22 U.S.C. § 1642a: Financial provisions

Summary

The Secretary of the Treasury must hold the net money from the sale of certain Czechoslovakian steel mill equipment that was blocked and sold in the United States under Executive Order 9193 (July 6, 1942). The Treasury must set up a Czechoslovakian Claims Fund to pay claims by U.S. nationals against Czechoslovakia. If Czechoslovakia pays the U.S. government for those claims within one year after August 8, 1958, the money will be handled as the settlement says and the payment will go into the Claims Fund. If no such settlement happens by that date, the held money (except reserves under section 1642b) will be put into the Fund. The Treasury must take 5 percent from the Fund to cover administration costs and put that amount into government receipts. After that and after paying certified awards under section 1642i, any leftover money must be returned to Czechoslovakia as the Secretary of State directs.

Title 22, §1642a

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)Deposit of proceeds of certain property

The Secretary of the Treasury is directed to hold, in an account in the Treasury of the United States, the net proceeds of the sale of certain Czechoslovakian steel mill equipment heretofore blocked and sold in the United States by order of the Secretary of the Treasury under authority of Executive Order Numbered 9193, dated July 6, 1942 (7 F.R. 5205, July 9, 1942).

(b)Creation of Czechoslovakian Claims Fund

There is created in the Treasury of the United States a fund to be designated the Czechoslovakian Claims Fund, for the payment of unsatisfied claims of nationals of the United States against Czechoslovakia as authorized in this subchapter.

(c)Voluntary settlement and payment of claims of nationals of the United States

If, within one year following August 8, 1958, the Government of Czechoslovakia voluntarily settles with and pays to the Government of the United States a sum in payment of claims of United States nationals against Czechoslovakia, all moneys held pursuant to subsection (a) of this section shall be disposed of in accordance with the terms of the settlement agreement with Czechoslovakia and applicable provisions of this subchapter and the sum paid by Czechoslovakia shall be covered into the Czechoslovakian Claims Fund.

(d)Deposit of net proceeds into Fund

Upon the expiration of one year after August 8, 1958 if no settlement with Czechoslovakia of the type specified in subsection (c) of this section has occurred, all moneys held pursuant to subsection (a) of this section except amounts held in reserve pursuant to section 1642b of this title, shall be covered into the Czechoslovakian Claims Fund.

(e)Deductions for expenses

The Secretary of the Treasury shall deduct from the Czechoslovakian Claims Fund 5 per centum thereof as reimbursement to the Government of the United States for the expenses incurred by the Commission and by the Treasury Department in the administration of this subchapter. The amount so deducted shall be covered into the Treasury to the credit of miscellaneous receipts.

(f)Disposition of balance of Fund

After the deduction for administrative expenses pursuant to subsection (e) of this section, and after payment of awards certified pursuant to section 1642i of this title, the balance remaining in the Fund, if any, shall be paid to Czechoslovakia in accordance with instructions to be provided by the Secretary of State.

Notes & Related Subsidiaries

Editorial Notes

References in Text

Executive Order Numbered 9193, dated

July 6, 1942 (7 F.R. 5205,

July 9, 1942), referred to in subsec. (a), is Ex. Ord. No. 9193,

July 6, 1942, 7 F.R. 5205, which amended Ex. Ord. No. 9095, formerly set out under section 6 of the former Appendix to Title 50, War and National Defense, which was revoked by Ex. Ord. No. 12553, Feb. 25, 1986, 51 F.R. 7237.

§1642a Financial Provisions

Summary

Title 22, §1642a

Notes & Related Subsidiaries

Editorial Notes

References in Text

Citations & Metadata