(a) Banking institutions within the United States are hereby authorized to complete, on or before July 12, 1963 purchases and sales made prior to the “effective date” of securities purchased or sold for the account of a designated foreign country or any designated national thereof provided the following terms and conditions are complied with, respectively:
(1) The proceeds of such sale are credited to a blocked account in a banking institution in the name of the person for whose account the sale was made; and
(2) The securities so purchased are held in a blocked account in a banking institution in the name of the person for whose account the purchase was made.
(b) This section does not authorize the crediting of the proceeds of the sale of securities held in a blocked account or a subaccount thereof, to a blocked account or subaccount under any name or designation which differs from the name or designation of the specific blocked account or subaccount in which such securities were held.
authority: 22 U.S.C. 2370(a), 6001-6010, 7201-7211;
31 U.S.C. 321(b);
50 U.S.C. 4301-4341; Pub. L. 101-410, 104 Stat. 890 (
28 U.S.C. 2461 note);
22 U.S.C. 6021-6091; Pub. L. 105-277, 112 Stat. 2681; Pub. L. 111-8, 123 Stat. 524; Pub. L. 111-117, 123 Stat. 3034; E.O. 9989, 13 FR 4891, 3 CFR, 1943-1948 Comp., p. 748; Proc. 3447, 27 FR 1085, 3 CFR, 1959-1963 Comp., p. 157; E.O. 12854, 58 FR 36587, 3 CFR, 1993 Comp., p. 614
source: 28 FR 6974, July 9, 1963, unless otherwise noted.
cite as: 31 CFR 515.532