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FEDERAL RESERVE BANK OF NEW YORK Fiscal A g e n t of the United States r Circular No. 2 6 7 1 . August 20, 1943 "1 LReference to Circulars Nos. 26S5 and 2670. J FOREIGN FUNDS CONTROL To all Banking Institutions, and Others Concerned, in the Second Federal Beserve District: For your information we quote below the text of General Ruling No. 16, dated August 20, 1943, issued by the Treasury Department: TREASURY DEPARTMENT Foreign Funds Control August 20, 1943 GENERAL RULING NO. 16 UNDER EXECUTIVE ORDER NO. 8389, AS AMENDED, EXECUTIVE ORDER NO. 9193, SECTIONS 3(a) AND 5(b) OF THE TRADING WITH THE ENEMY ACT, AS AMENDED BY THE FIRST WAR POWERS ACT, 1941, RELATING TO FOREIGN FUNDS CONTROL.* REGULATIONS RELATING TO SAFE DEPOSIT BOXES LEASED TO NATIONALS BLOCKED COUNTRIES OR CONTAINING PROPERTY IN WHICH NATIONALS BLOCKED COUNTRIES HAVE AN INTEREST OF OF (1) Except as hereinafter authorized or as specifically licensed or authorized b y the Secretary of the Treasury, no person shall be granted access to any safe deposit box within the United States leased to any blocked country or national thereof or containing any property in which any blocked country or national thereof has any interest or which there is reasonable cause to believe contains property in which any blocked country or national thereof has an interest. ( 2 ) ( a ) Access to any safe deposit b o x leased to a blocked country or national thereof or containing property in which any blocked country or national thereof has an interest, and the deposit therein or removal therefrom of any property, is hereby authorized provided all the following conditions are complied w i t h : ( i ) Access shall be permitted only in the presence of an authorized representative of the lessor of such b o x ; (ii) In the event that any property in which any blocked country or national thereof has any interest is to be removed from such box, access shall be permitted only in the presence of an authorized representative of a banking institution within the United States, which may be the lessor of such box, which (subject to any applicable rules, regulations, and orders of the Office of the Alien Property Custodian) shall receive such property into its custody immediately upon removal from such b o x and which shall hold the same in a blocked account under an appropriate designation indicating the interests therein of blocked countries or nationals thereof; * Appendix A;—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress, 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, December 9, 1941, and Ex. Order 8998, December 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. (iii) In the event that there is to be removed from any such box any property . in which a designated enemy country or a national of a designated enemy country has an interest, access shall not be permitted except in the presence of, or with the consent of, a duly authorized agent or representative of the Office of the Alien Property Custodian; ( i v ) Access to any safe deposit box leased to a designated enemy country or a national of a designated enemy country shall not be permitted except in the presence of, or with the consent of, a duly authorized agent or representative of the Office of the Alien Property Custodian. The above conditions (i) through ( i v ) shall not apply to access granted to a representative of the Office of the Alien Property Custodian pursuant to any rule, regulation or order of such Office. ( b ) T h e lessee or other person granted access to any safe deposit box under this general ruling (except an agent or representative of the Office of the Alien Property Custodian) shall furnish to the lessor a certificate in triplicate that he has filed or will promptly file a report on Form TFR-300 with respect to such box, if leased to a national of a foreign country, and with respect to all property contained in the box to which access is had in which any foreign country or national thereof has an interest. The lessor shall deliver two copies of such certificate to the Federal Reserve Bank of the District in which the b o x is located. T h e certificate is required only on the first access to the box and need not be furnished if a certificate had been filed pursuant to General License No. 12 prior to the revocation thereof. In case a report on Form TFR-300 has not been made before August 20, 1943, a report is hereby required to be filed on Series L in accordance with the provisions of Public Circular No. 4C, excluding Section I I - D thereof, which shall be inapplicable, but any reports required under Public Circular No. 4 and not already rendered, shall also be filed. W h e n no other date is applicable the effective date of reporting for Series L shall be the date of access. If none of the entries specified by Section I V - 5 - ( c ) is applicable, the phrase "General Ruling No. 16, access to box on , 194 " shall be entered in Part A . (3) A s used in this general ruling, the term "designated enemy country" and the term "national of a designated enemy country" shall have the meaning prescribed in Executive Order No. 9193 of July 6, 1942. RANDOLPH PAUL Acting Secretary of the Treasury Additional copies of this circular will be furnished upon request. ALLAN SPBOUL, President.
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