Full text of Federal Reserve Bank of New York Circulars : 44-7. Foreign Funds Control, General License No. 50, as Amended

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TRANSACTIONS

ON BEHALF OF SWITZERLAND OR THE BANQUE

NATIONALE

SUISSE

Treasury

Department

FOREIGN FUNDS CONTROL
As
GENERAL LICENSE NO. 5 0 ,
UNDER EXECUTIVE ORDER NO.

8389,

OF THE TRADING

WITH THE ENEMY A C T ,

ACT,

1941,

TO FOREIGN FUNDS C O N T R O L . *

(1)

A general

t i o n 1 of

license

the O r d e r ,

if

is hereby granted

such t r a n s a c t i o n

February

ORDER NO.

9193,

AS AMENDED BY THE F I R S T

or on b e h a l f

of,

is not b y ,

or on b e h a l f

b l o c k e d c o u n t r y or any n a t i o n a l
Switzerland^

of,

thereof,

than S w i t z e r l a n d

o t h e r than S w i t z e r l a n d

on or s i n c e

the e f f e c t i v e d a t e of

in which any b l o c k e d c o u n t r y or

or any n a t i o n a l

of S w i t z e r l a n d ,

the Order had any

in by the Government

a u t h o r i z e d t o the same e x t e n t ,

of

This general

Switzerland
(3)

of

the account

of

nation-

interest.

of S w i t z e r l a n d

or the Banque N a t i o n a l e

and under the same c i r c u m s t a n c e s ,

Suisse

i s a l s o hereby

as though such

transaction
Suisse.

l i c e n s e s h a l l not be deemed t o permit any payment, t r a n s f e r or
o t h e r than b l o c k e d a c c o u n t s

or the Banque N a t i o n a l e S u i s s e ,

in the name of

e x c e p t as p r o v i d e d

with-

the Government

in paragraph ( 3 ) of

this

license.
This g e n e r a l

securities

to a blocked
prior

any

has at any time

of the Government of S w i t z e r l a n d or the Banque N a t i o n a l e

from any b l o c k e d a c c o u n t ,

general

of

or a n a t i o n a l

pursuant t o the o r d e r or f o r the account of any other n a t i o n a l of Switzerland

(2)

direc-

that:

or pursuant t o the d i r e c t i o n

other

involve property

al thereof,

Any t r a n s a c t i o n engaged

drawal

t o in S e c -

and

( b ) Such t r a n s a c t i o n does not

were s o l e l y f o r

SECTION

or pursuant t o the

t i o n of the Government of Switzerland or the Banque N a t i o n a l e S u i s s e , provided
( a ) Such t r a n s a c t i o n

1944

WAR POWERS

l i c e n s i n g any t r a n s a c t i o n r e f e r r e d

is by,

21,

AS AMENDED,

AS AMENDED, EXECUTIVE

5(b)

RELATING

amended

l i c e n s e a l s o a u t h o r i z e s any payment or t r a n s f e r of c r e d i t

from a b l o c k e d
account

account

in which any n a t i o n a l

in a d o m e s t i c bank in the name of

t o any such payment or t r a n s f e r ,

the

from a b l o c k e d a c c o u n t
has an i n t e r e s t ,

in which any n a t i o n a l

t o e f f e c t such payment or

provided,

s h a l l not be deemed t o a u t h o r i z e any payment or t r a n s f e r
of

transfer
interest

the Banque N a t i o n a l e S u i s s e ,

instructions

are c o n f i r m e d by the Banque N a t i o n a l e S u i s s e ;

or

of S w i t z e r l a n d has an

however,
of c r e d i t

that

this

authorization

or t r a n s f e r of

a blocked country,

if,

transfer

other than

securities

Switzerland,

or has had an i n t e r e s t at any time on or s i n c e the e f f e c t i v e d a t e

of

the

Order.
( 4 ) T h i s g e n e r a l l i c e n s e s h a l l not a p p l y w i t h r e s p e c t
who i s a l s o a n a t i o n a l o f any other b l o c k e d c o u n t r y ,
(5)

A report

on Form IKK-149 s h a l l be f i l e d

t o any n a t i o n a l

( b ) which
excess

issues,
of

( c ) which d e b i t s
item under
(6)

As used

confirms,

$5,000;

or a d v i s e s

any b l o c k e d a c c o u n t

the a u t h o r i t y of

in t h i s

provinces,

jurisdiction thereof),

of $ 5 , 0 0 0 o r i g i n a t e s ;

any

letter

of

appropriate

States:

credit

or
involving

an amount

in

or

general

the government of any p o l i t i c a l
departments,

in e x c e s s

Switzerland

promptly in d u p l i c a t e with the

F e d e r a l Reserve Bank by any banking i n s t i t u t i o n w i t h i n the United
( a ) through which any remittance

of

this

license,

subdivision

counties,

in an amount
general

of $ 5 , 0 0 0 f o r any

single

license.

the "Government
(territories,

municipalities,

or any p o l i t i c a l

in e x c e s s

of S w i t z e r l a n d " s h a l l

dependencies,

districts

possessions,

or o t h e r p l a c e s s u b j e c t

include
states,
t o the

agency or i n s t r u m e n t a l i t y of the government.

RANDOLPH PAUL

Acting

Secretary

of the

Treasury

• P a r t 1 3 1 ; . S e c . 5 ( b ) . 4 0 S t a t . 4 1 s and 9 6 6 ! S e c . 2 . 4 8 S t a t . 1 ; 54 S t a t . 1 7 9 ; 55 S t a t . 838? Ex• Order
8 3 8 9 . A p r i l 1 0 , 1 9 4 0 . as amended b y E x . Order 8 7 8 5 . June 1 4 , 1 9 4 1 . Ex • O r d e r 8 8 3 2 . J u l y 2 6 . 1 9 4 1 . E x .
Digitized
FRASER
O r d efor
r 8
9 6 3 . D e c . 9 , l 9 4 1 , a n d E x . O r d e r 8 9 9 8 . D e c . 2 6 . 1 9 4 1 ; E x . Order 9 1 9 3 . J u l y 6 . 1 9 4 2 ; R e g u l a t i o n s ,
http://fraser.stlouisfed.org/
P«" i l 1 0 . 194 0 . a s amended June 1 4 , 1 9 4 1 , and J u l y 2 6 . 1 9 4 1 -

Federal Reserve Bank of St. Louis

Addit ional
Repor t ing
provisions deleted
F e b r u a r y 2 1 , 1944

44-7