[Code of Federal Regulations]

[Title 31, Volume 3]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 31CFR535.213]



[Page 140-141]

 

                  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.



[[Page 141]]



    (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]