Whereas by a Proclamation of the President issued on May 28,1934, pursuant to a Joint Resolution of Congress approved by the President on the same date, it was declared that the prohibition of the sale of arms and munitions of war in the United States to those countries then engaged in armed conflict in the Chaco might contribute to the reestablishment of peace between those countries; and
WHEREAS by virtue of the Joint Resolution and the Proclamation above mentioned it became unlawful to sell arms or munitions of war to Bolivia or Paraguay; and
WHEREAS the Peace Conference in Plenary Session in Buenos Aires formally adopted on October 28, 1935, a Resolution declaring that the war between Bolivia and Paraguay had come to an end; and
WHEREAS the duly authorized representatives of Bolivia and Paraguay reached an agreement in the names of those countries at Buenos Aires on June 12, 1935, and embodied that Agreement in a Protocol of that date as follows:
"Their Excellencies the Ministers of Foreign Affairs of the Republic of Paraguay and of the Republic of Bolivia, having exhibited their full powers, which were found to be in good and due form, decided, under the auspices of the said Mediation Commission, to conclude an agreement, ad referendum to their respective Governments, on the following bases:
The adoption of the following measures of security:
"3. The obligation not to make new purchases of war material, other than that indispensable for replacement, until the conclusion of the Treaty of Peace."
NOW, THEREFORE, I, Franklin D. Roosevelt, President of the United States of America, do hereby declare and proclaim that I have found that the prohibition of the sale of arms and munitions of war in the United States to Bolivia or Paraguay will no longer be necessary as a contribution to the reestablishment of peace between those countries, and the above-mentioned Proclamation of May 28, 1934, is hereby revoked as to the sale of arms and munitions of war to Bolivia or Paraguay from and after November 29, 1935, provided, however, that this action shall not have the effect of releasing or extinguishing any penalty, forfeiture or liability incurred under the aforesaid Proclamation of May 28, 1934, or the Joint Resolution of Congress approved by the President on the same date; and that the said Proclamation and Joint Resolution shall be treated as remaining in force for the purpose of sustaining any proper action or prosecution for the enforcement of such penalty, forfeiture or liability.