Full text of Federal Reserve Bank of New York Circulars : 44-8. Foreign Funds Control, General License No. 52, as Amended

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TRANSACTIONS ON BEHALF OF, OR INVOLVING PROPERTY
SPAIN AND I T S NATIONALS

OF,

Treasury

Department

FOREIGN FUNDS CONTROL
As

GENERAL LICENSE NO.
UNDER EXECUTIVE ORDER NO.
5(b)

OF THE TRADING WITH

ACT,

1941,

(1)
tion 1 of

8389,

52,

21,

1944

AS AMENDED,

AS AMENDED,

THE ENEMY ACT,

amended F e b r u a r y

EXECUTIVE ORDER NO.

AS AMENDED BY

9193,

SECTION

THE F I R S T WAR

POWERS

RELATING TO FOREIGN FUNDS CONTROL.*

A general

l i c e n s e i s h e r e b y g r a n t e d 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 t o in S e c -

the O r d e r ,

r e c t i o n of Spain,

if

(i)

such t r a n s a c t i o n i s b y , or on b e h a l f o f ,

o r any n a t i o n a l

which S p a i n , or any n a t i o n a l

thereof,

Order had any i n t e r e s t , provided,
(a)

thereof,

or ( i i )

or pursuant t o the

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

has a t any time on or s i n c e

di-

involves property

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

in
the

that:

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

i s not b y , o r on b e h a l f o f ,

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

or pursuant

thereof,

other

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

of

than Spain or any n a t i o n -

a l o f Spa i n ; and
(b)

Such t r a n s a c t i o n d o e s n o t
any n a t i o n a l
t i m e on o r

(c)

thereof,
since

involve property

other

i n w h i c h any b l o c k e d

the e f f e c t i v e

date of

If

such t r a n s a c t i o n i s n o t by, or on b e h a l f o f ,
the I n s t i t u t o Espanol de Moneda E x t r a n j e r a ,

writing

o r pursuant

to the

or
any

t h e O r d e r had a n y i n t e r e s t ;

of

effected until

country

than Spain or any n a t i o n a l o f S p a i n , has a t

and

direction

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

be

the I n s t i t u t o E s p a n o l d e Moneda E x t r a n j e r a has c e r t i f i e d

in

t h a t the I n s t i t u t o E s p a n o l de Moneda E x t r a n j e r a has d e t e r m i n e d

that

such t r a n s a c t i o n c o m p l i e s w i t h the c o n d i t i o n s o f paragraphs ( a ) and ( b ) a b o v e .
(2)
T h i s g e n e r a l l i c e n s e a l s o a u t h o r i z e s any payment o r t r a n s f e r from a b l o c k e d a c count in which any n a t i o n a l o f Spain has an i n t e r e s t t o a b l o c k e d a c c o u n t in a d o m e s t i c bank
i n the name o f t h e I n s t i t u t o E s p a n o l de Moneda E x t r a n j e r a ; p r o v i d e d , h o w e v e r , t h a t t h i s
a u t h o r i z a t i o n s h a l l n o t be deemed t o a u t h o r i z e any payment or t r a n s f e r ffrom a b l o c k e d a c c o u n t i n which any n a t i o n a l o f a b l o c k e d c o u n t r y , o t h e r than S p a i n , has an i n t e r e s t , o r has
had an i n t e r e s t a t any time on or s i n c e the e f f e c t i v e d a t e o f the O r d e r .
(3)
E x c e p t a s p r o v i d e d in paragraph ( 2 ) , t h i s g e n e r a l l i c e n s e s h a l l n o t be deemed t o
p e r m i t any payment, t r a n s f e r or w i t h d r a w a l from any b l o c k e d a c c o u n t o t h e r than b l o c k e d a c c o u n t s i n t h e name o f t h e I n s t i t u t o E s p a n o l d e Moneda E x t r a n j e r a , u n t i l t h e I n s t i t u t o
Espanol de Moneda E x t r a n j e r a has c e r t i f i e d , w i t h r e s p e c t t o the t r a n s a c t i o n , as p r o v i d e d in
paragraph ( l ) ( c ) a b o v e .
(4)

This g e n e r a l l i c e n s e s h a l l n o t a p p l y w i t h r e s p e c t

a l s o a n a t i o n a l o f any o t h e r b l o c k e d
(5)

t o any n a t i o n a l o f Spain who i s

country.

A r e p o r t on Form TFR-149 s h a l l be f i l e d p r o m p t l y in d u p l i c a t e w i t h the a p p r o p r i a t e

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 S t a t e s :
(a)

through which any r e m i t t a n c e in e x c e s s o f $ 5 , 0 0 0 o r i g i n a t e s ;

(b)

which i s s u e s ,

(c)

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

in an amount i n e x c e s s

s i n g l e item under the a u t h o r i t y o f

this general

c o n f i r m s , o r a d v i s e s any l e t t e r o f c r e d i t

in excess of $5,000;

or

Acting

*

or

i n v o l v i n g an amount
of

$5,000

for

8832.

July

9193,

2 6.

1 94 1 •

25.

1 941.

July




6.

Ex • Order

1 942;

8963. Dec.

Regulations,

9,

April

1941,
10.

and E x .

1940.

1 944

license.

RANDOLPH PAUL

Secretary

of

the

Treasury

Part 1 3 1 ;
- S e c . 5 ( b ) , 4 0 S t a t . 4 1 5 and 9 6 6 ; S e c . 2 , 4 8 S t a t , j ; 54 S t a t . 1 7 9 ; 5 5
8 3 8 ; E x - O r d e r 8 3 8 9 . A p r i l 1 0 . 1 9 4 0 . a s amended b y E x . O r d e r 8 7 8 5 . J u n e 1 4 , 1 9 4 1 , E x .

Order

any

Add i t i o n a 1
R e p o r t ing
P r o v i s ions
deleted
February 2 1 ,

Order

amended

8998. Dec.
June

14,

26.

1941,

1941?
and

Stat.
Order

Ex.

July

44 - 8