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Subpart E-General License and Public Circular

Issued by the Governor of Hawaii Sec. 511.401 General License No. H-1. 511.510 Public Circular No. H-10.

AUTHORITY: The provisions of this part 511 issued under sec. 5, 40 Stat. 415, as amended; 50 U.S.C. App.5, E.O. 8389, Apr. 10, 1940, 5 F. R. 1400, as amended by E. O. 8785, June 14, 1941, 6 F. R. 2897, E. O. 8832, July 26, 1941, 6 F. R. 3715, E. O. 8963, Dec. 9, 1941, 6 F. R. 6348, E. O. 8998, Dec. 26, 1941, 6 F. R. 6785, E. O. 9193, July 6, 1942, 7 F. R. 5205; 3 CFR, 1943 Cum. Supp.; E. O. 9989, Aug. 20, 1948, 13 F. R. 4891; 3 CFR, 1948 Supp.

Subpart A-Regulations SOURCE: The provisions of this Subpart A appear at 13 F.R. 9518, Dec. 31, 1948.

Redesignated at 17 F.R. 800, Jan. 26, 1952. § 511.01 Definitions.

(a) The term "order" shall refer to Executive Order No. 8389 of April 10, 1940 (3 CFR, 1943 Cum. Supp.), as amended.

(b) The term “regulations” shall refer to the regulations in this part.

(c) The terms "property” and “property interest" or "property interests" shall include, but not by way of limitation, money, checks, drafts, bullion, bank deposits, savings accounts, any debts, indebtedness or obligations, financial securities commonly dealt in by bankers, brokers, and investment houses, notes, debentures, stocks, bonds, coupons, bankers' acceptances, mortgages, pledges, liens or other right in the nature of security, warehouse receipts, bills of lading, trust receipts, bills of sale, any other evidences of title, ownership or indebtedness, goods, wares, merchandise, chattels, stocks on hand, ships, goods on ships, real estate mortgages, vendors' sales agreements, land contracts, real estate and any interest therein, leaseholds, ground rents, options, negotiable instruments, trade acceptances, royalties, book accounts, accounts payable, judgments, patents, trade-marks, copyrights, contracts or licenses affecting or involving patents, trade-marks or copyrights, insurance policies, safe deposit boxes and their contents, annuities, pooling agreements, contracts of any nature whatsoever, et cetera.

(d) Safe deposit boxes shall be deemed to be in the "custody" not only of all persons having access thereto but also of the lessors of such boxes whether or not such lessors have access to such boxes.

The foregoing shall not in any way be regarded as a limitation upon the meaning of the term "custody."

(e) For the meaning of other terms reference should be made to the definitions contained in the order. In interpreting rulings. licenses, instructions, etc., issued pursuant to the order and regulations, particular attention is directed to the provisions of General Ruling No. 4 (§ 511.204), as from time to time hereafter amended. § 511.02 Licenses.

All applications for licenses to engage in any transaction prohibited by the order or otherwise prohibited pursuant to sections 3(a) or 5(b) of the act of October 6, 1917 (40 Stat. 415), as amended, shall be filed in duplicate with the Federal Reserve Bank of New York, with the exception of applications from the Territory of Hawaii which shall be filed directly with the Secretary of the Treasury, Washington 25, D. C. The applicant shall furnish such information as shall be requested of him by the Secretary of the Treasury or the Federal Reserve Bank of New York. Licenses will be issued by the Secretary of the Treasury, acting directly or through any officers or agencies that he may designate, and by the Federal Reserve Bank of New York, acting in accordance with such regulations, rulings and instructions, as the Secretary of the Treasury may from time to time prescribe, in such cases or classes of cases as the Secretary of the Treasury may determine. The Federal Reserve Bank of New York or the Secretary of the Treasury will advise the applicant of the decision respecting the application. Appropriate forms for applications and licenses will be prescribed by the Secretary of the Treasury. Licensees may be required to file reports upon the consummation of transactions. The decision of the Secretary of the Treasury with respect to an application for license shall be final.

NOTE: Licensing with respect to assets blocked on September 30, 1948, jurisdiction as to which was transferred to the Attorney General by Executive Order No. 9989, is gov. erned by $ 501.50 of this chapter.

§ 511.03 Penalties.

Section 5(b) of the Trading With the Enemy Act of October 6, 1917, as amended, provides in part:

(1) Any payment or transfer to any blocked account held in a name other than that of the blocked country or national thereof who is the ultimate beneficiary of such payment or transfer: or

(2) Any foreign exchange transaction including, but not by way of limitation, any transfer of credit, or payment of an obligation, expressed in terms of the currency of any foreign country.

This general license should not be employed to make any payment or transfer of credit comprising an integral part of a transaction which cannot be effected without the subsequent issuance of a further license.

CROSS REFERENCES: For additional material relating to $ 511.1, see $ $ 511.302 and 511.321. For general ruling with respect to payments or transfers between blocked accounts, see § 511.220.

Whoever willfully violates any of the provisions of this subdivision or of any license, order, rule or regulation issued thereunder, shall, upon conviction, be fined not more than $10,000, or, if a natural person, may be imprisoned for not more than ten years, or both; and any oficer, director, or agent of any corporation who knowingly participates in such violation may be punished by a like fine, imprisonment, or both.

In addition to the provisions of section 5 (b) of the act, section 35 (A) of the United States Criminal Code provides in part:

* whoever shall knowingly and willfully falsify or conceal or cover up by an. trick, scheme, or device a material fact, or make or cause to be made any false or fraudulent statements or representations, or make or use or cause to be made or used any false bill, receipt, voucher, roll account, claim, certificate, affidavit, or deposition, knowing the same to contain any fraudulent or fictitious statement or entry in any matter within the jurisdiction of any department or agency of the United States * * shall be fined not more than $10,000 or imprisoned not more than ten years, or both. Act of April 4, 1938, ch. 69, 52 Stat. 197. § 511.04 Conflicting regulations.

The regulations in this part and any rulings, licenses, or instructions issued hereunder shall not be deemed to authorize any transaction prohibited by reason of any other law, proclamation, order or regulation.

Subpart B-General Licenses SOURCE: The provisions of this Subpart B appear at 17 F.R. 800, Jan. 26, 1952, unless otherwise noted. 511.1 General License No. 1.

A general license is hereby granted authorizing any payment or transfer of credit to a blocked account in a domestic bank in the name of any blocked country or national thereof providing the following terms and conditions are complied with:

(a) Such payment or transfer shall not be made:

(1) From any blocked account in a domestic bank; or

(2) From any other blocked account if such payment or transfer represents, directly or indirectly, a transfer of the interest of a blocked country or national thereof to any other country or person.

(b) This general license shall not be deemed to authorize:

§ 511.2 General License No. 2.

(a) A general license is hereby granted:

(1) Authorizing any banking institution within the United States to debit any blocked account with such banking institution (or with another office within th. 2 United States of such banking institution) in payment or reimbursement for normal service charges owed to such banking institution by the owner of such blocked account;

(2) Authorizing any banking institution within the United States to make book entries against any foreign currency account maintained by it with a banking institution in any blocked country for the purpose of responding to debits to such account for normal service charges in connection therewith.

(b) Any banking institution within the United States which during any quarterly period enters any single item in excess of $500 to any account under the authority of this general license shall file with the appropriate Federal Reserve bank at the end of such quarterly period a report showing the name of such account and the nature and amount of each item in excess of $500 entered to such account under the authority of this general license during such quarterly period.

(c) As used in this general license, the term “normal service charges” shall include charges in payment or reimbursement for interest due; cable, telegraph, or telephone charges; postage costs;

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custody fees; small adjustment charges to correct bookkeeping errors; and, but not by way of limitation, minimum balance charges, account carrying charges, notary and protest fees, and charges for reference books, photostats, credit reports, transcripts of statements, registered mail insurance, stationery and supplies, check books, and other similar items.

NOTE: Section 511.2 was made applicable to accounts referred to under $ 511.206 (General Ruling No. 6) by $ 511.29. For general rulings see $$ 511.201 to 511.220. § 511.4 General License No. 4.

(a) A general license is hereby granted authorizing the bona fide sale of securities on a national securities exchange by banking institutions within the United States for the account, and pursuant to the authorization, of nationals of any of the foreign countries designated in Executive Order No. 8389 of April 10, 1940 (3 CFR, 1943 Cum. Supp.), as amended, and the making and receipt of payments, transfers of credit, and transfers of such securities which are necessary incidents of any such sale: Provided, That:

(1) The proceeds of the sale are credited to an account in the name of the national for whose account the sale was made and in the banking institution within the United States which held the securities for such national; and

(2) This general license shall not be deemed to authorize the sale of any security registered or inscribed in the name of any of the foreign countries designated in Executive Order No. 8389 of April 10, 1940, as amended, or any national thereof, irrespective of the fact that at any time (whether prior to, on, or subsequent to April 10, 1940) the registered or inscribed owner thereof may have, or appears to have, assigned, transferred or otherwise disposed of the security.

(b) Each banking institution making any sales authorized in this section is required to file promptly with the appropriate Federal Reserve bank weekly reports showing the details of the transactions, including a description of the securities sold, the dates of sales, the persons for whose account the sales were made, and the prices obtained.

(c) This amendment of General License No. 4 of June 3, 1940 shall not be deemed to prevent the completion on or prior to June 6, 1950 of purchases and

sales, which were inade prior to June 4, 1940 pursuant to General License No. 4 of securities other than securities registered or inscribed in the name of any of the foreign countries designated in Executive Order No. 8389 of April 10, 1940, as amended, or any national thereof.

(d) Securities issued or guaranteed by the Government of the United States or any state, territory, district, county, municipality or other political subdivision thereof (including agencies and instrumentalities of the foregoing) need not be sold on a national securities exchange: Provided, That such securities are sold at market value and pursuant to all other terms and conditions prescribed in this general license.

NOTE: Section 511.4 was made applicable to accounts referred to under $ 511.206 (General Ruling No. 6) by $ 511.29. For general rulings see $ $ 511.201 to 511.220. For additional material relating to $ 511.4 $ 511.321. § 511.5 General License No. 5.

A general license is hereby granted authorizing the payment from any blocked account to the United States or any agency or instrumentality thereof or to any state, territory, district, county, municipality or political subdivision in the United States, of customs duties, taxes. and fees payable thereto by the owner of such blocked account.

NOTE: Section 511.5 was made applicable to accounts referred to under $ 511.206 (General Ruling No. 6) by $ 511.29. For general rulings see $$ 511.201 to 511.220. § 511.11 General License No. 1l.

(a) Certain payments for living expenses from certain blocked accounts authorized. A general license is hereby granted authorizing payments and transfers of credit in the United States from blocked accounts in domestic banking institutions held in the name of an individual within the United States to or upon the order of such individual, Provided, That:

(1) Such payments and transfers of credit are made for the living, traveling, and similar personal expenses in the United States of such individual or his family; and

(2) The total of all such payments and transfers of credit made under this general license from the accounts of such individual does not exceed $250 in any one calendar month.

(b) Duty of banking institutions acting under this license. Banking institutions effecting any such payment or transfer of credit shall satisfy themselves that the terms of this license are complied with.

(c) Restrictions of General Ruling No. 11A (8 511.211a). Attention is directed to the special restrictions contained in General Ruling No. 11A (§ 511.211a) pertaining to dealings in certain property in which there is any interest of Germany or Japan or certain nationals thereof. § 511.13 General License No. 13.

A general license is hereby granted licensing as generally licensed nationals:

(a) The Bombay and Calcutta offices of the Nederlandsche Indische Handelsbank;

(b) The Djeddah, Calcutta, Bombay and Paramaribo offices of the Nederlandsche Handel-Maatschappij;

(c) The Willemstad (Curacao) offices of: (1) The Curacaosche Bank, (2) The Maduro & Curiel's Bank, (3) The Edwards Henriquez & Co.;

(d) The Oranjestad (Aruba) office of the Aruba Bank;

(e) The Buenos Aires, Caracas and Maracaibo offices of Banco Holandes Unido;

(f) The Rio de Janeiro, Santos and Sao Paulo offices of Banco Hollandez Unido;

(g) The Willemstad and Oranjestad offices of Hollandsche Bank-Unie;

(h) The Haifa and Istanbul offices of Holland Bank Union;

(i) The Netherlands Trading Society East, Ltd., London;

(j) The London office of the Banque Belge pour l'Etranger (Overseas), Limited;

(k) The offices within the generally licensed trade area,

defined in $ 511.53 (General License No. 53), of the Hong Kong & Shanghai Banking Corporation. $ 511.13a General License No. 13A.

A general license is hereby granted licensing as generally licensed nationals:

(a) The New York offices of:

(1) The French American Banking Corporation,

(2) The Banque Belge pour l'Etranger (Overseas), Limited,

(3) The Hellenic Bank Trust Company,
(4) The Bank of Athens Trust Company,

(5) The Bank of Athens Safe Deposit Company of New York,

(6) The Bank of China,
(7) The Philippine National Bank,

(8) The Nederlandsche Handel-Maatschappij;

(b) The New York agencies of:
(1) Credit Suisse,
(2) Swiss Bank Corporation;

(c) Netherlands Trading Society East, Inc., Delaware;

(d) Swiss American Corporation, New York;

(e) China Defense Supplies, Inc., 1601 V Street NW., Washington, D. C.;

(f) Universal Trading Corporation, 630 Fifth Avenue, New York, New York;

(g) The offices in the territory of Hawaii of:

(1) The American Security Bank,
(2) The Honolulu Trust Company,
(3) The Liberty Bank of Honolulu;

(h) The San Francisco office of the Bank of Canton;

(i) The offices within the United States of the Hong Kong & Shanghai Banking Corporation. § 511.25 General License No. 25.

A general license is hereby granted exempting all transactions from the provisions of section 2A (1) of the order. § 511.26 General License No. 26.

A general license is hereby granted under section 2A (2) of Executive Order No. 8389, of April 10, 1940, as amended, authorizing the acquisition by, or transfer to, any person within the United States of any interest in any American Depositary Receipt or American Share physically situated within the United States representing any security or evidence thereof not physically situated within the United States which Receipt or Share was admitted to dealings on a national securities exchange on and prior to July 25, 1940: Provided, however, That this general license shall not be deemed to authorize the issuance of American Depositary Receipts or American Shares against the deposit after July 25, 1940 of any security or evidence thereof not physically situated within the United States: And, provided, That this general license shall not be deemed to authorize any transaction

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prohibited by reason of any provision (or ruling or regulation thereunder) of such order other than section 2A (2). $ 511.27 General License No. 27.

A general license is hereby granted authorizing:

(a) The payment to, and receipt by, a banking institution within the United States of funds or other property representing dividends or interest on securities held by such banking institution in a blocked account; Provided, That the funds or other property are credited to or deposited in a blocked account in the name of the national for whose account the securities were held, and in the banking institution within the United States which held such securities; and

(b) The payment to, and receipt by, a banking institution within the United States of funds payable in respect of securities (including coupons) presented by such banking institution to the proper paying agents within the United States for redemption or collection for the account and pursuant to the authorization of nationals of any blocked country, Provided, That:

(1) The proceeds of the redemption or collection are credited to a blocked account in the name of the national for whose account the redemption or collection was made and in the banking institution within the United States which held the securities for such national; and

NOTE: Section 511.27 was made applicable to accounts referred to under $ 511.206 (General Ruling No. 6) by $ 511.29. For general rulings see $ $ 511.201 to 511.220. For additional material relating to $ 511.27, see $ 511.321. $ 511.28 General License No. 28.

(a) A general license is hereby granted licensing as a generally licensed national: any individual who is:

(1) A citizen of the United States and residing only in the United States; and

(2) A national of any foreign country solely by reason of having been domiciled or resident therein on or since the effective date of the order; Provided, however, That this license shall not be deemed to license as a generally licensed national any individual citizen of the United States who is a national of a foreign country by reason of any fact other than that such individual has been domiciled or resident in such foreign country on or since such effective date.

(b) Reports on Form TFR-300 are not required to be filed with respect to the property interests of any individuals licensed by this section as generally licensed nationals.

(c) This general license shall not be deemed to affect securities or evidences thereof delivered, or required to be delivered, to a Federal Reserve bank under the provisions of General Ruling No. 5, as supplemented, or to authorize any transaction with respect to any such securities or evidences thereof or the proceeds thereof.

NOTE: For General Ruling No. 18 affecting the status of the Philippines, see $ 511.218. § 511.29 General License No. 29.

The provisions of the following sections are hereby made applicable to General Ruling No. 6 (§ 511.206) accounts:

(a) Section 511.2 only with respect to the payment or reimbursement for normal service charges (as therein defined) other than interest due;

(b) Section 511.4;

(c) Section 511.5 only with respect to the payment of withholding taxes on income derived from securities in General Ruling No. 6 accounts; and

(d) Section 511.27: Provided, however, That this section shall not be deemed to authorize the removal of any coupons for collection or

(2) This general license shall not be deemed to authorize the presentment for redemption of any security registered or inscribed in the name of any blocked country, or any national thereof, irrespective of the fact that at any time (whether prior to, on, or subsequent to April 10, 1940) the registered or inscribed owner thereof may have, or appears to have, assigned, transferred or otherwise disposed of the security; and

(c) The performance of such other acts, and the effecting of such other transactions, as may be necessarily incident to any of the foregoing.

This general license shall not be deemed to authorize any payment, transfer or withdrawal from a blocked account in which the issuer of, or other obligor with respect to, a security has an interest if such issuer or obligor is a blocked country or national thereof.

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