§ 95a. — Regulation of transactions in foreign exchange of gold and silver; property transfers; vested interests, enforcement and penalties.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC95a]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER IV--REGULATION OF THE BANKING BUSINESS; POWERS AND DUTIES OF
NATIONAL BANKS
Sec. 95a. Regulation of transactions in foreign exchange of gold
and silver; property transfers; vested interests, enforcement
and penalties
(1) During the time of war, the President may, through any agency
that he may designate, and under such rules and regulations as he may
prescribe, by means of instructions, licenses, or otherwise--
(A) investigate, regulate, or prohibit, any transactions in
foreign exchange, transfers of credit or payments between, by,
through, or to any banking institution, and the importing,
exporting, hoarding, melting, or earmarking of gold or silver coin
or bullion, currency or securities, and
(B) investigate, regulate, direct and compel, nullify, void,
prevent or prohibit, any acquisition holding, withholding, use,
transfer, withdrawal, transportation, importation or exportation of,
or dealing in, or exercising any right, power, or privilege with
respect to, or transactions involving, any property in which any
foreign country or a national thereof has any interest,
by any person, or with respect to any property, subject to the
jurisdiction of the United States; and any property or interest of any
foreign country or national thereof shall vest, when, as, and upon the
terms, directed by the President, in such agency or person as may be
designated from time to time by the President, and upon such terms and
conditions as the President may prescribe such interest or property
shall be held, used, administered, liquidated, sold, or otherwise dealt
with in the interest of and for the benefit of the United States, and
such designated agency or person may perform any and all acts incident
to the accomplishment or furtherance of these purposes; and the
President shall, in the manner hereinabove provided, require any person
to keep a full record of, and to furnish under oath, in the form of
reports or otherwise, complete information relative to any act or
transaction referred to in this subdivision either before, during, or
after the completion thereof, or relative to any interest in foreign
property, or relative to any property in which any foreign country or
any national thereof has or has had any interest, or as may be otherwise
necessary to enforce the provisions of this subdivision, and in any case
in which a report could be required, the President may, in the manner
hereinabove provided, require the production, or if necessary to the
national security or defense, the seizure, of any books of account,
records, contracts, letters, memoranda, or other papers, in the custody
or control of such person.
(2) Any payment, conveyance, transfer, assignment, or delivery of
property or interest therein, made to or for the account of the United
States, or as otherwise directed, pursuant to this section or any rule,
regulation, instruction, or direction issued hereunder shall to the
extent thereof be a full acquittance and discharge for all purposes of
the obligation of the person making the same; and no person shall be
held liable in any court for or in respect to anything done or omitted
in good faith in connection with the administration of, or in pursuance
of and in reliance on, this section, or any rule, regulation,
instruction, or direction issued hereunder.
(3) As used in this subdivision the term ``United States'' means the
United States and any place subject to the jurisdiction thereof;
Provided, however, That the foregoing shall not be construed as a
limitation upon the power of the President, which is hereby conferred,
to prescribe from time to time, definitions, not inconsistent with the
purposes of this subdivision, for any or all of the terms used in this
subdivision. As used in this subdivision the term ``person'' means an
individual, partnership, association, or corporation.
(4) The authority granted to the President by this section does not
include the authority to regulate or prohibit, directly or indirectly,
the importation from any country, or the exportation to any country,
whether commercial or otherwise, regardless of format or medium of
transmission, of any information or informational materials, including
but not limited to, publications, films, posters, phonograph records,
photographs, microfilms, microfiche, tapes, compact disks, CD ROMs,
artworks, and news wire feeds. The exports exempted from regulation or
prohibition by this paragraph do not include those which are otherwise
controlled for export under section 2404 of title 50, Appendix, or under
section 2405 of title 50, Appendix to the extent that such controls
promote the nonproliferation or antiterrorism policies of the United
States, or with respect to which acts are prohibited by chapter 37 of
title 18.
(Oct. 6, 1917, ch. 106, Sec. 5(b), 40 Stat. 415; Sept. 24, 1918, ch.
176, Sec. 5, 40 Stat. 966; Mar. 9, 1933, ch. 1, title I, Sec. 2, 48
Stat. 1; May 7, 1940, ch. 185, Sec. 1, 54 Stat. 179; Dec. 18, 1941, ch.
593, title III, Sec. 301, 55 Stat. 839; Proc. No. 2695, eff. July 4,
1946, 11 F.R. 7517, 69 Stat. 1352; Pub. L. 95-223, title I,
Secs. 101(a), 102, 103(b), Dec. 28, 1977, 91 Stat. 1625, 1626; Pub. L.
100-418, title II, Sec. 2502(a)(1), Aug. 23, 1988, 102 Stat. 1371; Pub.
L. 103-236, title V, Sec. 525(b)(1), Apr. 30, 1994, 108 Stat. 474.)
Codification
Section 5(b) of act Oct. 6, 1917, is part of the Trading with the
Enemy Act and is also classified to section 5(b) of the Appendix to
Title 50, War and National Defense.
Words ``, including the Philippine Islands, and the several courts
of first instance of the Commonwealth of the Philippine Islands shall
have jurisdiction in all cases, civil or criminal, arising under this
section in the Philippine Islands and concurrent jurisdiction with the
district courts of the United States of all cases, civil or criminal,
arising upon the high seas'' following ``to the jurisdiction thereof:''
in subsec. (3) were omitted on authority of 1946 Proc. No. 2695, which
granted the Philippine Islands independence, and which was issued
pursuant to section 1394 of Title 22, Foreign Relations and Intercourse.
Proc. No. 2695 is set out as a note under section 1394 of Title 22.
Amendments
1994--Par. (4). Pub. L. 103-236 amended par. (4) generally. Prior to
amendment, par. (4) read as follows: ``The authority granted to the
President in this section does not include the authority to regulate or
prohibit, directly or indirectly, the importation from any country, or
the exportation to any country, whether commercial or otherwise, of
publications, films, posters, phonograph records, photographs,
microfilms, microfiche, tapes, or other informational materials, which
are not otherwise controlled for export under section 2404 of title 50,
Appendix, or with respect to which no acts are prohibited by chapter 37
of title 18.''
1988--Par. (4). Pub. L. 100-418 added par. (4).
1977--Par. (1). Pub. L. 95-223, Secs. 101(a), 102, substituted
``During the time of war, the President may, through any agency that he
may designate, and under such rules and regulations'' for ``During the
time of war or during any other period of national emergency declared by
the President, the President may, through any agency, that he may
designate, or otherwise, and under such rules and regulations'' in the
provisions preceding subpar. (A), and, in the provisions following
subpar. (B), struck out ``; and the President may, in the manner
hereinabove provided, take other and further measures not inconsistent
herewith for the enforcement of the subdivision'' after ``control of
such person''.
Par. (3). Pub. L. 95-223, Sec. 103(b), struck out provisions that
whoever willfully violated any of the provisions of this subdivision or
of any license, order, rule, or regulation issued thereunder, could be
fined not more than $10,000, or, if a natural person, could be
imprisoned for not more than ten years, or both; and that any officer,
director, or agent of any corporation who knowingly participated in that
violation could be punished by a like fine, imprisonment, or both.
1941--Act Dec. 18, 1941, broadened the powers of the President to
take, administer, control, use and liquidate foreign-owned property and
added a flexibility of control which enabled the President and the
agencies designated by him to cope with the problems surrounding alien
property, its ownership or control, on the basis of the particular facts
in each case.
1940--Act May 7, 1940, included dealings in evidences of
indebtedness or ownership of property in which foreign states, nationals
or political subdivisions thereof have an interest.
1933--Act Mar. 9, 1933, amended section generally by, among other
things, extending the President's power to any time of war or national
emergency, by permitting regulations to be issued by any agency
designated by the President, by providing for the furnishing under oath
of complete information relative to transactions under this section and
by placing sanctions on violations to the extent of a $10,000 fine or
ten years imprisonment.
1918--Act Sept. 24, 1918, inserted provisions relating to the
hoarding or melting of gold or silver coin or bullion or currency and to
the regulation of transactions in bonds or certificates of indebtedness.
Delegation of Powers
Delegation of President's powers under this section to Secretary of
the Treasury and Alien Property Custodian; and transfer of Alien
Property Custodian's powers to Attorney General, see Ex. Ord. Nos. 9095
and 9788, set out as notes under section 6 of the Appendix to Title 50,
War and National Defense.
All powers conferred upon President by this section delegated to
Secretary of the Treasury by Memorandum of the President dated Feb. 12,
1942, 7 F.R. 1409.
Administration of Export Administration Act
For provisions relating to the administration of the Export
Administration Act, see Executive Orders set out as notes under section
2403 of Title 50, Appendix, War and National Defense.
Limitation on Exercise of Emergency Authorities
Section 525(b)(2) of Pub. L. 103-236 provided that: ``The
authorities conferred upon the President by section 5(b) of the Trading
With the Enemy Act [this section], which were being exercised with
respect to a country on July 1, 1977, as a result of a national
emergency declared by the President before such date, and are being
exercised on the date of the enactment of this Act [Apr. 30, 1994], do
not include the authority to regulate or prohibit, directly or
indirectly, any activity which, under section 5(b)(4) of the Trading
With the Enemy Act, as amended by paragraph (1) of this subsection, may
not be regulated or prohibited.''
Section 2502(a)(2) of Pub. L. 100-418 provided that: ``The
authorities conferred upon the President by section 5(b) of the Trading
With the Enemy Act [this section], which were being exercised with
respect to a country on July 1, 1977, as a result of a national
emergency declared by the President before such date, and are being
exercised on the date of the enactment of this Act [Aug. 23, 1988], do
not include the authority to regulate or prohibit, directly or
indirectly, any activity which, under section 5(b)(4) of the Trading
With the Enemy Act, as added by paragraph (1) of this subsection, may
not be regulated or prohibited.''
Extension and Termination of National Emergency Powers Under the Trading
With the Enemy Act
Section 101(b), (c) of Pub. L. 95-223 provided that:
``(b) Notwithstanding the amendment made by subsection (a) [amending
par. (1) of this section], the authorities conferred upon the President
by section 5(b) of the Trading With the Enemy Act [this section], which
were being exercised with respect to a country on July 1, 1977, as a
result of a national emergency declared by the President before such
date, may continue to be exercised with respect to such country, except
that, unless extended, the exercise of such authorities shall terminate
(subject to the savings provisions of the second sentence of section
101(a) of the National Emergencies Act [section 1601(a) of Title 50, War
and National Defense]) at the end of the two-year period beginning on
the date of enactment of the National Emergencies Act [Sept 14, 1976].
The President may extend the exercise of such authorities for one-year
periods upon a determination for each such extension that the exercise
of such authorities with respect to such country for another year is in
the national interest of the United States.
``(c) The termination and extension provisions of subsection (b) of
this section supersede the provisions of section 101(a) [section 1601(a)
of Title 50, War and National Defense] and of title II [section 1621 et
seq. of Title 50] of the National Emergencies Act to the extent that the
provisions of subsection (b) of this section are inconsistent with those
provisions.''
Removal of Limitations and Restraints in Financing Exports
Pub. L. 92-126, Sec. 2, Aug. 17, 1971, 85 Stat. 346, provided that:
``In connection with section 2 of Executive Order Number 11387, dated
January 1, 1968 [formerly set out below] and any rule, regulation, or
guideline established by the Board of Governors of the Federal Reserve
System in connection with a voluntary foreign credit restraint program,
there shall be no limitation or restraint, or suggestion that there be a
limitation or restraint, on the part of any bank or financial
institution in connection with the extension of credit for the purpose
of financing exports of the United States.''
World War II Alien Property Custodian
Reestablishment and termination of Office of Alien Property
Custodian during World War II, see notes under section 6 of the Appendix
to Title 50, War and National Defense.
Diplomatic Property of Germany and Japan
Ex. Ord. No. 9760, July 24, 1946, 11 F.R. 7999, set out in notes to
section 6 of Title 50, Appendix, War and National Defense, supersedes
conflicting provisions of Ex. Ord. No. 8389, set out below.
Executive Order No. 6260
Ex. Ord. No. 6260, Aug. 28, 1933, as amended by Ex. Ord. No. 6359,
Oct. 25, 1933; Ex. Ord. No. 6556, Jan. 12, 1934; Ex. Ord. No. 6560, Jan.
15, 1934; Ex. Ord. No. 10896, Nov. 29, 1960, 25 F.R. 12281; Ex. Ord. No.
10905, Jan. 14, 1961, 26 F.R. 321; Ex. Ord. No. 11037, July 20, 1962, 27
F.R. 6967, formerly set out as a note under this section, which related
to the hoarding, export, and earmarking of gold coin, bullion, or
currency, and transactions in foreign exchange, was revoked by Ex. Ord.
No. 11825, Dec. 31, 1974, 40 F.R. 1003, set out below.
Executive Order No. 6560
Ex. Ord. No. 6560, Jan. 15, 1934, as amended by Ex. Ord. No. 8389.
April 10, 1940, 6 p.m. E. S. T., 5 F.R. 1400; Ex. Ord. No. 8405, May 10,
1940, 7:55 a.m. E. S. T., 5 F.R. 1677; Ex. Ord. No. 8493, July 25, 1940,
5 F.R. 2667, formerly set out as a note under this section, which
declared the existence of a national emergency and prescribed
regulations for the investigation, regulation, and prohibition of
transactions in foreign exchange, transfers of credit between or
payments by banking institutions, and export of currency or silver coin
by persons within the United States or subject to its jurisdiction, was
based on authority of section 95a of this title (act Oct. 6, 1917, ch.
106, Sec. 5(b), 40 Stat. 415, comprising part of the Trading With the
Enemy Act) which was amended in 1977 to remove the powers of the
President to regulate transactions during a period of national emergency
other than a war.
Ex. Ord. No. 8389. Regulating Transactions in Foreign Exchange and
Foreign-Owned Property, Providing for the Reporting of All Foreign-Owned
Property
Ex. Ord. No. 8389, Apr. 10, 1940, 5 F.R. 1400, as amended by Ex.
Ord. No. 8405, May 10, 1940, 5 F.R. 1677; Ex. Ord. No. 8446, June 17,
1940, 5 F.R. 2279; Ex. Ord. No. 8484, July 15, 1940, 5 F.R. 2586; Ex.
Ord. No. 8493, July 25, 1940, 5 F.R. 2667; Ex. Ord. No. 8565, Oct. 10,
1940, 5 F.R. 4062; Ex. Ord. No. 8701, Mar. 4, 1941, 6 F.R. 1285; Ex.
Ord. No. 8711, Mar. 13, 1941, 6 F.R. 1443; Ex. Ord. No. 8721, Mar. 24,
1941, 6 F.R. 1622; Ex. Ord. No. 8746, Apr. 28, 1941, 6 F.R. 2187; Ex.
Ord. No. 8785, June 14, 1941, 6 F.R. 2897; Ex. Ord. No. 8832, July 26,
1941, 6 F.R. 3715; Ex. Ord. No. 8963, Dec. 9, 1941, 6 F.R. 6348; Ex.
Ord. No. 8998, Dec. 26, 1941, 6 F.R. 6787, provided:
section 1. certain foreign banking transactions prohibited
All of the following transactions are prohibited, except as
specifically authorized by the Secretary of the Treasury by means of
regulations, rulings, instructions, licenses, or otherwise, if (i) such
transactions are by, or on behalf of, or pursuant to the direction of
any foreign country designated in this Order, or any national thereof,
or (ii) such transactions involve property in which any foreign country
designated in this Order, or any national thereof, has at any time on or
since the effective date of this Order had any interest of any nature
whatsoever, direct or indirect:
A. All transfers of credit between any banking institutions within
the United States; and all transfers of credit between any banking
institution within the United States and any banking institution outside
the United States (including any principal, agent, home office, branch,
or correspondent outside the United States, of a banking institution
within the United States);
B. All payments by or to any banking institution within the United
States;
C. All transactions in foreign exchange by any person within the
United States;
D. The export or withdrawal from the United States, or the
earmarking of gold or silver coin or bullion or currency by any person
within the United States;
E. All transfers, withdrawals or exportations of, or dealings in,
any evidences of indebtedness or evidences of ownership of property by
any person within the United States; and
F. Any transaction for the purpose or which has the effect of
evading or avoiding the foregoing prohibitions.
section 2. dealings in foreign securities; regulations
A. All of the following transactions are prohibited, except as
specifically authorized by the Secretary of the Treasury by means of
regulations, rulings, instructions, licenses, or otherwise:
(1) The acquisition, disposition or transfer of, or other dealing
in, or with respect to, any security or evidence thereof on which there
is stamped or imprinted, or to which there is affixed or otherwise
attached, a tax stamp or other stamp of a foreign country designated in
this Order or a notarial or similar seal which by its contents indicates
that it was stamped, imprinted, affixed or attached within such foreign
country, or where the attendant circumstances disclose or indicate that
such stamp or seal may, at any time, have been stamped, imprinted,
affixed or attached thereto; and
(2) The acquisition by, or transfer to, any person within the United
States of any interest in any security or evidence thereof if the
attendant circumstances disclose or indicate that the security or
evidence thereof is not physically situated within the United States.
B. The Secretary of the Treasury may investigate, regulate, or
prohibit under such regulations, rulings, or instructions as he may
prescribe, by means of licenses or otherwise, the sending, mailing,
importing or otherwise bringing, directly or indirectly, into the United
States, from any foreign country, of any securities or evidences thereof
or the receiving or holding in the United States of any securities or
evidences thereof so brought into the United States.
section 3. foreign countries affected; effective date of prohibitions
The term ``foreign country designated in this Order'' means a
foreign country included in the following schedule, and the term
``effective date of this Order'' means with respect to any such foreign
country, or any national thereof, the date specified in the following
schedule:
(a) April 8, 1940--
Norway and
Denmark;
(b) May 10, 1940--
The Netherlands,
Belgium and
Luxembourg;
(c) June 17, 1940--
France (including Monaco);
(d) July 10, 1940--
Latvia, Estonia and
Lithuania;
(e) October 9, 1940--
Rumania;
(f) March 4, 1941--
Bulgaria;
(g) March 13, 1941--
Hungary;
(h) March 24, 1941--
Yugoslavia;
(i) April 28, 1941--
Greece; and
(j) June 14, 1941--
Albania,
Andorra,
Austria,
Czechoslovakia,
Danzig,
Finland,
Germany,
Italy,
Liechtenstein,
Poland,
Portugal,
San Marino,
Spain,
Sweden,
Switzerland, and
Union of Soviet Socialist Republics;
(k) June 14, 1941--
China and
Japan;
(l) June 14, 1941--
Thailand;
(m) June 14, 1941--
Hong Kong.
The ``effective date of this Order'' with respect to any foreign
country not designated in this Order shall be deemed to be June 14,
1941.
section 4. records of foreign banking and security transactions;
investigations
A. The Secretary of the Treasury and/or the Attorney General may
require, by means of regulations, rulings, instructions, or otherwise,
any person to keep a full record of, and to furnish under oath, in the
form of reports or otherwise, from time to time and at any time or
times, complete information relative to, any transaction referred to in
section 5(b) of the Act of October 6, 1917 (40 Stat. 415) [this
section], as amended, or relative to any property in which any foreign
country or any national thereof has any interest of any nature
whatsoever, direct or indirect, including the production of any books of
account, contracts, letters, or other papers, in connection therewith,
in the custody or control of such person, either before or after such
transaction is completed; and the Secretary of the Treasury and/or the
Attorney General may, through any agency, investigate any such
transaction or act, or any violation of the provisions of this Order.
B. Every person engaging in any of the transactions referred to in
sections 1 and 2 of this Order shall keep a full record of each such
transaction engaged in by him, regardless of whether such transaction is
effected pursuant to license or otherwise, and such record shall be
available for examination for at least one year after the date of such
transaction.
section 5. definitions
A. As used in the first paragraph of section 1 of this Order
``transactions (which) involve property in which any foreign country
designated in this Order, or any national thereof, has * * * any
interest of any nature whatsoever, direct or indirect,'' shall include
but not by way of limitation (i) any payment or transfer to any such
foreign country or national thereof, (ii) any export or withdrawal from
the United States to such foreign country, and (iii) any transfer of
credit, or payment of an obligation, expressed in terms of the currency
of such foreign country.
B. The term ``United States'' means the United States and any place
subject to the jurisdiction thereof, and the term ``continental United
States'' means the States of the United States, the District of
Columbia, and the Territory of Alaska: Provided, however, That for the
purposes of this Order the term ``United States'' shall not be deemed to
include any territory included within the term ``foreign country'' as
defined in paragraph D of this section.
C. The term ``person'' means an individual, partnership,
association, corporation, or other organization.
D. The term ``foreign country'' shall include, but not by way of
limitation,
(i) The state and the government thereof on the effective date of
this Order as well as any political subdivision, agency, or
instrumentality thereof or any territory, dependency, colony,
protectorate, mandate, dominion, possession or place subject to the
jurisdiction thereof.
(ii) Any other government (including any political subdivision,
agency, or instrumentality thereof) to the extent and only to the extent
that such government exercises or claims to exercise de jure or de facto
sovereignty over the area which on such effective date constituted such
foreign country, and
(iii) Any territory which on or since the effective date of this
Order is controlled or occupied by the military, naval or police forces
or other authority of such foreign country;
(iv) Any person to the extent that such person is, or has been, or
to the extent that there is reasonable cause to believe that such person
is, or has been, since such effective date, acting or purporting to act
directly or indirectly for the benefit or on behalf of any of the
foregoing. Hong Kong shall be deemed to be a foreign country within the
meaning of this subdivision.
E. The term ``national'' shall include,
(i) Any person who has been domiciled in, or a subject, citizen or
resident of a foreign country at any time on or since the effective date
of this Order,
(ii) Any partnership, association, corporation or other
organization, organized under the laws of, or which on or since the
effective date of this Order had or has had its principal place of
business in such foreign country, or which on or since such effective
date was or has been controlled by, or a substantial part of the stock,
shares, bonds, debentures, notes, drafts, or other securities or
obligations of which, was or has been owned or controlled by, directly
or indirectly, such foreign country and/or one or more nationals thereof
as herein defined.
(iii) Any person to the extent that such person is, or has been,
since such effective date, acting or purporting to act directly or
indirectly for the benefit or on behalf of any national of such foreign
country, and
(iv) Any other person who there is reasonable cause to believe is a
``national'' as herein defined.
In any case in which by virtue of the foregoing definition a person is a
national of more than one foreign country, such person shall be deemed
to be a national of each such foreign country. In any case in which the
combined interests of two or more foreign countries designated in this
Order and/or nationals thereof are sufficient in the aggregate to
constitute, within the meaning of the foregoing, control of 25 per
centum or more of the stock, shares, bonds, debentures, notes, drafts,
or other securities or obligations of a partnership, association,
corporation or other organization, but such control or a substantial
part of such stock, shares, bonds, debentures, notes, drafts, or other
securities or obligations is not held by any one such foreign country
and/or national thereof, such partnership, association, corporation or
other organization shall be deemed to be a national of each of such
foreign countries. The Secretary of the Treasury shall have full power
to determine that any person is or shall be deemed to be a ``national''
within the meaning of this definition, and the foreign country of which
such person is or shall be deemed to be a national. Without limitation
of the foregoing, the term ``national'' shall also include any other
person who is determined by the Secretary of the Treasury to be, or to
have been, since such effective date, acting or purporting to act
directly or indirectly for the benefit or under the direction of a
foreign country designated in this Order or national thereof, as herein
defined.
F. The term ``banking institution'' as used in this Order shall
include any person engaged primarily or incidentally in the business of
banking, of granting or transferring credits, or of purchasing or
selling foreign exchange or procuring purchasers and sellers thereof, as
principal or agent, or any person holding credits for others as a direct
or incidental part of his business, or brokers, and each principal,
agent, home office, branch or correspondent of any person so engaged
shall be regarded as a separate ``banking institution''.
G. The term ``this Order'', as used herein, shall mean Executive
Order No. 8389 of April 10, 1940, as amended.
section 6. construction with ex. ord. no. 6560; saving clause
Executive Order No. 8389 of April 10, 1940, as amended, shall no
longer be deemed to be an amendment to or a part of Executive Order No.
6560 of January 15, 1934. Executive Order No. 6560 of January 15, 1934,
and the Regulations of November 12, 1934, are hereby modified in so far
as they are inconsistent with the provisions of this Order, and except
as so modified, continue in full force and effect. Nothing herein shall
be deemed to revoke any license, ruling, or instruction now in effect
and issued pursuant to Executive Order No. 6560 of January 15, 1934, as
amended, or pursuant to this Order; provided, however, that all such
licenses, rulings, or instructions shall be subject to the provisions
hereof. Any amendment, modification or revocation by or pursuant to the
provisions of this Order of any orders, regulations, rulings,
instructions or licenses shall not affect any act done, or any suit or
proceeding had or commenced in any civil or criminal case prior to such
amendment, modification or revocation, and all penalties, forfeitures
and liabilities under any such orders, regulations, rulings,
instructions or licenses shall continue and may be enforced as if such
amendment, modification or revocation had not been made.
section 7. regulations by secretary of the treasury
Without limitation as to any other powers or authority of the
Secretary of the Treasury or the Attorney General under any other
provision of this Order, the Secretary of the Treasury is authorized and
empowered to prescribe from time to time regulations, rulings, and
instructions to carry out the purposes of this Order and to provide
therein or otherwise the conditions under which licenses may be granted
by or through such officers or agencies as the Secretary of the Treasury
may designate, and the decision of the Secretary with respect to the
granting, denial or other disposition of an application or license shall
be final.
section 8. offenses and penalties under act oct. 6, 1917
Section 5(b) of the Act of October 6, 1917, as amended, provides in
part:
``* * * Whoever willfully violates any of the provisions of this
subdivision or of any license, order, rule or regulation issued
thereunder, shall, upon conviction, be fined not more than $10,000, or,
if a natural person, may be imprisoned for not more than ten years, or
both; and any officer, director, or agent of any corporation who
knowingly participates in such violation may be punished by a like fine,
imprisonment, or both.''
section 9. amendments of order and regulations prescribed thereunder
This Order and any regulations, rulings, licenses or instructions
issued hereunder may be amended, modified or revoked at any time.
[Ex. Ord. No. 8389 and the regulations and general rulings issued
thereunder by the Secretary of the Treasury were approved and confirmed
by Res. May 7, 1940, ch. 185, Sec. 2, 54 Stat. 179.]
[Ex. Ord. No. 9760, July 24, 1946, 11 F.R. 7999, 50 U.S.C. App.,
Sec. 6 note, relating to diplomatic property of Germany and Japan in the
United States, supersedes conflicting provisions of Ex. Ord. No. 8389,
set out above.]
Executive Orders Nos. 8446, 8484, 8565, 8701, 8711, 8721, 8746
The application of Ex. Ord. No. 6560, Secs. 9 to 14, to French
property by Ex. Ord. No. 8446, 5 F.R. 2279; to Latvian, Estonian and
Lithuanian property by Ex. Ord. No. 8484, 5 F.R. 2586; to Rumanian
property by Ex. Ord. No. 8565, 5 F.R. 4062; to Bulgarian property by Ex.
Ord. No. 8701, 6 F.R. 1285; to Hungarian property by Ex. Ord. No. 8711,
6 F.R. 1443; to Yugoslav property by Ex. Ord. No. 8721, 6 F.R. 1622; to
Greek property by Ex. Ord. No. 8746, 6 F.R. 2187, was incorporated in
the provisions of Ex. Ord. No. 8389 as amended by Ex. Ord. No. 8785, set
out above.
Ex. Ord. No. 9747. Functions of Alien Property Custodian and Treasury
Department Continued in Philippines
Ex. Ord. No. 9747, July 3, 1946, 11 F.R. 7518, provided:
The terms and provisions of Executive Order 9095 of March 11, 1942,
as amended [formerly set out as a note under section 6 of the Appendix
to Title 50, War and National Defense], and Executive Order No. 8389 of
April 10, 1940, as amended [set out above], shall continue in force in
the Philippines after July 4, 1946, and all powers and authority
delegated by the said Executive Orders to the Alien Property Custodian
and to the Secretary of the Treasury, respectively, shall after July 4,
1946, continue to be exercised in the Philippines by the said officers,
respectively, as therein provided.
Executive Order No. 10348
Ex. Ord. No. 10348, Apr. 26, 1952, 17 F.R. 3769, which provided that
Ex. Ord. No. 8389, Apr. 10, 1940, 5 F.R. 1400, as amended, set out
above, and all delegations, designations, regulations, rulings,
instructions, and licenses issued under such order, should be continued
in force according to their terms for the duration of the period of the
national emergency proclaimed by Proclamation No. 2914 of December 16,
1950, set out as a note preceding section 1 of the Appendix to Title 50,
War and National Defense, was superseded by Ex. Ord. No. 11281, May 13,
1966, 31 F.R. 7215, set out as a note under section 6 of the Appendix to
Title 50.
Executive Order No. 11387
Ex. Ord. No. 11387, Jan. 1, 1968, 33 F.R. 47, which prohibited
transfers of capital to or within a foreign country or to any national
thereof outside the United States by a person subject to the
jurisdiction of the United States who owns a 10 percent interest in a
foreign business venture, was revoked by Ex. Ord. No. 12553, Feb. 25,
1986, 51 F.R. 7237.
Ex. Ord. No. 11825. Revocation of Executive Orders Pertaining to
Regulation of Acquisition of, Holding of, or Other Transactions in Gold
Ex. Ord. No. 11825, Dec. 31, 1974, 40 F.R. 1003, provided:
By virtue of the authority vested in me by section 1 of the Act of
August 8, 1950, 64 Stat. 419, and section 5(b) of the Act of October 6,
1917, as amended (12 U.S.C. 95a) [this section], and as President of the
United States, and in view of the provisions of section 3 of Public Law
93-110, 87 Stat. 352, as amended by section 2 of Public Law 93-373, 88
Stat. 445, [set out as notes under section 442 of former Title 31, Money
and Finance], it is ordered as follows:
Section 1. Executive Order No. 6260 of August 28, 1933, as amended
by Executive Order No. 6359 of October 25, 1933, Executive Order No.
6556 of January 12, 1934, Executive Order No. 6560 of January 15, 1934,
Executive Order No. 10896 of November 29, 1960, Executive Order No.
10905 of January 14, 1961, and Executive Order No. 11037 of July 20,
1962; the fifth and sixth paragraphs of Executive Order No. 6073, March
10, 1933 [formerly set out as a note under section 95 of this title];
sections 3 and 4 of Executive Order No. 6359 of October 25, 1933
[formerly set out as a note under section 248 of this title]; and
paragraph 2(d) of Executive Order No. 10289 of September 17, 1951 [set
out as a note under section 301 of Title 3, The President], are hereby
revoked.
Section 2. The revocation, in whole or in part, of such prior
Executive orders relating to regulation on the acquisition of, holding
of, or other transactions in gold shall not affect any act completed, or
any right accruing or accrued, or any suit or proceeding finished or
started in any civil or criminal cause prior to the revocation, but all
such liabilities, penalties, and forfeitures under the Executive orders
shall continue and may be enforced in the same manner as if the
revocation had not been made.
This order shall become effective on December 31, 1974.
Gerald R. Ford.
Section Referred to in Other Sections
This section is referred to in sections 95b, 212, 3409, 3413 of this
title; title 22 sections 6004, 6005; title 31 section 5315.
