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FEDERAL RESERVE BANK OF DALLAS Dallas, Texas, July 26, 1941 To All Banking Institutions, and Others Concerned, in the Eleventh Federal Reserve D istrict: The Secretary of the Treasury has issued the following general license: “ GENERAL LICENSE NO. 65 UNDER EXECUTIVE ORDER NO. 8389 of April 10, 1940, as amended, and Regulations issued pursuant thereto, relating to transactions in foreign exchange, etc.* (1) A general license is hereby granted licensing any partnership, association, corporation or other organization engaged in commercial activities within the Philippine Islands and which is a national of China or Japan, to engage in all transactions ordinarily incidental to the normal conduct of its business activities within the Philippine Islands, provided, however, that this general license shall not authorize: (a) Any transaction which could not be effected without a license if such organization were not a national of any blocked country; or (b) Any payment, transfer or withdrawal from any blocked account in any banking institu tion within any part of the United States other than the Philippine Islands. (2) Any organization engaging in business pursuant to this general license shall not engage in any transaction, pursuant to this general license or any other general license, which, directly or indirectly, substantially diminishes or imperils the assets of such organization within the Philippine Islands or otherwise prejudicially affects the financal position of such organization within the Philippine Islands. (3) Any such organization shall file with the High Commissioner of the Philippine Islands, within sixty days after the date hereof, an affidavit on Form TFBE-1 setting forth the data called for in such form. Any organization not complying with this requirement is not authorized to engage in any transaction under this general license. (4) Any bank effecting any payment, transfer or withdrawal pursuant to this general license shall satisfy itself that such payment, transfer or withdrawal is being made pursuant to the terms and conditions of this general license. (5) Any organization engaging in business pursuant to this general license shall file monthly reports in triplicate with the High Commissioner of the Philippine Islands setting forth the details of the transactions engaged in by it during the reporting period. Such report shall indi cate receipts and expenditures classified into general categories by source, payee and purpose. E. H. FOLEY, JR. Acting Secretary of the Treasury” July 26, 1941 *Part 131— Sec. 5 (b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. 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)
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