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FEDERAL RESERVE BANK OF NEW YORK Executive Order No. 8389, as Amended, 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 is the text of General License No. 52, relating to Spain and nationals thereof, issued today pursuant to Executive Order No. 8389, 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 131—General Licenses under Executive Order No. 8389, April 10, 1940, as amended, and Regulations issued pursuant thereto. Section 131.52 TREASURY DEPARTMENT Office of the Secretary Tnlv 11 1Q41 J 7 ' GENERAL LICENSE NO. 52 UNDER EXECUTIVE ORDER NO. 8389, 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 transaction referred to in Section 1 of the Order, if (i) such transaction is by, or on behalf of, or pursuant to the direction of Spain, or any national thereof, or (ii) such transaction involves property in which Spain, or any national thereof, has at any time on or since the effective date of the Order had any interest, provided, that: (a) Such transaction is not by, or on behalf of, or pursuant to the direction of any blocked country or any national thereof, other than Spain or any national of Spain ; and (b) Such transaction does not involve property in which any blocked country or any national thereof, other than Spain or any national of Spain, has at any time on or since the effective date of the Order had any interest; and (c) If such transaction is not by, or on behalf of, or pursuant to the direction of the Instituto Espanol de Moneda Extranjera, such transaction shall not be effected until the Instituto Espanol de Moneda Extranjera has certified in writing that the Instituto Espanol de Moneda Extranjera has determined that such transaction complies with the conditions of paragraphs (a) and (b) above. ^ (2) This general license also authorizes any payment or transfer from a blocked account in which any national of Spain has an interest to a blocked account in a domestic bank in the name of the Institute Espanol de Moneda Extranjera; provided, however, that this authorization shall not be deemed to authorize any payment or transfer from a blocked account in which any national of a blocked country, other than Spain, has an interest, or has had an interest at any time on or since the effective date of the Order. (3) Except as provided in paragraph (2), this general license shall not be deemed to permit any payment, transfer or withdrawal from any blocked account other than blocked accounts in the name of the Instituto Espanol de Moneda Extranjera, until the Instituto Espanol de Moneda Extranjera has certified, with respect to the transaction, as provided in paragraph (l)(c) above. (4) This general license shall not apply with respect to any national of Spain who is also a national of any other blocked country. (5) Banking institutions within the United States engaging in any transactions authorized by this general license shall file promptly with the appropriate Federal Reserve Bank weekly reports setting forth the details of transactions effected by them under this license. 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; Regulations, April 10, 1940, as amended June 14, 1941. Additional copies of this circular will be furnished upon request. ALLAN SPROUL, President.
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