§ 447. Financial transactions

646 words·~3 min read·/usc/title-22/section-447

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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.

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of proclamation Whenever any proclamation issued under the authority of section 441(a) of this title shall have been revoked with respect to any state the provisions of this section shall thereupon cease to apply with respect to such state, except as to offenses committed prior to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

Connections3 cite this · traces to 4

Cited by 3 sections

statutes-at-large

Traces to 4 documents

U.S. Code

19 references not yet in our index

1
Nov. 4, 1939, ch. 2, § 7
54 Stat. 8
Feb. 21, 1942, ch. 104
56 Stat. 95
act Aug. 26, 1954, ch. 937, title V, § 542(a)(12)
68 Stat. 861
July 3, 1952, ch. 570, § 1(b)(7)
66 Stat. 333
Mar. 31, 1953, ch. 13, § 1
67 Stat. 18
Apr. 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

Citation graph

cites case law

§ 447

Financial transactions

Stat.×3

Cite1

ActNov. 4, 1939, ch. 2, § 7

Stat.54 Stat. 8

ActFeb. 21, 1942, ch. 104

Stat.56 Stat. 95

Cites 23 · showing 9Cited by 3 across 1 source