Executive Order 11175—Exclusion for Original or New Canadian Issues as Required for International Monetary Stability

By virtue of the authority vested in me by section 4917(a) of the Internal Revenue Code of 1954, as added by section 2 of the Interest Equalization Tax Act, approved September 2, 1964 (Public Law 88563), by section 301 of title 3 of the United States Code, and as President of the United States, it is hereby determined that the application of the tax imposed by section 4911 of the Internal Revenue Code of 1954, as added by section 2 of the Interest Equalization Tax Act, will have such consequences for Canada as to imperil or threaten to imperil the stability of the international monetary system and it is hereby ordered that the tax imposed by section 4911 of the Internal Revenue Code of 1954 shall not apply to the acquisition by a United States person of stock or a debt obligation of Canada or a political subdivision thereof, any agency or instrumentality of Canada, any corporation, partnership, or trust (other than a company registered under the Investment Company Act of 1940 (54 Stat. 847; 15 U.S.C. 80a-l to 80a-52)) organized under the laws of Canada or a political subdivision thereof, or any individual resident in Canada, to the extent that such stock or debt obligation is acquired as all or part of an original or new issue as to which there is filed the notice of acquisition prescribed by the Secretary of the Treasury or his delegate. The exemption from tax provided in the preceding sentence shall apply to all acquisitions made during the period commencing on July 19, 1963, and continuing until otherwise provided in an amendment of this order.

The Secretary of the Treasury or his delegate is authorized to prescribe from time to time regulations, rulings, directions, and instructions to carry out the purposes of this order.

This order shall be effective upon its filing for publication in the Federal Register.

LYNDON B. JOHNSON

The White House,

September 2, 1964.