box the money or evidences of indebtedness or evidences of ownership of property removed from such box and which holds the same subject to the Executive Order of April 10, 1940, as amended, and the Regulations issued thereunder, for the account of the lessee of such box and subject to the property interests therein as of April 8, 1940, of Norway or Denmark or any national thereof, or subject to the property interests therein as of May 10, 1940, of the Netherlands, Belgium or Luxembourg or any national thereof, or subject to the property interests therein as of June 17, 1940, of France or any national thereof, or sub ject to the property interests therein as of July 10, 1940, of Latvia, Estonia or Lithuania or any national thereof; (3) In the event that any money or evidences of indebtedness or evidences of ownership of property are removed from such box the banking institution which receives into its custody any money or evidences of indebtedness or evidences of ownership of property removed from such box shall file promptly with the appropriate Federal Reserve bank a report showing the details of the transactions; and (4) The lessee of such box or other person granted access to such box shall furnish to the lessor of such box a certificate in triplicate, one copy of which shall be executed under oath, that he has filed or will promptly file a report on Form TFR-100 with respect to such box and the contents thereof; and the lessor of such box shall deliver the sworn copy of such certificate, and one conformed copy thereof, to the appropriate Federal Reserve bank. „ „ _ [Issued M a y 20, 1940; am ended by General License N o . 16, June 17, 1940; am ended b y General L icense N o . 23, July 15, 1940.] 20 PAYM ENTS FROM ACCOUNTS O F C E R T A IN NETHERLANDS BANKS General License No. 13 as Amended A general license is hereby granted authorizing banking institutions within the United States to make all payments, transfers and withdrawals from accounts in the name of any of the follow ing: the head offices in Java of the Javasche Bank, Nederlandsche Handel Maatschappij, Nederlandsch Indische Handelsbank and Nederlandsch Indische Escompto Maatschappij, the branch offices in Kobe, Shanghai, Amoy, Hongkong, Manila, Singapore, Bombay and Calcutta of the Nederlandsch Indische Handelsbank and the branch offices in Kobe, Djeddah, Shanghai, Hongkong, Singapore, Penang, Rangoon, Calcutta and Bombay of the Nederlandsche Handel Maatschappij. Banking institutions within the United States making such payments, transfers or with drawals shall file promptly with the appropriate Federal Reserve Bank weekly reports showing the details of the transactions during such period. [Issu ed M a y 31, 1940; am ended A u g u st 8, 1940.] PAYM ENTS FROM IN ACCOUNTS OF NETHERLANDS W EST C E R T A IN BANKS IN D IE S General License No. 14 A general license is hereby granted authorizing banking institutions within the United States to make all payments, transfers and withdrawals from accounts in the name of any of the follow ing: Curacaosche Bank, Willemstad, Curacao; Maduro & Curiel’s Bank, Willemstad, Curacao; Edwards Henriquez & Co., Willemstad, Curacao; and Aruba Bank, Oranjestad, Aruba. Banking institutions within the United States making such payments, transfers, or with drawals shall file promptly with the appropriate Federal Reserve bank weekly reports showing the details of the transactions during such period. [Issu ed June 4, 1940.] LETTERS O F C R E D IT EAST R E S P E C T IN G T R A D E IN D IE S AND THE BETW EEN U N IT E D NETHERLANDS STATES General License No. 15 A general license is hereby granted authorizing banking institutions within the United States: (1) To issue, confirm or advise import letters of credit in favor of exporters in the Netherlands East Indies to finance imports therefrom into the United States, and to accept and pay drafts drawn by such exporters under such letters of credit; and (2) To issue, confirm or advise export letters of credit in favor of exporters within the United States to finance exports therefrom to the Netherlands East Indies; to accept and pay drafts drawn by such exporters under such letters of credit; and to reimburse such banking institutions for payments under such letters of credit. The issuance and transfer of documents of title in connection with such import or export letters of credit in accordance with the instructions of the persons entitled to issue such instructions are also hereby authorized. Banking institutions issuing, confirming or advising letters of credit or accepting or paying drafts drawn, and all persons (including banking institutions) issuing or transferring documents of title pursuant to this general license, shall file promptly with the appropriate Federal Reserve bank weekly reports showing the details of the transactions during such period. For the purpose of this general license the Netherlands East Indies shall be deemed to include the following: Java and Madura, Sumatra, Riouw-Lingga archipelago, Banka, Billiton, Celebes, Borneo (W est, South and East Divisions), Timor archipelago, Bali and Lombok, Lesser Sunda Islands and Dutch New Guinea. [Issu ed June 4, 1940.] 21 E X T E N S IO N T O F R A N C E O F C E R T A IN G E N E R A L L IC E N S E S General License No. 16 General Licenses Nos. 1, 2, 4, 5, 9, 11 and 12, as amended, issued under Executive Order No. 8389 of April 10, 1940, as amended, are hereby further amended so that as of the date hereof there shall be substituted for the words “ Norway, Denmark, the Netherlands, Belgium or Luxembourg” , wherever they appear in such General Licenses, the words “ Norway, Denmark, the Netherlands, Belgium, Luxembourg or France” . General License No. 12, issued under Executive Order No. 8389 of April 10, 1940, as amended, is hereby further amended by substituting a comma for the semi-colon at the end of subdivision 2 thereof and adding thereafter the follow ing: “ or subject to the property interests therein as of June 17, 1940, of France or any national thereof;” [Issued June 17, 1940. T he text o f each General License referred to in General License No. 16, as set forth in this publication, has been revised to give effect to the amendments set forth in General License No. 16.] P A Y M E N T S O F C H E C K S A N D D R A F T S D R A W N O R IS S U E D P R I O R T O J U N E 17, 1940 F R O M A C C O U N T S O F F R A N C E A N D IT S N A T IO N A L S General License No. 17 Revoked [Issued June 17, 1940; amended July 20, 1940; revoked August 8, 1940.] P A Y M E N T S F R O M A C C O U N T S O F F R E N C H A M E R IC A N B A N K IN G C O R P O R A T IO N General License No. 18 A General License is hereby granted authorizing banking institutions within the United States to make all payments, transfers and withdrawals from accounts in the name of the French Ameri can Banking Corporation, New York City. Banking institutions within the United States making such payments, transfers or with drawals shall file promptly with the appropriate Federal Reserve bank weekly reports showing the details of the transactions during such period. [Issued June 18, 1940.] P A Y M E N T S F R O M A C C O U N T S O F C E R T A IN N E T H E R L A N D S B A N K S General License No. 19 as Amended A general license is hereby granted authorizing banking institutions within the United States to make all payments, transfers and withdrawals from accounts in the name of any of the follow ing; Banco Holandes Unido, Buenos Aires, Argentina, Caracas and Maracaibo, Venezuela; Banco Hollandez Unido, Rio de Janeiro, Santos and Sao Paulo, Brazil; the branches of the Hollandsche Bank-Unie in Willemstad, Curacao and Oranjestad, Aruba; Holland Bank Union, Haifa, Pales tine and Istanbul, Turkey. Banking institutions within the United States making such payments, transfers or with drawals shall file promptly with the appropriate Federal Reserve bank weekly reports showing the details of the transactions during such period. [Issu ed June 18, 1940; am ended June 27, 1940; am ended July 6, 1940.] 22 P A Y M E N T S F R O M A C C O U N T S O F U N I T E D S T A T E S C IT I Z E N S D O M IC IL E D O R R E S ID IN G IN N E T H E R L A N D S E A S T IN D IE S O R W E S T IN D IE S General License No. 20 A general license is hereby granted authorizing banking institutions within the United States to make all payments, transfers and withdrawals from accounts in the name of any individual who is a citizen of the United States and who is domiciled in, or resident of, the Netherlands East Indies or the Netherlands West Indies; provided that no foreign country named in Executive Order No. 8389, as amended, or any national thereof (other than such citizen of the United States) has, or has had at any time (whether prior to, on, or subsequent to April 10, 1940), any interest of any nature whatsoever, direct or indirect, in such account. Banking institutions within the United States making such payments, transfers or with drawals shall file promptly with the appropriate Federal Reserve bank weekly reports showing the details of the transactions during such period. For the purpose of this general license the Netherlands East ladies and the Netherlands W est Indies shall be deemed to include the following, respectively: Netherlands East Indies — Java and Madura, Sumatra, Riouw-Lingga archipelago, Banka, Billiton, Celebes, Borneo (West, South and East Divisions), Timor archipelago, Bali and Lombok, Lesser Sunda Islands and Dutch New Guinea. Netherlands West Indies— Dutch Guiana, Dutch St. Martin, Curacao, Bonaire, Aruba, St. Eustatius and Saba. [Issued June 19, 1940.] P A Y M E N T S F R O M A C C O U N T S O F N E T H E R L A N D S T R A D I N G S O C I E T Y E A S T , L T D ., A N D N E T H E R L A N D S T R A D IN G S O C IE T Y E A S T , IN C. General License No. 21 as Amended A General License is hereby granted authorizing banking institutions within the United States to make all payments, transfers and withdrawals from accounts in the name of the Netherlands Trading Society East, Ltd., London and the Netherlands Trading Society East, Inc., Delaware. Banking institutions within the United States making such payments, transfers or withdrawals shall file promptly with the appropriate Federal Reserve bank weekly reports showing the details of the transactions during such period. [Issued June 21, 1940; amended July 20, 1940.] P A Y M E N T S FR O M A C C O U N T S O F B A N Q U E B E LG E P O U R L ’E T R A N G E R , O VERSEAS, LTD. General License No. 22 A general license is hereby granted authorizing banking institutions within the United States to make all payments, transfers and withdrawals from accounts in the name of the Banque Beige pour l’Etranger, Overseas, Ltd., including its New York agency. Banking institutions within the United States making such payments, transfers, or withdrawals shall file promptly with the appropriate Federal Reserve bank weekly reports showing the details of the transactions during such period. [Issu ed June 27, 1940.] 23 E X T E N S I O N T O L A T V I A , E S T O N IA A N D L I T H U A N I A O F C E R T A IN G E N E R A L L IC E N S E S General License No. 23 General Licenses Nos. 1, 2, 4, 5, 9, 11 and 12, as amended, issued under Executive Order No. 8389 of April 10, 1940, as amended, are hereby further amended so that as of the date hereof there shall be substituted for the words “ Norway, Denmark, the Netherlands, Belgium, Luxembourg or France” , wherever they appear in such General Licenses, the words “ Norway, Denmark, the Nether lands, Belgium, Luxembourg, France, Latvia, Estonia or Lithuania” . General License No. 12, as amended, issued under Executive Order No. 8389 of April 10, 1940, as amended, is hereby further amended by substituting a comma for the semi-colon at the end of subdivision 2 thereof and adding thereafter the following: “ or subject to the property interests therein as of July 10,1940, of Latvia, Estonia or Lithu ania or any national thereof;” [Issued July IS, 1940. The text o f each General License referred to in General License No. 23, as set forth in this publication, has been revised to give effect to the amendments set forth in General License N o. 23.] P A Y M E N T S O F C H E C K S A N D D R A F T S D R A W N O R IS S U E D P R I O R T O J U L Y 10, 1940 F R O M A C C O U N T S O F L A T V I A , E S T O N IA A N D L I T H U A N I A A N D T H E I R N A T IO N A L S General License No. 24 Revoked [Issued July 15, 1940; revoked August 28, 1940.] E F F E C T O F A T T A C H M E N T O F F O R M T F E L -2 T O S E C U R IT IE S General License No. 25 A general license is hereby granted under section 13A (1) of Executive Order No. 8389, of April 10, 1940, as amended, authorizing the acquisition, disposition or transfer of, or other dealing in, or with respect to, any security or evidence thereof, to which Treasury Department Form TFEL-2 has been previously attached or affixed by, or under the direction of, the Treasury Department; provided, that this general license shall not be deemed to authorize any transaction prohibited by reason of any provision (or ruling or regulation thereunder) of such Order other than section 13A ( 1). [Issued July 25, 1940.] T R A N S A C T IO N S IN C E R T A IN A M E R IC A N D E P O S I T A R Y A M E R IC A N S H A R E S R E C E IP T S AND General License No. 26 A general license is hereby granted under section 13A (2) of Executive Order No. 8389, of April 10, 1940, as amended, authorizing the acquisition by, or transfer to, any person within the United States of any interest in any American Depositary Receipt or American Share physically situated within the United States representing any security or evidence thereof not physically situated within the United States which Receipt or Share was admitted to dealings on a national securities exchange on and prior to July 25, 1940; provided, however, that this general license shall not be deemed to authorize the issuance of American Depositary Receipts or American Shares against the deposit after July 25, 1940 of any security or evidence thereof not physically situated within the United States; and, provided that this general license shall not be deemed to authorize any transaction prohibited by reason of any provision (or ruling or regulation thereunder) of such Order other than section 13A (2). [Issued August 2, 1940.] 24 R E D E M P T IO N O R C O L L E C T IO N O F S E C U R IT IE S General License No. 27 A general license is hereby granted authorizing banking institutions within the United States to present securities (including coupons) to the proper paying agents within the United States for redemption or collection for the account and pursuant to the authorization of nationals of any of the foreign countries designated in Executive Order No. 8389, as amended, and to perform such other acts, and to effect such other transactions, as may be necessarily incident to any such redemption or collection, provided that: (a) the proceeds of the redemption or collection are credited to an account in the name of the national for whose account the redemption or collection was made and in the banking institution within the United States which held the securities for such national; and (b) this general license shall not be deemed to authorize the presentation for redemp tion of any security registered or inscribed in the name of any of the foreign countries desig nated in Executive Order No. 8389, as amended, or any national thereof, irrespective of the fact that at any time (whether prior to, on, or subsequent to April 10, 1940) the registered or inscribed owner thereof may have, or appears to have, assigned, transferred or otherwise disposed of the security. Each banking institution making any presentations for redemption or collection herein author ized is required to file promptly with the appropriate Federal Reserve Bank weekly reports showing the details of the transactions, including a description of the securities presented for redemption or collection, the dates of presentations, the persons for whose account the presenta tions were made, and the amounts collected. [Issued August 8, 1940. The scope o f General License No. 27 was extended by General License No. 29.] T R A N S A C T IO N S B Y C E R T A IN U N I T E D S T A T E S C IT I Z E N S W H O A R E “ N A T I O N A L S ” O F D E S IG N A T E D F O R E IG N C O U N T R IE S General License No. 28 A general license is hereby granted authorizing any individual who is a citizen of the United States and residing therein and who is a “ national” of any of the foreign countries designated in Executive Order No. 8389, as amended, within the meaning of such Executive Order, as amended, to engage in any transaction which would not be prohibited under the provisions of such Execu tive Order, as amended, if such resident citizen were not a “ national” of any of the foreign coun tries designated in such Executive Order, as amended. All banking institutions within the United States are hereby authorized to engage in any transaction involving property in which such resi dent citizen has an interest, to the same extent, and under the same circumstances, as if such resi dent citizen were not a “ national” of one of the foreign countries designated in such Executive Order, as amended. This general license shall not be deemed to affect securities or evidences thereof delivered, or required to be delivered, to a Federal Reserve Bank under the provisions of General Ruling No. 5, as supplemented, or to authorize payments, transfers or withdrawals from accounts referred to in Paragraph (4) of General Ruling No. 6. [Issued August 8, 1940.] 25 A P P L I C A T I O N O F C E R T A IN G E N E R A L L IC E N S E S T O A C C O U N T S R E F E R R E D T O IN P A R A G R A P H (4) O F G E N E R A L R U L IN G N O . 6 General License No. 29 The provisions of the following General Licenses, as amended, are hereby made applicable, as of the date hereof, to all accounts of the type referred to in paragraph (4) of General Ruling No. 6, issued under Executive Order No. 8389, as amended, to the extent that heretofore such General Licenses have not been applicable by reason of their specifying accounts of certain designated countries, or nationals thereof: General License No. 1 General License No. 2 General License No. 4 General License No. 5 General License No. 11 General License No. 27 [Issued August 9, 1940.] P A Y M E N T S F R O M , A N D T R A N S A C T IO N S IN T H E A D M I N I S T R A T I O N O F , C E R T A IN T R U S T S A N D E S T A T E S General License No. 30 A general license is hereby granted authorizing any bank or trust company incorporated under the laws of the United States or of any state, territory or district of the United States, or any private bank subject to supervision and examination under the banking laws of any state of the United States, acting as trustee of any trust administered in the United States or as legal representative of any estate administered in the United States, in which trust or estate one or more persons who are nationals of one of the foreign countries designated in Executive Order No. 8389, as amended, have an interest, beneficial or otherwise, or are co-trustees or co-representatives, to engage in the. following transactions: (a) payments of distributive shares of principal or income to all persons legally entitled thereto who are not nationals of any of the foreign countries designated in such Executive Order, as amended; and (b) other transactions arising in the administration of such trust or estate which might be engaged in if no national of any of the foreign countries designated in such Executive Order, as amended, were a beneficiary, co-trustee or co-representative of such trust or estate; provided, however, that this general license shall not be deemed to authorize such trustee or legal representative to engage in any transaction at the request, or upon the instructions, of any bene ficiary, co-trustee or co-representative of such trust or estate or other person who is a national of any of the foreign countries designated in such Executive Order, as amended. [Issued August 14, 1940.] C O L L E C T IO N O F C O U P O N S F R O M C E R T A IN S E C U R IT IE S B E A R IN G S T A M P S O F D E S I G N A T E D F O R E IG N C O U N T R IE S General License No. 31 A general license is hereby granted authorizing banking institutions within the United States to detach coupons from securities of the type referred to in section 13A (1) of Executive Order No. 8389, as amended, when such securities have been in the custody or possession of such bank ing institutions continuously since July 25, 1940; to present such coupons for collection; and to perform such other acts and to effect such other transactions as may be necessarily incident to such collection, notwithstanding the fact that Treasury Department Form TFEL-2 may not have been previously attached to the securities from which such coupons are detached. This general license shall not be deemed to authorize any transaction prohibited by reason of any provision (or ruling or regulation thereunder) of such Order other than section 13A(1). [Issued August 28, 1940.] 26 R E M IT T A N C E S B Y C E R T A IN U N I T E D S T A T E S R E S ID E N T S T O T H E I R R E L A T IV E S O R D E P E N D E N T S General License No. 32 A general license is hereby granted authorizing remittances by individuals resident in the United States to their relatives or dependents within any of the foreign countries designated in Executive Order No. 8389, as amended, through any bank, and any such bank is authorized to effect such remittances, providing the following terms and conditions are complied w ith: (1) such remittances are made only by individuals who have continuously resided in the United States for one year or more immediately preceding the date hereof and wrho had been making similar remittances to the same payees for at least six months prior to April 8, 1940; (2) such remittances do not exceed $50 per month to any payee except that additional sums not exceeding $10 per month may be paid for each additional member of the payee’s family, provided that in no case shall a sum in excess of $100 per month be paid to any one family residing in any such foreign country; (3) such remittances are made only for the necessary living expenses of the payee and the payee’s family; (4) such remittances are not made from funds in which a national of any of the foreign countries designated in Executive Order No. 8389, as amended, has any interest whatsoever, direct or indirect. Any bank effecting any such remittance shall satisfy itself that the foregoing terms and conditions are complied with. Banks are authorized to establish and maintain free dollar accounts if necessary, and only to the extent necessary, to obtain the foreign exchange required to effect such remittances. Foreign exchange acquired pursuant to this general license may not be used for any other purpose. Banks through which any such remittances originate shall file promptly separate reports in triplicate on Form TFR-32 with the appropriate Federal Reserve Bank. In addition, the bank ultimately transmitting abroad (by cable or otherwise) the payment instructions for any such remittances shall file weekly reports with the appropriate Federal Reserve Bank setting forth in detail (1) the amounts of foreign exchange acquired in cover of such remittances and the price paid therefor, (2) the sources from which such foreign exchange was acquired, (3) the amount of free dollar credits, if any, established or maintained as a result of the acquisition of any such foreign exchange, and (4) the names and addresses of the institutions for whose account any such free dollar credits have been established or maintained. As used in this general license the term “ bank” shall mean any bank or trust company incorpo rated under the laws of the United States or of any state, territory or district of the United States, or any private bank subject to supervision and examination under the banking laws of any state, and also any other banking institution specifically authorized by the Treasury Department to be treated as a “ bank” for the purpose of this general license. [Issued August 30, 1940.] 27 C E R T A IN R E M IT T A N C E S T O U N I T E D S T A T E S C IT IZ E N S IN F O R E IG N C O U N T R IE S General License No. 33 A general license is hereby granted authorizing remittances by persons within the United States to citizens of the United States within any of the foreign countries designated in Executive Order No. 8389, as amended, or to citizens of the United States who have departed from any such designated foreign countries and are within any other foreign country, through any bank, and any such bank is authorized to effect such remittances, providing the following terms and conditions are complied w ith: (1) such remittances do not exceed $250 per month to any payee and are made only for the necessary living expenses of the payee and the payee’s family except that one additional sum not exceeding $250 may be remitted if such sum will be used for the purpose of enabling the payee and the payee’s family to return to the United States; (2) such remittances are not made from funds in which a national of any of the foreign countries designated in Executive Order No. 8389, as amended, has any interest whatsoever, direct or indirect. Any bank effecting any such remittance shall satisfy itself that the foregoing terms and conditions are complied with. Banks are authorized to obtain foreign exchange, to the extent necessary, on the same terms and conditions as those prescribed in General License No. 32 in order to effect the remittances herein authorized. Banks through which any such remittances originate shall file promptly separate reports in triplicate on Form TFR-32 with the appropriate Federal Reserve Bank indicating therein that the payee is a citizen of the United States. In addition, the bank ultimately transmitting abroad (by cable or otherwise) the payment instructions for any such remittances shall file weekly reports with the appropriate Federal Reserve Bank setting forth in detail the same information required in such reports under General License No. 32. This weekly report may be combined with the weekly report required under General License No. 32. As used in this general license the term “ bank” shall mean any bank or trust company incor porated under the laws of the United States or of any state, territory or district of the United States, or any private bank subject to supervision and examination under the banking laws of any state, and also any other banking institution specifically authorized by the Treasury Department to be treated as a “ bank” for the purpose of this general license or of General License No. 32. [Issued September 10, 1940.] 28
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