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Treasury Department FOREIGN FUNDS CONTROL May 15,1945 GENERAL LICENSE NO. 91 UNDER EXECUTIVE ORDER NO. 8389, AS AM EN DED, EXECUTIVE ORDER NO. 9193, SECTION 5 (b ) OF THE TRADING WITH THE ENEMY ACT, AS AMENDED BY THE FIRST WAR POWERS ACT, 1941, RELATING TO FOREIGN FUNDS CONTROL.* (1) Trade transactions with Belgium authorized. A general license is hereby granted authorizing all transactions ordinarily incident to the importing and exporting of goods, wares and merchandise between the United States and Belgium or between any member of the generally licensed trade area and Belgium, provided that: (a) Payment for any goods, wares or merchandise exported from Belgium shall be made only (i) by deposit of the dollar amount thereof with a banking institution in the United States for credit to a blocked account in the name of the consignor or a banking institution in Belgium; or (ii) by the acquisition of Belgian franc exchange from a person in the United States having a license specifically authorizing the sale of such exchange ; (b) Except as authorized by paragraphs (2) or (4) of this general license, no payment shall be made from any account in which any national of a blocked country who is not within the generally licensed trade area has any interest. (2) Trade transactions with Belgium by blocked business enterprises in the United States authorized. Subject to all other terms and conditions of this general license, any national of a blocked country doing business in the United States pursuant to license is hereby authorized, while so licensed, to engage in any transaction referred to in para graph (1) hereof to the same extent as such national is licensed to engage in trade transactions with persons in the generally licensed trade area. (3) Collection of certain other financial instruments for Belgian accounts author ized. This general license also authorizes the collection and payment of the following financial instruments: (a) Traveler’s checks; (b) Drafts or bills of exchange drawn under traveler’s letters of credit issued by banking institutions in the United States; and (c) Checks, drafts, bills of exchange or warrants drawn on the Secretary of State of the United States, the Secretary of the Navy of the United States, or the Treasurer of the United States; provided that the proceeds are credited to a blocked account in a domestic bank in the name of a banking institution in Belgium which has forwarded such instruments for collection. *Part 131:— Sec. 5 (b ), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838. Ex Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941; Ex. Order 8832, July 26, 1941; Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; Regu lations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) (4) Payments and withdrawals from certain balances in Belgian blocked accounts authorized. This general license also authorizes payments in any amount: (a) From any blocked account in a domestic bank in the name of a banking institution in Belgium to a person in the United States; (b) From any blocked account in a domestic bank in the name of a banking institution in Belgium to a person in the generally licensed trade area, when such payments are incident to the importing and exporting of goods, , wares and merchandise between Belgium and the generally licensed trade area; (c) From any blocked account in a domestic bank in the name of a banking institution in Belgium to any other such account; and (d) From any blocked account in the United States in the name of a person in Belgium to any account in the United States in the name of, or in which the beneficial interest is held by the Banque Nationale de Belgique, the Banque du Congo Beige, or any agency of the Government of Belgium; provided that such payments are made only from balances in such accounts which have accrued on or since February 2,1945, pursuant to (i) this general license, (ii) any license authorizing remittances to Belgium, or (iii) any license authorizing transfers from any account in the name of, or in which the beneficial interest is held by, the Banque Nationale de Belgique, the Banque du Congo Beige, or any agency of the Government of Belgium. (5) Certain transactions not authorized. This general license shall not be deemed to authorize: (a) Any transaction which is by, on behalf of, or pursuant to the direction of (i) any person whose name appears on The Proclaimed List of Certain Blocked Nationals, or (ii) any blocked country or national thereof not within Belgium or the generally licensed trade area; or (b) Any transaction which involves property in which (i) any person whose name appears on The Proclaimed List of Certain Blocked Nationals, or (ii) any blocked country or national thereof not within Belgium or the generally licensed trade area has at any time on or since the effective date of the order had any interest. (6) Definitions. As used in this general license: (a) The term “ Belgium” shall include Belgium and any colony or other terri tory subject to the jurisdiction of Belgium. (b) The terms “ generally licensed trade area” and “ member” of the generally licensed trade area shall have the meaning prescribed in General License No. 58, as amended. HERBERT E. GASTON Acting Secretary of the Treasury TREASURY DEPARTMENT W ashington FOR RELEASE, MORNING NEWSPAPERS Tuesday, May 15, 1945 Press Service No. 46-11 The Treasury Department today issued General License No. 91, covering trade and other current transactions with Belgium. This license is a further step in the Treasury’s program for removing the freezing restrictions on liberated countries. A similar license for France was recently announced. Dollar balances acquired by Belgian banking institutions since February 2, 1945, as a result of remittances from persons in the United States may now be freely used to make payments in this country on behalf of Belgian nationals. The proceeds of trade and certain other current accruals will also be available for such payments. Funds accumulating under the license in the account of a bank in Belgium may be transferred to other Belgian banks. When shipping and other conditions permit, it will be possible under the license to carry on private trade with Belgium without specific Foreign Funds Control licenses. The transmittal of shipping, title and other trade documents will not be subject to Treasury restrictions. Payment for goods exported from Belgium may be effected, however, only by the payment of dollars into a blocked account of the consignor or a banking institution in Belgium or by buying Belgian francs from a licensed exchange dealer. Belgian property in the United States remains blocked and only the balances speci fied in the general license may be utilized for current payments. Other Belgian balances may not be withdrawn without appropriate license.
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