Full text of Federal Reserve Bank of New York Circulars : 46-07. Foreign Funds Control, General License No. 74, as Amended

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T r e a s u r y D ep artm ent
FOREIGN FUNDS CONTROL
F e b r u a r y 1 9 , 1946

UNDER EXECUTIVE ORDER NO.
5(b)

GENERAL LICENSE NO. 7 4 , AS AMENDED,
8 3 8 9 , AS AMENDED, EXECUTIVE ORDER NO.

OF THE TRADING WITH THE ENEMY ACT,

9193,

AS AMENDED,

SECTION

AS AMENDED BY THE F I RST WAR POWERS ACT,

1941,

RELATING TO FOREIGN FUNDS CONTROL.*

Ge ne ra l

License

No .

74

is

h e r e b y amended

to

read

as

follows:

CERTAIN UNITED STATES CI TI ZENS GENERALLY LICENSED AND PAYMENTS FROM ACCOUNTS OF CERTAIN
OTHER PERSONS AUTHORIZED
(1)
general l i c e n s e

C e r t a i n U n i t e d S t a t e s c i t i i e n s l i c e n s e d as g e n e r a l l y l i c e n s e d n a t i o n a l s .
i s h e r e b y g r a n t e d l i c e n s i n g as a g e n e r a l l y l i c e n s e d n a t i o n a l any c i t i s e n

o f the U n i t e d S t a t e s who
c o u n t r y s o l e l y by r e a s o n
t o June

This

6,

i s w i t h i n any f o r e i g n c o u n t r y and who i s a n a t i o n a l o f a b l o c k e d
of having e s t a b l i s h e d re si d e n ce in a bl oc ked country subsequent

1944.

( 2)
L i m i t e d payments from a c c o u n t s o f o t h e r U n it e d S t a t e s c i t i s e n s a u t h o r i s e d .
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 s e s p a y me n t s and t r a n s f e r s o f c r e d i t f r o m b l o c k e d a c ­

counts

in

Licensed

the

United

Trade

Area,

States
as

for

defined

expenditures
in

General

within

License

the

No.

United

53,

of

States

or

a ny c i t i z e n

t he
of

Generally
the U n i t e d

S t a t e s who is w i t h i n any f o r e i g n c o u n t r y and who i s not e n t i t l e d t o t he b e n e f i t s o f p a r a ­
g r a p h ( 1 ) h e r e o f , p r o v i d e d t h a t t h e f o l l o w i n g terms and c o n d i t i o n s a r e c o m p l i e d w i t h :
(a)

Such payment s and t r a n s f e r s ar e made o n l y f rom b l o c k e d
o f , or in which the b e n e f i c i e l i n t e r e s t i s h e l d b y ,
family;

(b)

The t o t a l o f a l l s u c h payment s and t r a n s f e r s made u n d e r t h i s g e n e r a l l i ­
c e n s e d oe s not e x c e e d $ 1 , 0 0 0 in any one c a l e n d a r month f o r any s u c h c i t i s e n
or

(3)
further

Limited
authorizes

his

a c c o u n t s i n t he name
such c i t i s e n or h i s

family.

p a y me n t s f r o m o t h e r
p a y me n t s

and

blocked

transfers

of

accounts
credit

authorised.

f rom b l o c k e d

This

general

accounts

in

license

t he

United

S t a t e s f o r e x p e n d i t u r e s w i t h i n t h e U n i t e d S t a t e s o r t he G e n e r a l l y L i c e n s e d T r a d e A r e a ,
as d e f i n e d i n G e n e r a l L i c e n s e No. 5 3 , o f any p e r s o n who i s n o t w i t h i n enemy t e r r i t o r y , as
d e f i n e d in Ge n e r a l R u l i n g No. 1 1 , p r o v i d e d t h a t :
(a)

(b)

Such payment s
of,

or

The

total

ce nse does
account.

to

and

t r a n s f e r s ar e made o n l y

i n whi c h t h e
of

all

not

beneficial

s u c h p a y me n t s

exceed

$250

interest
and

f r om b l o c k e d
is

held

transfers

i n any one

calendar

by,

made

accounts

in

the

name

such p er son;
und e r

month

this

general

li­

f rom any s u c h b l o c k e d

(4)
C e r t a i n t r a n s a c t i o n s not a u t h o r i s e d .
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
a u t h o r i s e any r e m i t t a n c e t o a ny b l o c k e d c o u n t r y o r , e x c e p t as e x p r e s s l y e u t h o r i s e d

a b o v e , any o t h e r p a y m e n t , t r a n s f e r , or w i t h d r a w a l
l i c e n s e b y a p e r s o n w i t h i n the U n i t e d S t a t e s who i s

wh i c h c o u l d n o t be e f f e c t e d w i t h o u t a
not a n a t i o n a l o f any b l o c k e d c o u n t r y .

FRED M.

VINSON

S ecreta ry o f the Treasury

• P a r t 1 3 1 ; - S e c . 5 ( b ) , 40 S t a t . 415 and 9 6 6 ; S e c . 2 . 48 S t a t . 1; 5 4 S t a t . 1 7 9 ; 55 S t a t .
8 3 8 ; Ex. Order 8 3 8 9 , A p r i l 10, 1 94 0 , as amended by Ex. Order 8 7 8 5 , June 14, 1 9 4 1 , Ex. Order
8 8 3 2 , J u l y 2 6 , 1 9 4 1 , Ex. Order 8 9 6 3 , De l . 9 , 1 94 1 , and Ex. Order 8 9 9 8 . De c . 2 6 , 1 9 4 1 : Ex.
Order 9 1 9 3 , J u l y 6 , 1 9 4 2 , as amended by Ex. Order 9 5 6 7 , June 8 , 1 9 4 5 : R e g u l a t i o n s , Apr i 1
1 0, 1 9 4 0 , as amended June 14, 1 9 4 1 , and J u l y 2 6 , 1941«




A