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federal R eserve Ba n k o f D allas DALLAS. TEXAS 75222 Circular No. 82-94 August 6, 1982 IRANIAN ASSETS CONTROL REGULATIONS TO ALL MEMBER BANKS IN THE ELEVENTH FEDERAL RESERVE DISTRICT: The O ff ic e o f Foreign A s s e ts Control is am ending the Iranian A ss e ts Control R egulations. The purpose o f the am en d m en ts is outlined in the m aterial su b m itted for publication in the Federal R e g iste r printed on the follow ing pages. All questions regarding the am en d m en ts should be d ir ec te d to Raym ond W. Konan, C h ie f Counsel, O ff ic e o f Foreign A s s e ts Control, D ep artm en t o f the Treasury, Washington, D .C . 20220, (202) 376-0236. Additional co p ies o f this circular will be furnished upon request to the D ep artm en t o f C om m unications, Financial and Com m unity A ffairs, Extension 6289. Sincerely yours, William H. W allace First Vice President A tta c h m e n t Banks and others are encouraged to use the following incoming W A T S numbers in contacting this Bank: 1-800-442-7140 (intrastate) and 1-800-527-9200 (interstate). For calls placed locally, please use 651 plus the extension referred to above. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) REC’D in r e c o r d s div . AUG 9 1982 DEPARTMENT OF THE TREASURY Of fi ce o f Foreign A s s e t s Control 31 CFR P a r t 535 I r a n i a n Ass ets Control R eg u l at i o n s Ta ngible P r o p e r t i e s L i cens i n g P o l i c y AGENCY: O ff i c e of Foreign As s e t s Control ACTION: Final Rule. SUMMARY: The O ff ic e o f Foreign Ass ets Control i s amending t h e Ir a n i a n A s sets Control R e gul ations t o p ro vi de a l i c e n s i n g procedure f o r t he s a l e and d i s p o s i t i o n o f t a n g i b l e p r o p e r t y t h a t i s c u r r e n t l y blocked because o f an i n t e r e s t of Iran i n t h e p r o p e r t y . The purpose o f t he amendment i s t o pr e v e n t the p r o p e r t y from p h y s i c a l l y d e t e r i o r a t i n g and d e c l i n i n g in v a lu e , t o h a l t t h e a ccr u a l o f s t o r a g e c h a r g e s , and to pe rmit the s a t i s f a c t i o n o f c e r t a i n cl aims a g a i n s t t h e p r o p e r t y . The new l i c e n s i n g p o l i c y w il l p e rm i t t h e a u t h o r i z e d s a l e o f such p r o p e rt y in a p p r o p r i a t e ca se s fo l l o w i n g t h e review o f l i c e n s e a p p l i c a t i o n s on t h e i r in d i v i d u a l m e r i t s on a c a s e -b y -c a s e b a s i s . EFFECTIVE DATE: J u l y 20, 1982 FOR FURTHER INFORMATION CONTACT: Raymond W. Konan, C h i ef Counsel, O f f ic e of Foreign Assets C o n t r o l , Department o f t h e T re a s u ry , Washington, D.C. 20220, T e l. (202) 376-0236. SUPPLEMENTARY INFORMATION: The new s t a t e m e n t o f l i c e n s i n g p o l i c y pr ovid e s a mechanism f o r th e d i s p o s i t i o n o f blocked I r a n i a n t a n g i b l e p r o p e r t y held by United S t a t e s e x p o r t e r s , p u rch as i n g ag en t s and o t h e r s . I t a l s o provide s f o r th e s a t i s f a c t i o n o f c e r t a i n claims o u t o f t he proceeds o f a l i c e n s e d s a l e o f such p r o p e r t y and f o r t h e t r a n s f e r o f any n e t proceeds in e xcess o f such claims t o Ir a n . The d i s p o s i t i o n o f t a n g i b l e p r o p e r t y i n which Ir an has an i n t e r e s t i s governed by th e p ro v i s i o n s o f s e c t i o n s 535.201 and 535.215 o f th e R e g u la ti o n s. Se c tio n 535.215 a u t h o r i z e s and d i r e c t s t h e t r a n s f e r o f " p r o p e r t i e s . . . owned by Ir an o r i t s a g e n c i e s , i n s t r u m e n t a l i t i e s o r c o n t r o l l e d e n t i t i e s " as d i r e c t e d by t h e Government o f Ir a n o r i t s a g e n t . However, s e c t i o n 515.333 o f t h e R eg u l at i o n s p ro v i d es t h a t t h e term " p r o p e r t i e s " as used in s e c t i o n 535.215 i n c l u d e s a l l u n co n t es t ed and n o n -c on tin ge n t l i a b i l i t i e s and p r o p e r t y i n t e r e s t s o f t h e Government o f I r a n . Among o t h e r m a t t e r s , t h e s e c t i o n p ro v i d e s : -2(b) P r o p e r t i e s a r e n o t I r a n i a n p r o p e r t i e s o r owned by Ir an u n le ss a l l n e ce s s a ry o b l i g a t i o n s , charges and fe e s r e l a t i n g t o such p r o p e r t i e s a r e p a i d and l i e n s on such p r o p e r t i e s (no t i n c l u d i n g a t t a c h m e n t s , i n j u n c t i o n s and s i m i l a r o r d e r s ) a r e d i s c h a rg e d . Among o t h e r p r o p e r t i e s s u b j e c t t o t h e f o r eg o i n g p r o v i s i o n s a r e t a n g i b l e p r o p e r t i e s as t o which Ir a n does n o t p o s s es s complete o r u n co n t e s t ed ownership r i g h t s under a p p l i c a b l e p r o v i s i o n s o f U.S. law because o f f a i l u r e to pay th e purchase p r i c e and o t h e r r e l a t e d c h a r g e s . The r e f e r e n c e d p r o v i s i o n s implement t h e p r o v i s i o n s o f p aragraph 9 o f t h e D e c la r a ti o n o f th e Government o f t h e Democratic and P o p u l ar Republic o f A lg e ri a which o b l i g a t e s t h e United S t a t e s t o a rra n g e t h e t r a n s f e r t o I r an of " I r a n i a n p r o p e r t i e s " ( o t h e r t han bank d e p o s i t s o r f i n a n c i a l a s s e t s ) " s u b j e c t t o th e p ro v i s i o n s o f U.S. law a p p l i c a b l e p r i o r t o November 14, 1979 . . . " Tangible p r o p e r t y in which Ir an has an i n t e r e s t which i s exempt from t r a n s f e r to Ira n under s e c t i o n 535.215 by v i r t u e o f s e c t i o n 535.333 o f th e R egu l at i o n s remains s u b j e c t t o t h e blo cki ng p r o v i s i o n s o f s e c t i o n 535.201. S ec t i o n 535.201 p r o h i b i t s , among o t h e r m a t t e r s , t h e U.S. h o ld e r o f such p r o p e r t y from e x e r c i s i n g any l i e n o r s e t o f f a g a i n s t such p r o p e r t y as a means o f s a t i s f y i n g c l a i m s . Also, th e p r o h i b i t i o n s and n u l l i f i c a t i o n s in s e c t i o n 535.218 appl y t o such p r o p e r t y even i f i t i s exempt from t r a n s f e r t o Ir an under s e c t i o n 535.215 by v i r t u e o f s e c t i o n 535.333. F u r t h e r , such claims a r e suspended f o r purposes o f se eking s a t i s f a c t i o n o ut o f such p r o p e r t y through any a c t i o n in a U.S. c o u r t ( e . g . , j u d i c i a l c r e a t i o n o r enforcemen t o f a l i e n ) by s e c t i o n 535.222. In o r d e r to b e t t e r fo rm u l a t e a l i c e n s i n g p o l i c y re g a rd i n g I r a n i a n t a n g i b l e p r o p e r t y , on May 24, 1982, t h e O f f i c e i n i t i a t e d a census o f such p ro p e r ty under s e c t i o n 535.625. Reports on Form TFR-625 were due J u l y 1, 1982. Any p ers on s u b j e c t t o t h e r e p o r t i n g req u i rem e n t who has no t submitted t h e r e p o r t , which i s mandatory, s ho u ld do so immedia te ly. Under t h e new p o l i c y , t h e a p p l i c a n t h o l d i n g p r o p e r t y and w is hing to dis po se o f i t throug h p u b l i c s a l e must e s t a b l i s h t h a t r e a s o n a b le e f f o r t s have been made t o o b t a i n payment from Ir an and t h a t n e i t h e r payment nor adeq uat e as s u ra n ce o f payment has been r e c e i v e d . The a p p l i c a n t must h av e, under p r o v i s i o n s o f law a p p l i c a b l e p r i o r t o November 14, 1979, a r i g h t t o s e l l , o r a r i g h t t o re c l a i m and s e l l such p r o p e r t y by methods n o t r e q u i r i n g j u d i c i a l p ro ce ed i n g s . The a p p l i c a n t must ag ree t o indemnify t h e United S t a t e s a g a i n s t l i a b i l i t y in th e Ir a n -U n i t e d S t a t e s Claims T rib u nal in an amount equal t o 150% o f th e p ro ceed s o f a l i c e n s e d s a l e . In th e e v e n t t h a t t h e a p p l i c a n t e l e c t s t o use t h e l i c e n s e t o e x e r c i s e a l i e n a g a i n s t t h e p r o p e r t y t o s a t i s f y a cl aim o u t o f t h e -3proceeds o f t h e s a l e , t h e a p p l i c a n t must p o s t a bond o r e s t a b l i s h a s tandby l e t t e r o f c r e d i t in f a v o r o f t h e United S t a t e s in t h e amount o f th e proce eds o f t h e s a l e i n o r d e r t o back up t h e i nd emni ty . The a p p l i c a n t may e l e c t to hold a l l o r a p a r t o f t h e p roceed s in a b l ock ed , i n t e r e s t - b e a r i n g a ccount a t a domestic bank t o t h e e x t e n t t hey con s t i t u t e c o n t e s t e d p r o p e r t y under s e c t i o n 535.333. In t h e e v en t t h a t th e e n t i r e proceeds a r e so h e l d , no bond o r s tand by l e t t e r o f c r e d i t i s r e q u i r e d . Any proce eds which a r e u n - c o n t e s t e d and n o n - c o n t i n g e n t a re s u b j e c t t o s e c t i o n 535.215 and must be t r a n s f e r r e d t o I r a n . Reasonable c o s t s o f a d m i n i s t r a t i o n o f a l i c e n s e d s a l e w i l l be l i c e n s e d to be deducted from t h e p roceed s i n any c a s e . A f u l l r e p o r t to the O ff i c e o f Foreign Ass et s Control on t h e conduct o f t h e s a l e w i l l be r e q u i r e d . L i s t o f S u b j e c t s i n 31 CFR P a r t 535 I r a n , Foreign As s et s Control PART 515 — IRANIAN ASSETS CONTROL REGULATIONS 31 CFR P a r t 535 i s amended as f o l l o w s . Se c tio n 535.540 i s added as f o l l o w s : §535.540 D i s p o s i t i o n o f c e r t a i n t a n g i b l e p r o p e r t y . (a) S p e c i f i c l i c e n s e s may be i s s u e d in a p p r o p r i a t e c a s e s a t th e d i s c r e t i o n o f th e S e c r e t a r y o f t h e T r eas u ry f o r t h e p u b l i c s a l e and t r a n s f e r o f c e r t a i n t a n g i b l e p r o p e r t y t h a t i s encumbered o r con t e s t e d w i t h i n th e meaning o f s e c t i o n 5 35. 333(b) and (c) and t h a t , because i t i s blocked by s e c t i o n 5 35 .201, may n o t be s o l d o r t r a n s f e r r e d w it h o u t a s p e c i f i c l i c e n s e , p rov id ed t h a t each o f t h e fo l l o wi n g c o n d i t i o n s i s met: (1) The h o l d e r o r s u p p l i e r o f t h e p r o p e r t y has made a good f a i t h e f f o r t over a rea s o n a b l e p e ri o d o f time t o o b t a i n payment o f any amounts owed by Ira n o r t h e I r a n i a n e n t i t y , o r ad equate a s s u r an c e o f such payment; (2) N e i t h e r payment n or ad eq uate a s s u ra n c e o f payment has been r e c e i v e d ; (3) The l i c e n s e a p p l i c a n t h a s , under p r o v i s i o n s o f law a p p l i c a b l e p r i o r t o November 14, 1979, a r i g h t t o s e l l , o r re c l a i m and s e l l , such p r o p e r t y by methods n o t r e q u i r i n g j u d i c i a l p ro c e e d i n g s , and would be a b le to e x e r c i s e such r i g h t under a p p l i c a b l e law, b u t f o r -4- the p r o h ib itio n s in t h i s part, and (4) The l i c e n s e a p p l i c a n t s h a l l e n t e r i n t o an indemni f i c a t i o n agreement a c c e p t a b l e t o t h e United S t a t e s p ro v i d i n g f o r t h e a p p l i c a n t to indemnify th e United S t a t e s , in an amount up t o 150% o f th e proce eds o f s a l e , f o r any monetary l o s s which may accru e t o t h e United S t a t e s from a d e c i s i o n by t h e Iran-U. S . Claims T rib u nal t h a t t h e United S t a t e s i s l i a b l e t o Ir an f o r damages t h a t a re in any way a t t r i b u t a b l e t o t h e is su a nc e o f such l i c e n s e . In t h e ev en t t h e a p p l i c a n t and tho se a c t i n g f o r o r on i t s b e h a l f a re t h e on ly b i d d e rs on th e p r o p e r t y , th e United S t a t e s s h a l l have t h e r i g h t t o e s t a b l i s h a r ea s o na b le in d e m n i f i c a t i o n amount. (b) An a p p l i c a n t f o r a l i c e n s e under t h i s s e c t i o n s h a l l pr ovide th e O f f i c e o f Foreign As s et s Control wi th documentation on th e p o i n t s enumerated in paragraph (a) o f t h i s s e c t i o n . The a p p l i c a n t normally w i l l be r e q u i r e d to submit an o p i n i o n o f l e g a l counsel r e gar ding th e l e g a l r i g h t claimed under p arag rap h ( a ) ( 3 ) . (c) Any s a l e o f p r o p e r t y l i c e n s e d under t h i s s e c t i o n s h a l l be a t p u b l i c a u c t i o n and s h a l l be made i n good f a i t h i n a commercially r e a s o na b le manner. Notwiths tan di ng any p ro v i s i o n o f s t a t e law, t he l i c e n s e a p p l i c a n t s h a l l give d e t a i l e d n o t i c e t o t h e a p p r o p r i a t e I r a n i a n e n t i t y of th e proposed s a l e o r t r a n s f e r a t l e a s t 30 days p r i o r to t h e s a l e o r o t h e r t r a n s f e r . In a d d i t i o n , i f t h e l i c e n s e a p p l i c a n t has f i l e d a cla im with th e I ran-U. S . Claims T r i b u n a l , t h e l i c e n s e a p p l i c a n t s h a l l give a t l e a s t 30 d ay s' advance n o t i c e o f t h e s a l e t o th e T r ib u n a l. (d) The d i s p o s i t i o n o f t h e proceeds o f any s a l e l i c e n s e d under t h i s s e c t i o n , minus such rea s o n a b l e c o s t s o f s a l e as a r e a u t h o r i z e d by a p p l i c a b l e law (which w i l l be l i c e n s e d t o be d e d u c t e d ), s h a l l be in a ccorda nc e with e i t h e r o f t h e fo l l o w i n g methods: Cl) Deposit i n t o a s e p a r a t e b l o ck ed , i n t e r e s t - b e a r i n g account a t a domestic bank in t h e name o f t h e l i c e n s e d a p p l i c a n t ; or (2) Any re as o n a b l e d i s p o s i t i o n i n accordance w i t h p r o v i s i o n s o f law a p p l i c a b l e p r i o r t o November 14, 1979, which may i n cl u d e u n r e s t r i c t e d use of a l l o r a p o r t i o n o f t h e p ro c e ed s , p ro v i d ed t h a t t h e a p p l i c a n t s h a l l p o s t a bond o r e s t a b l i s h a s tand b y l e t t e r o f c r e d i t , s u b j e c t to t h e p r i o r approval o f t h e S e c r e t a r y o f t h e T r e a s u ry , in fa v o r o f t h e United S t a t e s in the amount o f t h e pro ceeds o f s a l e , p r i o r t o any such d i s p o s i t i o n , (e) For purposes o f t h i s s e c t i o n , t h e term " p ro ceeds " means any gr oss amount of money o r o t h e r valu e r e a l i z e d from t h e s a l e . The proceeds s h a l l in c lu de any amount equal t o any d e b t owed by Ir an which may have c o n s t i t u t e d a l l o r p a r t o f a s u c c e s s f u l bi d a t t h e l i c e n s e d sale. -5( f ) The proc eeds o f any such s a l e s h a l l be deemed t o be p r o p e r t y governed by §535.215 o f t h i s p a r t . Any p a r t o f t h e proceed s t h a t c o n s t i t u t e s I r a n i a n p r o p e r t y which under s e c t i o n 535.215 i s to be t r a n s f e r r e d to Ir an s h a l l be so t r a n s f e r r e d in accordance wit h that section. (g) Any l i c e n s e p u r s u a n t t o t h i s s e c t i o n may be g r a n t e d s u b j e c t t o c o n d i t i o n s deemed a p p r o p r i a t e by t h e S e c r e t a r y o f t he T r ea s u r y . (h) Any person l i c e n s e d p u rs u a n t t o t h i s s e c t i o n i s re q u i r e d to submit a r e p o r t t o t h e C h i ef o f L i ce n s i n g , O ff i c e o f Forei gn As s et s C o n t r o l , w i t h i n ten bu s in es s days o f t h e l i c e n s e d s a l e o r o t h e r t r a n s f e r , p r o v id in g a f u l l a ccounting o f t h e t r a n s a c t i o n , i n c l u d i n g t h e c o s t s , any payment to l i e n h o l d e r s o r o t h e r s , i n c l u d i n g payments t o Iran o r I r a n i a n e n t i t i e s , and documentation co ncerni ng any blocked acco un t e s t a b l i s h e d o r payments made. [Sec. 201-207, 91 S t a t . 1626, 50 U.S.C. 1701-1706; 44 FR 65729; E.0. No. 12205, 45 FR 24099; E. 0. No. 26605; E.0. No. 12276, 46 FR 7913; E. 0. No. 12279, No. 12280, 46 FR 7921; E.0. No. 12281, 46 FR 7923; 46 FR 7925; and E.0. No. 12294, 46 FR 14111.] E.0. No. 12170, 12211, 45 FR 46 FR 7919; E.0. E.0. No. 12282, ______________ 1*1_______________ Dennis M. O'C o n n e l l , D i r e c t o r O f f i c e o f Fo rei gn A s s et s Control . Approved: Filed: ________ IU ___________ John M. Walker, J r . A ssistan t Secretary J u l y 20, 1982 P u b l i c a t i o n Date: J u l y 22, 1982 DEPARTMENT OF THE TREASURY O f f i c e o f Fo rei g n As s et s Control 31 CFR P a r t 535 I r a n i a n A s s et s Control R e g u l a t i o n s ; J u d i c i a l a c t i o n i n v o l v i n g s tandby l e t t e r s o f c r e d i t AGENCY: O f f i c e o f Foreign Ass et s C o n t r o l , Department o f t h e T r ea s u ry . ACTION: Final Rule. SUMMARY: The O f f i c e of Forei gn A s s et s Control i s amending t h e I r a n i a n A s s e ts Control R e g u l a t i o n s , by: (1) revoking and withdrawing any and a l l l i c e n s e s and a u t h o r i z a t i o n s f o r e n j o i n i n g p erm an en t l y , t e r m i n a t i n g or o th e rw is e pe rma nently d is p o s i n g o f any i n t e r e s t o f I r a n i n any s t an d b y l e t t e r o f c r e d i t or s i m i l a r i n s t ru m e n t by means o f t h e e n t r y o f any f i n a l j u d i c i a l judgment or o r d e r ; and (2) making c l e a r t h a t s e c t i o n 535.222 i s not a l i c e n s i n g p r o v i s i o n and t h a t s tandby l e t t e r o f c r e d i t l i t i g a t i o n i s governed by s e c t i o n 535.201, as mo di fied by t h e s e c t i o n 535.504 l i c e n s e f o r j u d i c i a l p r oc e e d in gs . The amendment i s needed t o f a c i l i t a t e t h e ongoing i mp lementa tion o f th e Ir an -U .S . agreements o f J an u a ry 19, 1981. EFFECTIVE DATE: J u l y 1, 1982 FOR FURTHER INFORMATION CONTACT: Raymond W. Konan, C h ief C ouns el , O ff i c e o f Foreiqn Asse ts C o n t r o l , Deoartment o f t he T r e a s u r v , Washington, D.C. 20220, t e l . (202) 376-0236. SUPPLEMENTARY INFORMATION: Ir a n has f i l e d more t han 200 cl ai m s w i t h t h e Ir an -U n i t ed S t a t e s Claims Tribunal ( t h e "T ri b u n al " ) based on s tand by l e t t e r s o f c r e d i t i s s u e d f o r th e acc ount of United S t a t e s p a r t i e s . United S t a t e s n a t i o n a l s have f i l e d with t h e Tribunal a la r g e number o f cl ai m s r e l a t e d t o , o r based on, many of the same sta ndby l e t t e r s o f c r e d i t a t i s s u e i n I r a n ' s c l a i m s . Other United S t a t e s n a t i o n a l s have l i t i g a t i o n pending in United S t a t e s c o u r t s concerning some o f th e s e same l e t t e r s o f c r e d i t . The purpose of th e amendment i s to p r e s e r v e t h e s t a t u s quo by c o n ti n u in g to all ow U.S. a cc o u n t p a r t i e s t o o b t a i n p r e l i m i n a r y i n j u n c t i o n s o r o t h e r temporary r e l i e f to p re v e n t payment on s t an d by l e t t e r s o f c r e d i t , wh ile p r o h i b i t i n g , f o r t h e time b e i n g , f i n a l j u d i c i a l a c t i o n permanent ly e n j o i n i n g , n u l l i f y i n g or o th e rw i s e permanent ly d i s p o s i n g o f such l e t t e r s o f c r e d i t . P r e s e r v a t i o n of t h e s t a t u s quo w i l l p ro v i d e an o p p o r t u n i t y f o r n e g o t i a t i o n s w ith Ir an re g a rd i n g t h e s t a t u s and d i s p o s i t i o n o f t h e s e v a r i o u s l e t t e r o f c r e d i t c la i m s . P r e s e r v a t i o n o f t h e s t a t u s quo f o r a pe r io d o f time a l s o pe rmits p o s s i b l e r e s o l u t i o n i n t h e c o n t e x t o f t h e Tr ibunal o f th e m a t t e r s pending b e fo r e i t . The amendment w i l l e x p i r e by i t s terms on December 31, 1982. -2Sinc e the R eg u la ti o n s i n v o l v e a f o r e i g n a f f a i r s f u n c t i o n , t he p r o v i s i o n s o f the A d m i n i s t r a t i v e Procedure Act , 5 U.S.C. 553, r e q u i r i n g n o t i c e of proposed rulemaking , o p p o r t u n i t y f o r p u b l i c p a r t i c i p a t i o n and d e la y in e f f e c t i v e d a t e , a r e i n a p p l i c a b l e . S i m i l a r l y , becaus e t he R egu la ti ons a r e is su e d with r e s p e c t t o a f o r e i g n a f f a i r s f u n c t i o n o f th e United S t a t e s , the y a r e n o t s u b j e c t t o E x ecu ti ve Order 12291 o f February 17, 1981, d e a l i n g wi t h Federal r e g u l a t i o n s . L i s t o f s u b j e c t s in 31 C.F.R. P a r t 535: I r a n , Fo rei gn Ass et s Control. 31 CFR P a r t 535 i s amended as follows: S e c tio n 535.222 i s amended by t h e r e v i s i o n o f paragraph (g) to read a s f ol lo w s : Se c ti o n 535.222 Suspension o f Claims E l i g i b l e f o r Claims T r i b u n a l . * * * * (g) Nothing i n t h i s s e c t i o n s h a l l appl y t o any cla i m c o nce rni ng th e v a l i d i t y o r payment of a s tan db y l e t t e r o f c r e d i t , performance o r payment bond o r o t h e r s i m i l a r i n s t r u m e n t . However, a s s e r t i o n o f such a claim through j u d i c i a l proceed in g s i s governed by t h e g en eral l i c e n s e in s e c t i o n 535.504. ★ ★ ★ ★ Se c tio n 535.504 i s amended by t h e a d d i t i o n o f new s ubp arag raph ( b ) ( 3 ) as f o ll ow s : S e c ti o n 535.504 C e r t a i n j u d i c i a l p ro ceed i n g s w i t h r e s p e c t to p ro p e r ty of Ir a n o r I r a n i a n e n t i t i e s . ★ (b) * * * This s e c t i o n does n o t a u t h o r i z e : * * * * ( 3 ) ( i ) Any f i n a l j u d i c i a l judgment o r o r d e r (A) permanent ly e n j o i n i n g , (B) te r m i n a t i n g o r n u l l i f y i n g , o r (C) o t h e rw i s e permanent ly d is p o s in g o f any i n t e r e s t o r Ir a n i n any s tand b y l e t t e r o f c r e d i t , performance bond o r s i m i l a r o b l i g a t i o n . Any l i c e n s e a u t h o r i z i n g such a c t i o n i s hereby revoked and withdrawn. (ii) Nothing i n t h i s p arag rap h ( b ) ( 3 ) s h a l l p r o h i b i t t h e a s s e r t i o n o f any d e f e n s e , s e t - o f f o r co u n t e rc l ai m i n any pending o r s ubseque nt j u d i c i a l proceeding commenced by t h e Government o f I r a n , any p o l i t i c a l s u b d i v i s i o n o f I r a n , o r any agency, i n s t r u m e n t a l i t y o r e n t i t y owned o r c o n t r o l l e d by t he Government o f I r a n o r any p o l i t i c a l subdivision thereof. ( i i i ) Nothing in t h i s p arag rap h ( b ) ( 3 ) s h a l l p re c l u d e t h e commencement o f an a c t i o n f o r t h e purpose o f t o l l i n g t h e p eri o d o f l i m i t a t i o n s f o r commencement o f such a c t i o n . ( i v ) Nothing in t h i s parag rap h ( b ) ( 3 ) s h a l l r e q u i r e d i s m i s s a l o f any a c t i o n f o r want o f p r o s e c u t i o n . (v) The p ro v i s i o n s o f t h i s p arag rap h ( b ) ( 3 ) s h a l l e x p i r e a t 11:59 p .m . , e . s . t . , on December 31, 1982. Dated: J u l y 1, 1982 ____ b i l l ___________________ Dennis M. O'Connell Director O f f i c e o f Forei gn A s s e t s Control Approved: ______ / - s - / _____________ John M. Walker, J r . A ssistant Secretary (Enforcement and O p e rat i o n s ) F i l i n g Date: 9:06 a . m . , e . d . t . , J u l y 2, 1982 P u b l i c a t i o n Date: J u l y 7, 1982 ( S ec s . 201-207, 91 S t a t . 1626, 50 U.S.C. 1701-1706; E . 0 . No. 12170, 44 FR 65729; E.0. No. 12205, 45 FR 24099; E. 0. No. 12211, 45 FR 26605; E.0. No. 12276, 46 FR 7913, E. 0 . No. 12278, 46 FR 7917, 46 FR 10895; E.0. No. 12279. 46 FR 7919; E. 0 . No. 12280, 46 FR 7921; E. 0 . No. 12281, 46 FR 7923; E.0. No. 12282, 46 FR 7926; and E. 0. No. 12294, 46 FR 14111)
@FedFRASER