The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK OF DALLAS Dallas, Texas, November 12, 1941 To All Banking Institutions, and Others Concerned, in the Eleventh Federal Reserve District: The Secretary of the Treasury has issued the following general license: “ GENERAL LICENSE NO. 75 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 authorizing remittances in any amount by any person through any domestic bank to any person in any part of China except Manchuria, and any domestic bank is authorized to effect such remittances, provided the following terms and conditions are com plied with: (a) Such remittances may be made from any account other than a blocked account and, subject to item (b) hereof, such remittances may be made from the blocked account of any national of China. (b) Such remittances may not be made from any blocked account if any of the following has an interest in such account: (i) Any national of any blocked country other than China; (ii) Any person within Manchuria; or (iii) Any blocked country other than China; and (c) Such remittances shall be effected by a domestic bank paying the dollar amount of the remittance to a designated agent of the Central Bank of China for the account of an appointed bank. (2) All domestic banks effecting such remittances shall satisfy themselves that the foregoing terms and conditions are complied with. (3) With respect to each remittance made pursuant to this general license reports on Form TFR-132 shall be executed and filed in the manner and form and under the conditions prescribed in General License No. 32. Domestic banks through which any such remittances originate shall note on the reverse side of such form the nature of the transaction for which the remittance is being made but need not furnish the information called for in item 6 of such form. (4) All dollars accruing to any appointed bank pursuant to this general license shall, if so re quired by the Stabilization Board of China, be made available to the Board by payment to the Central Bank of China against delivery of an equivalent amount of Chinese'national currency. (5) This general license shall not be deemed to authorize any transaction incidental to imports and exports between the United States and China. (6) As used in this general license: (a) The term ‘appointed bank’ shall have the same meaning as that prescribed in General License No. 58. (b) The term ‘designated agent of the Central Bank of China’ shall mean either the Bank of China or the Philippine Bank of Communications. November 12,1941 E. H. FOLEY, JR. Acting Secretary of the Treasury” *Part 131— Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. 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)