(b) (1) During the time of
war, the President may, through any agency that he may designate,
or otherwise, and under such rules and regulations as he may prescribe,
by means of instructions, licenses, or otherwise—
(A) investigate,
regulate, or prohibit, any transactions in foreign exchange, transfers
of credit or payments between, by, through, or to any banking institution,
and the importing, exporting, hoarding, melting, or earmarking of
gold or silver coin or bullion, currency or securities, and
(B) investigate, regulate,
direct and compel, nullify, void, prevent or prohibit, any acquisition,
holding, withholding, use, transfer, withdrawal, transportation, importation
or exportation of, or dealing in, or exercising any right, power, or privilege
with respect to, or transactions involving, any property in which
any foreign country or a national thereof has any interest,
by any person, or with respect to any property, subject
to the jurisdiction of the United States; and any property or interest
of any foreign country or national thereof shall vest, when, as, and
upon the terms, directed by the President, in such agency or person
as may be designated from time to time by the President, and upon
such terms and conditions as the President may prescribe such interest
or property shall be held, used, administered, liquidated, sold, or
otherwise dealt with in the interest of and for the benefit of the
United States, and such designated agency or person may perform any
and all acts incident to the accomplishment or furtherance of these
purposes; and the President shall, in the manner hereinabove provided,
require any person to keep a full record of, and to furnish under
oath, in the form of reports or otherwise, complete information relative
to any act or transaction referred to in this subdivision either before,
during, or after the completion thereof, or relative to any interest
in foreign property, or relative to any property in which any foreign
country or any national thereof has or has had any interest, or as
may be otherwise necessary to enforce the provisions of this subdivision,
and in any case in which a report could be required, the President
may, in the manner hereinabove provided, require the production, or
if necessary to the national security or defense, the seizure, of
any books of account, records, contracts, letters, memoranda, or other
papers, in the custody or control of such person.
1-441
(2) Any payment, conveyance, transfer,
assignment, or delivery of property or interest therein, made to or
for the account of the United States, or as otherwise directed, pursuant
to this subdivision or any rule, regulation, instruction, or direction
issued hereunder shall to the extent thereof be a full acquittance
and discharge for all purposes of the obligation of the person making
the same; and no person shall be held liable in any court for or in
respect to anything done or omitted in good faith in connection with
the administration of, or in pursuance of and in reliance on, this
subdivision, or any rule, regulation, instruction, or direction issued
hereunder.
(3) As used
in this subdivision the term “United States” means the
United States and any place subject to the jurisdiction thereof: Provided, however, That the foregoing shall not be construed
as a limitation upon the power of the President, which is hereby conferred,
to prescribe from time to time, definitions, not inconsistent with
the purposes of this subdivision, for any or all of the terms used
in this subdivision. As used in this subdivision the term “person”
means an individual, partnership, association or corporation.
[12 USC 95a. As amended by acts of Sept. 24, 1918 (40 Stat. 966);
March 9, 1933 (48 Stat. 1); May 7, 1940 (54 Stat. 179); Dec. 18, 1941
(55 Stat. 839); and Dec. 28, 1977 (91 Stat. 1625).
For other statutory
provisions relating to consumer credit regulation, see acts of Aug.
8, 1941 (61 Stat. 921) and Aug. 16, 1948 (62 Stat. 1291); section
601 of act of Sept. 8, 1950 (64 Stat. 798, 812); section 106(a) of
act of July 31, 1951 (65 Stat. 137); section 116(a) of act of June
30, 1952 (66 Stat. 296, 305); act of Dec. 23, 1969 (83 Stat. 376);
act of Dec. 22, 1971 (85 Stat. 743); and act of Dec. 8, 1980 (94 Stat.
2749).
Presidential Proclamation No. 2695, effective July 4, 1946,
recognized the independence of the Philippine Islands. For proclamation,
see note appearing after 22 USC 1394.]
