Full text of District Notices (Federal Reserve Bank of Dallas) : [General License No. 9, as Amended]

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FEDERAL RESERVE BANK
OF DALLAS

Dallas, Texas, August 12,1941

To All Banking Institutions, and Others Concerned,
in the Eleventh Federal Reserve District:
The Secretary of the Treasury has issued the following amendment of General License No. 9:
“ GENERAL LICENSE NO. 9, AS AMENDED, UNDER EXECUTIVE ORDER NO. 8389 of April
10, 1940, as amended, and Regulations issued pursuant thereto, relating to transactions in foreign
exchange, etc.*
General License No. 9 is amended to read as follows:
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 on an exchange or
board of trade within the United States by banking institutions within the United States, for
the account of nationals of any blocked country, pursuant to the instructions of such nationals,
and necessary transfers or other dealings in evidences of ownership of commodities, 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 fluctuations in the market
value of the commodities covered by such contracts or evidences of ownership, provided that:
(a) In the case of such purchases, the futures contracts and evidences of ownership of the
commodities are held in a blocked account in the name of the national for whom the
purchase was made and in the banking institution within the United States which
maintained the account for which the purchase was made; and
(b) In the case of such sales, the proceeds of the sale are credited to a blocked account in
the name of the national for whose account the sale was made and in the banking
institution within the United States which maintained the account for which the sale
was made.
Each banking institution engaging in any transaction herein authorized is required to file
promptly with the appropriate Federal Reserve bank monthly reports showing the details of
each such transaction, including a description of the commodities futures contracts or evidences
of ownership of actual commodities purchased or sold, the dates of the purchases or sales, the
persons for whose account the purchases or sales were made, the price at which each purchase
or sale was made, and the name of the exchange or board of trade on which each such transac­
tion was effected.

August 11,1941

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

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