[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: 31CFR585.216]



[Page 355]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

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

 

PART 585_FEDERAL REPUBLIC OF YUGOSLAVIA (SERBIA AND MONTENEGRO) AND 

 

                         Subpart B_Prohibitions

 

Sec. 585.216  Expenses of maintaining blocked property; liquidation 

into blocked account.



    (a) Except as otherwise authorized, and notwithstanding the 

existence of any rights or obligations conferred or imposed by any 

international agreement or any contract entered into or any license or 

permit granted before 12:01 a.m. EDT, April 26, 1993, all expenses 

incident to the blocking and maintenance of property blocked pursuant to 

Sec. 585.201 or Sec. 585.215(a) shall be charged to the owners or 

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

funds.

    (b) Property blocked pursuant to Sec. 585.201 or Sec. 585.215 may, 

in the discretion of the Director, Office of Foreign Assets Control, be 

sold or liquidated and the net proceeds shall be placed in a blocked 

interest-bearing account in the name of the owner of the property.



[58 FR 35829, July 1, 1993]