[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: 31CFR550.412]



[Page 282]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

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

 

PART 550_LIBYAN SANCTIONS REGULATIONS--Table of Contents

 

                        Subpart D_Interpretations

 

Sec. 550.412  Termination and acquisition of an interest of the 

Government of Libya.



    (a) Whenever a transaction licensed or authorized by or pursuant to 

this part results in the transfer of property (including any property 

interest) away from the Government of Libya, such property shall no 

longer be deemed to be property in which the Government of Libya has or 

has had an interest unless there exists in the property another such 

interest the transfer of which has not been effected pursuant to license 

or other authorization.

    (b) Unless otherwise specifically provided in a license or 

authorization issued pursuant to this part, if property (including any 

property interest) is transferred to the Government of Libya, such 

property shall be deemed to be property in which there exists an 

interest of the Government of Libya.



[51 FR 2464, Jan. 16, 1986]