22 U.S.C. § 447 | Financial transactions

(a)

Bonds, securities, or other obligations

1 See References in Text note below.

Whenever the President shall have issued a proclamation under the authority of , 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)  of this title.

(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

section 441(a) of this titleWhenever any proclamation issued under the authority of shall have been revoked with respect to any state the provisions of this section shall thereupon cease to apply with respect to such state, except as to offenses committed prior to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, § 7 54 Stat. 8 Feb. 21, 1942, ch. 104 56 Stat. 95 (, ; , .)

Editorial Notes

References in Text

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 (a), was repealed by , .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

Amendments

Feb. 21, 19421942—Subsec. (e). Joint Res. , added subsec. (e).

Statutory Notes and Related Subsidiaries

Operation of Section Postponed Until July 1, 1953

July 3, 1952, ch. 570, § 1(b)(7) 66 Stat. 333 Mar. 31, 1953, ch. 13, § 1 67 Stat. 18 Apr. 28, 1952Dec. 16, 1950section 1 of Title 50Apr. 1, 1953Joint Res. , , as amended by Joint Res. , , 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 , 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 , 1950 Proc. 2914, 15 F.R. 9029, set out as a note preceding , War and National Defense, or until such earlier date or dates as the Congress may provide, but in no event beyond .

Repeal of Prior Acts Continuing Section

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 , repealed Joint Res.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