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FEDERAL RESERVE BANK OF NEW YORK Circular No. 2078, June 13, 1940 Reference to Circulars Nos. 2044, 2046, 2050, 2053, 2056, 2057, 2058, 2059, 2060, 2062, 2063, 2064, 2065, 2069, 2070, 2071, 2073 and 2074. Executive Order No. 8389, April 10, 1940, as Amended by Executive Order No. 8405, May 10, 1940, and Regulations Issued Pursuant Thereto Relating to Transactions in Foreign Exchange, Etc. To all Banking Institutions, and Others Concerned, in the Second Federal Reserve District: For your information we quote below the text of a telegram received today from the Treasury Department: The following revocation of General License No. 3, as amended, was issued today pursuant to Executive Order No. 8389, of April 10, 1940, as amended, and the Regulations issued thereunder. Code of Federal Regulations Title 31—Money and Finance: Treasury Chapter I—Monetary Offices, Department of the Treasury Part 133 TREASURY DEPARTMENT, OFFICE OF THE SECRETARY. Revocation of General License No. 3, as amended, under Executive Order No. 8389, April 10, 1940, as amended, and Regulations issued pursuant thereto, relating to transactions in foreign exchange, etc.* General License No. 3, as amended, authorizing banking institutions within the United States: (A) To make payments from accounts in which Norway or Denmark 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, of checks and drafts drawn or issued prior to April 8, 1940, and to accept and pay and debit to such accounts drafts drawn prior to April 8, 1940, under letters of credit, and (B) To make payments from accounts in which the Netherlands, Belgium or Luxembourg 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, of checks and drafts drawn or issued prior to May 10, 1940, and to accept and pay and debit to such accounts drafts drawn prior to May 10, 1940, under letters of credit ; is hereby revoked. D. W. BELL, June 13, 1940. Acting Secretary of the Treasury. • P a r t 133:—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public Resolution No. 69, 76th Congress; 12 U. S. C. 95a; Ex. Order 6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order 8405, May 10, 1940; Regulations, April 10, 1940, as amended May 10, 1940. Additional copies of this circular will be furnished upon request. GEORGE L. HARRISON, President.
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