Page:United States Statutes at Large Volume 54 Part 2.djvu/1098

 54 STAT.] CANADA-EXCHANGE CONTROL MEASURES-JUNE 18, 1940 2. The foregoing paragraph shall apply to private individuals and not to corporations, companies, associations, firms or partner- ships. 3. Any of the exemptions mentioned above shall lapse if and when such individual becomes a British subject or ceases to be a United States national. 4. In the event similar exchange control measures should be enforced in the United States with respect to individuals ordi- narily resident in the United States who are nationals of Canada and are not nationals of the United States, without like exemp- tions being granted such individuals, the Government of Canada shall consider themselves released from the obligation to continue to grant such of the exemptions provided for in this agreement as may not be accorded to the said individuals. 5. "Foreign currency", as used in this agreement, is defined as meaning any currency (excluding coin) other than Canadian cur- rency, including bank notes and other notes intended to circulate as money in any country outside Canada and also postal notes 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 honor to inform you that an agreement in the terms of the foregoing paragraphs is acceptable to the Government of the United States of America and that this note, and your note under reference, will be regarded as placing on record the understanding arrived at between our Governments concerning this matter. Accept, Sir, the renewed assurances of my highest consideration. PIERREPONT MOFFAT. The Right Honorable The SECRETARY OF STATE iOR EXTEBiNAL AFFAIRB, Ottawa. 2319

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