[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: 31CFR542.204]



[Page 242]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY

 

PART 542_SYRIAN SANCTIONS REGULATIONS--Table of Contents

 

                         Subpart B_Prohibitions

 

Sec. 542.204  Expenses of maintaining blocked property; liquidation 

of blocked property.



    (a) Except as otherwise authorized, and notwithstanding the 

existence of any rights or obligations conferred or imposed by any 

international agreement or contract entered into or any license or 

permit granted before 12:01 a.m., eastern daylight time, May 12, 2004, 

all expenses incident to the maintenance of physical property blocked 

pursuant to Sec. 542.201(a) shall be the responsibility of the owners 

or operators of such property, which expenses shall not be met from 

blocked funds.

    (b) Property blocked pursuant to Sec. 542.201(a) may, in the 

discretion of the Director, Office of Foreign Assets Control, be sold or 

liquidated and the net proceeds placed in a blocked interest-bearing 

account in the name of the owner of the property.