Page:United States Statutes at Large Volume 54 Part 2.djvu/1097

 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [54 STAT. money orders, cheques, travellers' cheques, prepaid letters of credit, bank drafts and other similar instruments payable in any currency other than Canadian currency, and includes any foreign currency on deposit; and "foreign currency on deposit" or "de- posit" means any amount in foreign currency of which a resident has a right to obtain payment by reason of a deposit, credit or balance of any kind at or with a bank, savings bank, trust com- pany, loan company, stockbroker, investment dealer or other similar depositary or any other person or institution designated by the Canadian Foreign Exchange Control Board as a deposi- tary. I have the honour to suggest that if an agreement in the sense of the foregoing paragraphs is acceptable to the Government of the United States this note and your reply thereto in similar terms shall be re- garded as placing on record the understanding arrived at between the two Governments concerning this matter. Accept, Sir, the renewed assurances of my highest consideration. O. D. SKEIaTON for Secretary of State for External Affairs. Hon. J. PIERREPONT MOFFAT, Minister of the United States, Ottawa. The American Minister to the CanadianSecretary of State for ExternalAffairs NO. 7 LEGATION OF THE UNITED STATES OF AMERICA, Ottawa, Canada,June 18, 1940. SIR: Agreement by U.S. I have the honor to refer to your note of today's date proposing an agreement between the Government of the United States of America and the Government of Canada concerning the extension to individuals ordinarily resident in Canada who are nationals of the United States and are not British subjects of certain exemptions from orders and regulations now or hereafter in force respecting the acquisition and disposition of foreign exchange and foreign securities in the following terms: 1. Such individuals will be exempt from any required declara- tion or sale of, and will be permitted freely to use or dispose of, foreign currency and foreign securities held by them (in which no non-exempted resident has any beneficial interest) which were (a) acquired by them before the time of the coming into force of the Foreign Exchange Control Order, viz., before September 16, 1939; or (b) acquired by them subsequent to such time from non- residents of Canada, excluding any foreign currency and for- eign securities so acquired (1) in connection with exports from or imports into Canada of property not exempted by this arement, or (2) as the result of business carried on in Canada. 2318

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