[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR535.210]

[Page 651-652]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 535_IRANIAN ASSETS CONTROL REGULATIONS--Table of Contents
 
                         Subpart B_Prohibitions
 
Sec. 535.210  Direction for establishing an escrow agreement.

    (a) The Federal Reserve Bank of New York, as fiscal agent of the 
United States, is licensed, authorized, directed and compelled to enter 
into escrow and related agreements under which certain money and other 
assets shall be credited to escrow accounts by the Bank of England or 
the N.V. Settlement Bank of the Netherlands.
    (b) The Federal Reserve Bank of New York is licensed, authorized, 
directed and compelled, as fiscal agent of the United States, to receive 
certain money and other assets in which Iran or its agencies, 
instrumentalities or controlled entities have an interest and to hold or 
transfer such money and other assets, and any earnings or interest 
payable thereon, in such manner

[[Page 652]]

and at such times as the Secretary of the Treasury deems necessary to 
fulfill the rights and obligations of the United States under the 
Declaration of the government of the Democratic and Popular Republic of 
Algeria dated January 19, 1981, and the Undertakings of the Government 
of the United States of America and the Government of Islamic Republic 
of Iran with respect to the Declaration of the Government of the 
Democratic and Popular Republic of Algeria, and the escrow and related 
agreements described in paragraph (a) of this section. Such money and 
other assets may be invested, or not, at the discretion of the Federal 
Reserve Bank of New York, as fiscal agent of the United States.

(Secs. 201-207, 91 Stat. 1626, 50 U.S.C. 1701-1706; E.O. 12170, 44 FR 
65729; E.O. 12205, 45 FR 24099; E.O. 12211, 45 FR 26685; E.O. 12276, 46 
FR 7913; E.O. 12279, 46 FR 7919; E.O. 12280, 46 FR 7921; E.O. 12281, 46 
FR 7923; E.O. 12282, 46 FR 7925; E.O. 12283, 46 FR 7927, and E.O. 12294, 
46 FR 14111)

[46 FR 14333, Feb. 26, 1981, as amended at 46 FR 42063, Aug. 19, 1981]