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Regulation of
transactions in foreign exchange of gold and silver; property transfers;
vested interests, enforcement and penalties.
How Current is This? (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.
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