[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: 31CFR590.502]



[Page 429]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

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

 

PART 590_ANGOLA (UNITA) SANCTIONS REGULATIONS--Table of Contents

 

 Subpart E_Licenses, Authorizations, and Statements of Licensing Policy

 

Sec. 590.502  Effect of license.



    (a) No license contained in this part, or otherwise issued by or 

under the direction of the Director of the Office of Foreign Assets 

Control pursuant to this part, authorizes or validates any transaction 

effected prior to the issuance of the license, unless the prior 

transaction is specifically authorized in such license.

    (b) No regulation, ruling, instruction, or license authorizes any 

transaction prohibited by this part unless the regulation, ruling, 

instruction, or license is issued by the Office of Foreign Assets 

Control and specifically refers to this part. No regulation, ruling, 

instruction, or license referring to this part authorizes any 

transaction prohibited by any provision of this chapter unless the 

regulation, ruling, instruction, or license specifically refers to such 

provision.

    (c) Any regulation, ruling, instruction, or license authorizing any 

transaction otherwise prohibited by this part has the effect of removing 

from the transaction a prohibition or prohibitions contained in this 

part, but only to the extent specifically stated by its terms. Unless 

the regulation, ruling, instruction, or license otherwise specifies, 

such an authorization does not create any right, duty, obligation, 

claim, or interest that would not otherwise exist under ordinary 

principles of law in or with respect to any property.