
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 22USC447]

 
               TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
 
         CHAPTER 9--FOREIGN WARS, WAR MATERIALS, AND NEUTRALITY
 
                        SUBCHAPTER II--NEUTRALITY
 
Sec. 447. Financial transactions


(a) Bonds, securities, or other obligations

    Whenever the President shall have issued a proclamation under the 
authority of section 441(a) of this title, it shall thereafter be 
unlawful for any person within the United States to purchase, sell, or 
exchange bonds, securities, or other obligations of the government of 
any state named in such proclamation, or of any political subdivision of 
any such state, or of any person acting for or on behalf of the 
government of any such state, or political subdivision thereof, issued 
after the date of such proclamation, or to make any loan or extend any 
credit (other than necessary credits accruing in connection with the 
transmission of telegraph, cable, wireless and telephone services) to 
any such government, political subdivision, or person. The provisions of 
this subsection shall also apply to the sale by any person within the 
United States to any person in a state named in any such proclamation of 
any articles or materials listed in a proclamation referred to in or 
issued under the authority of section 452(i) \1\ of this title.
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    \1\ See References in Text note below.
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(b) Renewal or adjustment of indebtedness

    The provisions of this section shall not apply to a renewal or 
adjustment of such indebtedness as may exist on the date of such 
proclamation.

(c) Fine and imprisonment

    Whoever shall knowingly violate any of the provisions of this 
section or of any regulations issued thereunder shall, upon conviction 
thereof, be fined not more than $50,000 or imprisoned for not more than 
five years, or both. Should the violation be by a corporation, 
organization, or association, each officer or director thereof 
participating in the violation shall be liable to the penalty herein 
prescribed.

(d) Revocation of proclamation

    Whenever any proclamation issued under the authority of section 
441(a) of this title shall have been revoked with respect to any state 
the provisions of this section shall thereupon cease to apply with 
respect to such state, except as to offenses committed prior to such 
revocation.

(e) Wartime

    This section shall not be operative when the United States is at 
war.

(Nov. 4, 1939, ch. 2, Sec. 7, 54 Stat. 8; Feb. 21, 1942, ch. 104, 56 
Stat. 95.)

                       References in Text

    Section 452(i) of this title, referred to in subsec. (a), was 
repealed by act Aug. 26, 1954, ch. 937, title V, Sec. 542(a)(12), 68 
Stat. 861. See former section 1934(a) and section 2778(a) of this title.


                               Amendments

    1942--Subsec. (e). Joint Res. Feb. 21, 1942, added subsec. (e).


            Operation of Section Postponed Until July 1, 1953

    Joint Res. July 3, 1952, ch. 570, Sec. 1(b)(7), 66 Stat. 333, as 
amended by Joint Res. Mar. 31, 1953, ch. 13, Sec. 1, 67 Stat. 18, 
provided that this section which is normally operative in time of peace 
shall not be operative by reason of the termination of a state of war on 
Apr. 28, 1952, but rather (in addition to being inoperative, in 
accordance with their terms, in time of war) shall continue to be 
inoperative until 6 months after the termination of the national 
emergency proclaimed by the President on Dec. 16, 1950, 1950 Proc. 2914, 
15 F.R. 9029, set out as a note preceding section 1 of Title 50, 
Appendix, War and National Defense, or until such earlier date or dates 
as the Congress may provide, but in no event beyond Apr. 1, 1953.


                 Repeal of Prior Acts Continuing Section

    Section 6 of Joint Res. July 3, 1952, repealed Joint Res. Apr. 14, 
1952, ch. 204, 66 Stat. 54 as amended by Joint Res. May 28, 1952, ch. 
339, 66 Stat. 96; Joint Res. June 14, 1952, ch. 437, 66 Stat. 137; Joint 
Res. June 30, 1952, ch. 526, 66 Stat. 296, which continued provisions 
until July 3, 1952. This repeal shall take effect as of June 16, 1952, 
by section 7 of Joint Res. July 3, 1952.
