[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: 31CFR535.213]

[Page 653]
 
                  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. 535.213  Direction involving property held by offices of banks in 
the United States in which Iran or an Iranian entity has an interest.

    (a) Any branch or office of a bank, which branch or office is 
located within the United States and is, on the effective date of this 
section, either:
    (1) In possession of funds or securities legally or beneficially 
owned by the Government of Iran or its agencies, instrumentalities or 
controlled entities, or
    (2) Carrying on its books deposits standing to the credit of or 
beneficially owned by such government or its agencies, instrumentalities 
or controlled entities, is licensed, authorized, directed and compelled 
to transfer such funds, securities and deposits, held on January 19, 
1981, including interest from November 14, 1979, at commercially 
reasonable rates, to the Federal Reserve Bank of New York, as fiscal 
agent of the U.S., to be held or transferred as directed by the 
Secretary of the Treasury.
    (b) Transfer of funds, securities or deposits under paragraph (a) of 
this section shall be in accordance with the provisions of Sec. 535.221 
of this part, and such funds, securities or deposits, plus interest at 
commercially reasonable rates from November 14, 1979, to the transfer 
date, shall be received by the Federal Reserve Bank of New York by 11 
a.m., E.D.T., July 10, 1981. For periods for which rates are to be 
determined in the future, whether by agreement between Iran and the bank 
or otherwise (see Sec. 535.440), interest for such periods shall be 
transferred to the Federal Reserve Bank of New York promptly upon such 
determination. Such interest shall include interest at commercially 
reasonable rates from July 19, 1981, on the interest which would have 
accrued by July 19, 1981.
    (c) Any funds, securities or deposits subject to a valid attachment, 
injunction or other like proceeding or process not affected by Sec. 
535.218 need not be transferred as otherwise required by this section.
    (d) The transfers of securities required by this section shall be 
made notwithstanding Sec. 535.202.

(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 26477, May 13, 1981, as amended at 46 FR 30341, June 8, 1981; 46 
FR 35106, July 7, 1981; 48 FR 253, Jan. 4, 1983]