Represented:

Ministry for Foreign Affairs (Ambassador Clodius)

Representative for the Four Year Plan (Director of Ministry Gramsch)

Reichsfuehrer S.S.

Foreign Exchange Department

Clearing Institute

Reich Ministry for Economics (various representatives)

O.K.W., Wi Rue Amt (I a M3)

Subject of the Conference:

Utilization of the Belgian Dutch capital investments in South East European corporations.

Result:

After a discussion of several hours the following regulations were considered as necessary:

a. Immediate order by the Reichskommissar for the Netherlands and the Military Commander for Belgium. Issue of a regulation for prohibition of the disposal, destruction or transfer of securities held in these countries, furthermore a compulsory registration of the owners and trustees, an embargo on bank deposits, finally the cancellation of regulations about securities which contain change of locations of firms. (Compare paragraph A of document I a M3 of 23 May 1940.)

b. In addition to this, after thorough consideration, shall be issued a legal regulation corresponding to the German law for foreign exchange regarding the disposal of foreign securities. In this law it shall be made possible to void with retroactive power change of locations of firms which took place since the beginning of the war. Provisions shall be made also for the appointment of Commissars to corporations and holding companies where after expiration of the registration date securities are hidden.

c. In addition to this it shall be put into effect in the South-east states by the Mission chiefs that, where a permit is already required for the transfer of shares, no permit of any kind shall be granted and that in regions where no permit for the sale of shares is necessary, a law for these permits shall be established, but as a matter of principle these permits shall not be granted.

d. Finally the attempt shall be made to gain an influence through the Dutch holding companies over their owned subsidiaries in view of the German economic warfare. (Compare with paragraph B of notice I a M3 of 23 May 1940.)

e. A confiscation of securities shall be disregarded because this would be against international law.

f. The regulation drafts shall be completed by the Reich Ministry of Economics (R.W.M.) with assistance of the Labor Board of the Reich Ministry of Finance (A.A. des R.F.M.) and the Army High Command-Economy Armament Division (O.K.W. Wi Rue Amt.)