[Code of Federal Regulations]
[Title 19, Volume 1]
[Revised as of April 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 19CFR114.12]

[Page 508-509]
 
                        TITLE 19--CUSTOMS DUTIES
 
  CHAPTER I--UNITED STATES CUSTOMS SERVICE, DEPARTMENT OF THE TREASURY
 
PART 114--CARNETS--Table of Contents
 
            Subpart B--Issuing and Guaranteeing Associations
 
Sec. 114.12  Termination of approval.

    (a) For cause. The Commissioner may suspend or revoke the approval 
previously given to any issuing association or guaranteeing association 
for failure or refusal to comply with the duties, obligations, or 
requirements set forth in its written undertaking on which the approval 
was based; in the applicable Customs Convention; or in the customs 
regulations; or upon termination of the affiliation with an appropriate 
international organization required by Sec. 114.11(a). Before such 
suspension or revocation, the Commissioner shall give the association a 
reasonable opportunity to refute the alleged failure of compliance.
    (b) Withdrawal. To be relieved of future obligations, an approved 
guaranteeing association must notify the

[[Page 509]]

Commissioner, in writing, not less than 6 months in advance of a 
specified termination date that it will not guarantee the payment of 
obligations under carnets accepted by district directors of Customs 
after the specified date. The receipt of such notice by the Commissioner 
will in no way affect the responsibility of the guaranteeing association 
for payment of claims on carnets accepted by district directors before 
the designated termination date.
    (c) Notice. Notice of the suspension or revocation of the approval 
of an issuing association or a guaranteeing association, or of the 
withdrawal of an approved guaranteeing association, with respect to a 
Customs Convention to which the United States has acceded will be 
published in the Federal Register by the Commissioner.

[T.D. 70-134, 35 FR 9261, June 13, 1970, as amended by T.D. 71-70, 36 FR 
4490, Mar. 6, 1971]