§ 447. — Financial transactions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC447]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 9--FOREIGN WARS, WAR MATERIALS, AND NEUTRALITY
SUBCHAPTER II--NEUTRALITY
Sec. 447. Financial transactions
(a) Bonds, securities, or other obligations
Whenever the President shall have issued a proclamation under the
authority of section 441(a) of this title, it shall thereafter be
unlawful for any person within the United States to purchase, sell, or
exchange bonds, securities, or other obligations of the government of
any state named in such proclamation, or of any political subdivision of
any such state, or of any person acting for or on behalf of the
government of any such state, or political subdivision thereof, issued
after the date of such proclamation, or to make any loan or extend any
credit (other than necessary credits accruing in connection with the
transmission of telegraph, cable, wireless and telephone services) to
any such government, political subdivision, or person. The provisions of
this subsection shall also apply to the sale by any person within the
United States to any person in a state named in any such proclamation of
any articles or materials listed in a proclamation referred to in or
issued under the authority of section 452(i) \1\ of this title.
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\1\ See References in Text note below.
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(b) Renewal or adjustment of indebtedness
The provisions of this section shall not apply to a renewal or
adjustment of such indebtedness as may exist on the date of such
proclamation.
(c) Fine and imprisonment
Whoever shall knowingly violate any of the provisions of this
section or of any regulations issued thereunder shall, upon conviction
thereof, be fined not more than $50,000 or imprisoned for not more than
five years, or both. Should the violation be by a corporation,
organization, or association, each officer or director thereof
participating in the violation shall be liable to the penalty herein
prescribed.
(d) Revocation of proclamation
Whenever any proclamation issued under the authority of section
441(a) of this title shall have been revoked with respect to any state
the provisions of this section shall thereupon cease to apply with
respect to such state, except as to offenses committed prior to such
revocation.
(e) Wartime
This section shall not be operative when the United States is at
war.
(Nov. 4, 1939, ch. 2, Sec. 7, 54 Stat. 8; Feb. 21, 1942, ch. 104, 56
Stat. 95.)
References in Text
Section 452(i) of this title, referred to in subsec. (a), was
repealed by act Aug. 26, 1954, ch. 937, title V, Sec. 542(a)(12), 68
Stat. 861. See former section 1934(a) and section 2778(a) of this title.
Amendments
1942--Subsec. (e). Joint Res. Feb. 21, 1942, added subsec. (e).
Operation of Section Postponed Until July 1, 1953
Joint Res. July 3, 1952, ch. 570, Sec. 1(b)(7), 66 Stat. 333, as
amended by Joint Res. Mar. 31, 1953, ch. 13, Sec. 1, 67 Stat. 18,
provided that this section which is normally operative in time of peace
shall not be operative by reason of the termination of a state of war on
Apr. 28, 1952, but rather (in addition to being inoperative, in
accordance with their terms, in time of war) shall continue to be
inoperative until 6 months after the termination of the national
emergency proclaimed by the President on Dec. 16, 1950, 1950 Proc. 2914,
15 F.R. 9029, set out as a note preceding section 1 of Title 50,
Appendix, War and National Defense, or until such earlier date or dates
as the Congress may provide, but in no event beyond Apr. 1, 1953.
Repeal of Prior Acts Continuing Section
Section 6 of Joint Res. July 3, 1952, repealed Joint Res. Apr. 14,
1952, ch. 204, 66 Stat. 54 as amended by Joint Res. May 28, 1952, ch.
339, 66 Stat. 96; Joint Res. June 14, 1952, ch. 437, 66 Stat. 137; Joint
Res. June 30, 1952, ch. 526, 66 Stat. 296, which continued provisions
until July 3, 1952. This repeal shall take effect as of June 16, 1952,
by section 7 of Joint Res. July 3, 1952.
