$Unique_ID{USH01068}
$Pretitle{100}
$Title{Presidential Proclamations & Executive Orders
Chapters 11 & 12  [Reserved] & Banks and Banking}
$Subtitle{}
$Author{National Archives and Records Administration}
$Affiliation{National Archives}
$Subject{order
states
united
section
iran
executive
government
assets
act
described}
$Volume{}
$Date{1989}
$Log{}
Book:        Presidential Proclamations & Executive Orders
Author:      National Archives and Records Administration
Affiliation: National Archives
Date:        1989

Chapters 11 & 12  [Reserved] & Banks and Banking

Chapter 11        [Reserved]

Chapter 12        Banks and Banking

Executive Order 12166 - Export-Import Bank

     SOURCE:  The provisions of Executive Order 12166 of Oct. 19, 1979, appear
at 44 FR 60971, 3 CFR, 1979 Comp., p. 434, unless otherwise noted.

     By the authority vested in me as President of the United States of
America by Section 2(b)(1)(B) of the Export-Import Bank Act of 1945, as
amended (12 U.S.C. 635(b)(1)(B)), and by Section 301 of Title 3 of the United
States Code, it is hereby ordered as follows:

     1-101. The function vested in the President by Section 2(b)(1)(B) of the
Export-Import Bank Act of 1945, as amended (12 U.S.C. 635(b)(1)(B)), is
delegated to the Secretary of State. That function is the authority to
determine that a denial by the Export-Import Bank of an application for credit
would be in the national interest, where such action could clearly and
importantly advance United States policy in such areas as international
terrorism, nuclear proliferation, environmental protection and human rights.

     1-102. Before making such a determination, the Secretary of State shall
consult with the Secretary of Commerce and the heads of other interested
Executive agencies.

     1-103. In accord with Section 2(b)(1)(B) of that Act, only in those cases
where the Secretary of State has made such a determination should the
Export-Import Bank deny an application for credit for nonfinancial or
noncommercial considerations.

Executive Order 12170 - Blocking Iranian Government property

     SOURCE:  The provisions of Executive Order 12170 of Nov. 14, 1979, appear
at 44 FR 65729, 3 CFR, 1979 Comp., p. 457 unless otherwise noted.

     CROSS REFERENCE:  See also Executive Orders 12205 of Apr. 7, 1980,
Chapter 15, p. 277, and 12211 of Apr. 17, 1980, Chapter 15, p. 279, for
prohibitions on transactions with Iran, and Executive Order 12282 of Jan. 19,
1981, Chapter 15, p. 286, which revokes those prohibitions.

     Pursuant to the authority vested in me as President by the Constitution
and laws of the United States including the International Emergency Economic
Powers Act, 50 U.S.C.A. sec. 1701 et seq., the National Emergencies Act, 50
U.S.C. sec. 1601 et seq., and 3 U.S.C. sec. 301.

     I, JIMMY CARTER, President of the United States, find that the situation
in Iran constitutes an unusual and extraordinary threat to the national
security, foreign policy and economy of the United States and hereby declare a
national emergency to deal with that threat.

     I hereby order blocked all property and interests in property of the
Government of Iran, its instrumentalities and controlled entities and the
Central Bank of Iran which are or become subject to the jurisdiction of the
United States or which are in or come within the possession or control of
persons subject to the jurisdiction of the United States.

     The Secretary of the Treasury is authorized to employ all powers granted
to me by the International Emergency Economic Powers Act to carry out the
provisions of this order.

     This order is effective immediately and shall be transmitted to the
Congress and published in the FEDERAL REGISTER.

Executive Order 12276 - Direction relating to establishment of escrow accounts

     SOURCE:  The provisions of Executive Order 12276 of Jan. 19, 1981, appear
at 46 FR 7913, 3 CFR, 1981 Comp., p. 104, unless otherwise noted.

     By the authority vested in me as President by the Constitution and
statutes of the United States, including Section 203 of the International
Emergency Economic Powers Act (50 U.S.C. 1702), Section 301 of Title 3 of the
United States Code, Section 1732 of Title 22 of the United States Code, and
Section 301 of the National Emergencies Act (50 U.S.C. 1631), in view of the
continuing unusual and extraordinary threat to the national security, foreign
policy and economy of the United States upon which I based my declarations of
national emergency in Executive Order 12170, issued November 14, 1979, and in
Executive Order 12211, issued April 17, 1980, in order to implement agreements
with the Government of Iran, as reflected in Declarations of the Government of
the Democratic and Popular Republic of Algeria dated January 19, 1981,
relating to the release of U.S. diplomats and nationals being held as hostages
and to the resolution of claims of United States nationals against Iran, and
to begin the process of normalization of relations between the United States
and Iran, it is hereby ordered that as of the effective date of this Order:

     1-101. The Secretary of the Treasury is authorized to enter into, and to
license, authorize, direct, and compel any appropriate official and/or the
Federal Reserve Bank of New York, as fiscal agent of the United States, to
enter into escrow or related agreements with a foreign central bank and with
the Central Bank of Algeria under which certain money and other assets, as and
when directed by the Secretary of the Treasury, shall be credited by the
foreign central bank to an escrow account on its books in the name of the
Central Bank of Algeria, for transfer to the Government of Iran if and when
the Central Bank of Algeria receives from the Government of Algeria a
certification that the 52 U.S. diplomats and nationals being held hostage in
Iran have safely departed from Iran.  Such agreements shall include other
parties and terms as determined by the Secretary of the Treasury to be
appropriate to carry out the purposes of this Order.

     1-102. The Secretary of the Treasury is authorized to license, authorize,
direct, and compel the Federal Reserve Bank of New York, as fiscal agent of
the United States, to receive certain money and other assets in which Iran or
its agencies, instrumentalities, or controlled entities have an interest and
to hold or transfer such money and other assets, and any interest earned
thereon, in such a manner as he deems necessary to fulfill the rights and
obligations of the United States under the Declaration of the Government of
the Democratic and Popular Republic of Algeria dated January 19, 1981, and the
escrow and related agreements described in paragraph 1-101 of this Order. Such
money and other assets may be held in interest-bearing form and where possible
shall be invested with or through the entity holding the money or asset on the
effective date of this Order.

     1-103. Compliance with this Executive Order, any other Executive Order
licensing, authorizing, directing or compelling the transfer of the assets
referred to in paragraphs 1-101 and 1-102 of this Order, or any regulations,
instructions, or directions issued thereunder shall to the extent thereof be a
full acquittance and discharge for all purposes of the obligation of the
person making the same.  No person shall be held liable in any court for or
with respect to anything done or omitted in good faith in connection with the
administration of, or pursuant to and in reliance on, such orders,
regulations, instructions, or directions.

     1-104. The Attorney General shall seek to intervene in any litigation
within the United States which arises out of this Order and shall, among other
things, defend the legality of, and all actions taken pursuant to, each of its
provisions.

     1-105. The Secretary of the Treasury is delegated and authorized to
exercise all functions vested in the President by the International Emergency
Economic Powers Act (50 U.S.C. 1701 et seq.) to carry out the purposes of this
Order.

     1-106. This Order shall be effective immediately.

Executive Order 12277 - Direction to transfer Iranian Government assets

     SOURCE:  The provisions of Executive Order 12277 of Jan. 19, 1981, appear
at 46 FR 7915, 3 CFR, 1981 Comp., p. 105, unless otherwise noted.

     By the authority vested in me as President by the Constitution and
statutes of the United States, including Section 203 of the International
Emergency Economic Powers Act (50 U.S.C. 1702), Section 301 of Title 3 of the
United States Code, Section 1732 of Title 22 of the United States Code, and
Section 301 of the National Emergencies Act (50 U.S.C. 1631), in view of the
continuing unusual and extraordinary threat to the national security, foreign
policy and economy of the United States upon which I based my declarations of
national emergency in Executive Order 12170, issued November 14, 1979, and in
Executive Order 12211, issued April 17, 1980, in order to implement agreements
with the Government of Iran, as reflected in Declarations of the Government of
the Democratic and Popular Republic of Algeria dated January 19, 1981,
relating to the release of U.S. diplomats and nationals being held as hostages
and to the resolution of claims of United States nationals against Iran, and
to begin the process of normalization of relations between the United States
and Iran and in which Iran and the United States instruct and require that the
assets described in this order shall be transferred as set forth below by the
holders of such assets, it is hereby ordered that as of the effective date of
this Order:

     1-101. The Federal Reserve Bank of New York is licensed, authorized,
directed, and compelled to transfer to accounts at the Bank of England, and
subsequently to transfer to accounts at the Bank of England established
pursuant to an escrow agreement approved by the Secretary of the Treasury, all
gold bullion, and other assets (or the equivalent thereof) in its custody, of
the Government of Iran, or its agencies, instrumentalities or controlled
entities.  Such transfers shall be executed when and in the manner directed by
the Secretary of the Treasury.  The Secretary of the Treasury is also
authorized to license, authorize, direct, and compel the Federal Reserve Bank
of New York to engage in whatever further transactions he deems appropriate
and consistent with the purposes of this Order, including any transactions
related to the return of such bullion and other assets pursuant to the escrow
agreement.

     1-102. (a) All licenses and authorizations for acquiring or exercising
any right, power, or privilege, by court order, attachment, or otherwise,
including the license contained in Section 535.504 of the Iranian Assets
Control Regulations, with respect to the properties described in Section 1-101
of this Order are revoked and withdrawn.

     (b) All rights, powers, and privileges relating to the properties
described in section 1-101 of this Order and which derive from any attachment,
injunction, other like proceedings or process, or other action in any
litigation after November 14, 1979, at 8:10 a.m. EST, including those derived
from Section 535.504 of the Iranian Assets Control Regulations, other than
rights, powers, and privileges of the Government of Iran and its agencies,
instrumentalities, and controlled entities, whether acquired by court order or
otherwise, are nullified, and all persons claiming any such right, power, or
privilege are hereafter barred from exercising the same.

     (c) All persons subject to the jurisdiction of the United States are
prohibited from acquiring or exercising any right, power, or privilege,
whether by court order or otherwise, with respect to the properties (and any
income earned thereon) referred to in Section 1-101 of this Order.

     1-103. Compliance with this Order, any other Executive Order licensing,
authorizing, directing, or compelling the transfer of the assets described in
section 1-101 of this Order, or any regulations, instructions, or directions
issued thereunder shall to the extent thereof be a full acquittance and
discharge for all purposes of the obligation of the person making the same.
No person shall be held liable in any court for or with respect to anything
done or omitted in good faith in connection with the administration of, or
pursuant to and in reliance on, such orders, regulations, instructions, or
directions.

     1-104. The Attorney General shall seek to intervene in any litigation
within the United States which arises out of this Order and shall, among other
things, defend the legality of, and all actions taken pursuant to, each of its
provisions.

     1-105. The Secretary of the Treasury is delegated and authorized to
exercise all functions vested in the President by the International Emergency
Economic Powers Act (50 U.S.C. 1701 et seq.) to carry out the purposes of this
Order.

     1-106. This Order shall be effective immediately.

Executive Order 12278 - Direction to transfer Iranian Government assets
     overseas

     Source:  The provisions of Executive Order 12278 of Jan. 19, 1981, appear
at 46 FR 7917, 10895, 3 CFR, 1981 Comp., p. 107, unless otherwise noted.

     By the authority vested in me as President by the Constitution and
statutes of the United States, including Section 203 of the International
Emergency Economic Powers Act (50 U.S.C. 1702), Section 301 of Title 3 of the
United States Code, Section 1732 of Title 22 of the United States Code, and
Section 301 of the National Emergencies Act (50 U.S.C. 1631), in view of the
continuing unusual and extraordinary threat to the national security, foreign
policy and economy of the United States upon which I based my declarations of
national emergency in Executive Order 12170, issued November 14, 1979, and in
Executive Order 12211, issued April 17, 1980, in order to implement agreements
with the Government of Iran, as reflected in Declarations of the Government of
the Democratic and Popular Republic of Algeria dated January 19, 1981,
relating to the release of U.S. diplomats and nationals being held as hostages
and to the resolution of claims of United States nationals against Iran, and
to begin the process of normalization of relations between the United States
and Iran and in which Iran and the United States instruct and require that the
assets described in this Order shall be transferred as set forth below by the
holders of such assets, it is hereby ordered that as of the effective date of
this Order:

     1-101. Any branch or office of a United States bank or subsidiary
thereof, which branch or office is located outside the territory of the United
States and which on or after 8:10 a.m. E.S.T. on November 14, 1979 (a) has
been or is in possession of funds or securities legally or beneficially owned
by the Government of Iran or its agencies, instrumentalities, or controlled
entities, or (b) has carried or is carrying on its books deposits standing to
the credit of or beneficially owned by such Government, agencies,
instrumentalities, or controlled entities, is licensed, authorized, directed,
and compelled to transfer such funds, securities, and deposits, including
interest from November 14, 1979, at commercially reasonable rates, to the
account of the Federal Reserve Bank of New York at the Bank of England, to be
held or transferred as directed by the Secretary of the Treasury.  The
Secretary of the Treasury shall determine when the transfers required by this
section shall take place.  The funds, securities and deposits described in
this section shall be further transferred as provided for in the Declaration
of the Government of the Democratic and Popular Republic of Algeria and its
Annex.

     1-102. Any banking institution subject to the jurisdiction of the United
States that has executed a set-off on or after November 14, 1979, at 8:10 a.m.
E.S.T. against Iranian funds, securities, or deposits referred to in section
1-101 is hereby licensed, authorized, directed, and compelled to cancel such
set-off and to transfer all funds, securities, and deposits which have been
subject to such set-off, including interest from November 14, 1979, at
commercially reasonable rates, pursuant to the provisions of section 1-101 of
this Order.

     1-103. If the funds, securities, and deposits described in section 1-101
are not promptly transferred to the control of the Government of Iran, such
funds, securities, and deposits shall be returned to the banking institutions
holding them on the effective date of this Order and the setoffs described in
section 1-102 shall be in force as if this Order had not been issued and the
status of all such funds, securities, deposits and setoffs shall be status quo
ante.

     1-104. (a) All licenses and authorizations for acquiring or exercising
any right, power, or privilege, by court order, attachment, or otherwise,
including the license contained in Section 535.504 of the Iranian Assets
Control Regulations, with respect to the properties described in Sections
1-101 and 1-102 of this Order are revoked and withdrawn.

     (b) All rights, powers, and privileges relating to the properties
described in Sections 1-101 and 1-102 of this Order and which derive from any
attachment, injunction, other like proceedings or process, or other action in
any litigation after November 14, 1979, at 8:10 a.m. E.S.T., including those
derived from Section 535.504 of the Iranian Assets Control Regulations, other
than rights, powers, and privileges of the Government of Iran and its
agencies, instrumentalities, and controlled entities, whether acquired by
court order or otherwise, are nullified, and all persons claiming any such
right, power, or privilege are hereafter barred from exercising the same.

     (c) All persons subject to the jurisdiction of the United States are
prohibited from acquiring or exercising any right, power, or privilege,
whether by court order or otherwise, with respect to the properties (and any
income earned thereon) referred to in Sections 1-101 and 1-102 of this Order.

     1-105. Compliance with this Order, any other Executive Order licensing,
authorizing, directing, or compelling the transfer of the assets described in
Sections 1-101 and 1-102 of this Order, or any regulations, instructions, or
directions issued thereunder shall to the extent thereof be a full acquittance
and discharge for all purposes of the obligation of the person making the
same. No person shall be held liable in any court for or with respect to
anything done or omitted in good faith in connection with the administration
of, or pursuant to and in reliance on, such orders, regulations, instructions,
or directions.

     1-106. The Attorney General shall seek to intervene in any litigation
within the United States which arises out of this Order and shall, among other
things, defend the legality of, and all actions taken pursuant to, each of its
provisions.

     1-107. The Secretary of the Treasury is delegated and authorized to
exercise all functions vested in the President by the International Emergency
Economic Powers Act (50 U.S.C. 1701 et seq.) to carry out the purposes of this
Order.

     1-108. This Order shall be effective immediately.

Executive Order 12279 - Direction to transfer Iranian Government assets held
     by domestic banks

     SOURCE:  The provisions of Executive Order 12279 of Jan. 19, 1981, appear
at 46 FR 7919, 10897, 3 CFR, 1981 Comp., p. 109, unless otherwise noted.

     By the authority vested in me as President by the Constitution and
statutes of the United States, including Section 203 of the International
Emergency Economic Powers Act (50 U.S.C. 1702), Section 301 of Title 3 of the
United States Code, Section 1732 of Title 22 of the United States Code, and
Section 301 of the National Emergencies Act (50 U.S.C. 1631), in view of the
continuing unusual and extraordinary threat to the national security, foreign
policy and economy of the United States upon which I based my declarations of
national emergency in Executive Order 12170, issued November 14, 1979, and in
Executive Order 12211, issued April 17, 1980, in order to implement agreements
with the Government of Iran, as reflected in Declarations of the Government of
the Democratic and Popular Republic of Algeria dated January 19, 1981,
relating to the release of U.S. diplomats and nationals being held as hostages
and to the resolution of claims of United States nationals against Iran, and
to begin the process of normalization of relations between the United States
and Iran and in which Iran and the United States instruct and require that the
assets described in this Order shall be transferred as set forth below by the
holders of such assets, it is hereby ordered that as of the effective date of
this Order:

     1-101. Any branch or office of a banking institution subject to the
jurisdiction of the United States, which branch or office is located within
the United States and is, on the effective date, either (a) in possession of
funds or securities legally or beneficially owned by the Government of Iran or
its agencies, instrumentalities, or controlled entities, or (b) carrying on
its books deposits standing to the credit of or beneficially owned by such
Government, agencies, instrumentalities, or controlled entities is licensed,
authorized, directed and compelled to transfer such funds, securities, and
deposits, including interest from November 14, 1979, at commercially
reasonable rates, to the Federal Reserve Bank of New York, to be held or
transferred as directed by the Secretary of the Treasury.

     1-102. (a) All licenses and authorizations for acquiring or exercising
any right, power, or privilege, by court order, attachment, or otherwise,
including the license contained in Section 535.504 of the Iranian Assets
Control Regulations, with respect to the properties described in Section 1-101
of this Order are revoked and withdrawn.

     (b) All rights, powers, and privileges relating to the properties
described in section 1-101 of this Order and which derive from any attachment,
injunction, other like proceedings or process, or other action in any
litigation after November 14, 1979, at 8:10 a.m. EST, including those derived
from Section 535.504 of the Iranian Assets Control Regulations, other than
rights, powers, and privileges of the Government of Iran and its agencies,
instrumentalities, and controlled entities, whether acquired by court order or
otherwise, are nullified, and all persons claiming any such right, power, or
privilege are hereafter barred from exercising the same.

     (c) All persons subject to the jurisdiction of the United States are
prohibited from acquiring or exercising any right, power, or privilege whether
by court order or otherwise, with respect to the properties (and any income
earned thereon) referred to in Section 1-101 of this Order.

     1-103. Compliance with this Order, any other Executive Order licensing,
authorizing, directing or compelling the transfer of the assets described in
section 1-101 of this Order, or any regulations, instructions, or directions
issued thereunder shall to the extent thereof be a full acquittance and
discharge for all purposes of the obligation of the person making the same.
No person shall be held liable in any court for or with respect to anything
done or omitted in good faith in connection with the administration of, or
pursuant to and in reliance on, such orders, regulations, instructions, or
directions.

     1-104. The Attorney General shall seek to intervene in any litigation
within the United States which arises out of this Order and shall, among other
things, defend the legality of, and all actions taken pursuant to, each of its
provisions.

     1-105. The Secretary of the Treasury is delegated and authorized to
exercise all functions vested in the President by the International Emergency
Economic Powers Act (50 U.S.C. 1701 et seq.) to carry out the purposes of this
Order.

     1-106. This Order shall be effective immediately.

Executive Order 12280 - Direction to transfer Iranian Government financial
     assets held by non-banking institutions

     SOURCE:  The provisions of Executive Order 12280 of Jan. 19, 1981, appear
at 46 FR 7921, 3 CFR, 1981 Comp., p. 110, unless otherwise noted.

     By the authority vested in me as President by the Constitution and
statutes of the United States, including Section 203 of the International
Emergency Economic Powers Act (50 U.S.C. 1702), Section 301 of Title 3 of the
United States Code, Section 1732 of Title 22 of the United States Code, and
Section 301 of the National Emergencies Act (50 U.S.C. 1631), in view of the
continuing unusual and extraordinary threat to the national security, foreign
policy and economy of the United States upon which I based my declarations of
national emergency in Executive Order 12170, issued November 14, 1979, and in
Executive Order 12211, issued April 17, 1980, in order to implement agreements
with the Government of Iran, as reflected in Declarations of the Government of
the Democratic and Popular Republic of Algeria dated January 19, 1981,
relating to the release of U.S. diplomats and nationals being held as hostages
and to the resolution of claims of United States nationals against Iran, and
to begin the process of normalization of relations between the United States
and Iran and in which Iran and the United States instruct and require that the
assets described in this Order shall be transferred as set forth below by the
holders of such assets, it is hereby ordered that as of the effective date of
this Order:

     1-101. Any person subject to the jurisdiction of the United States which
is not a banking institution and is on the effective date in possession or
control of funds or securities of Iran or its agencies, instrumentalities, or
controlled entities is licensed, authorized, directed and compelled to
transfer such funds or securities to the Federal reserve Bank of New York to
be held or transferred as directed by the Secretary of the Treasury.

     1-102. (a) All licenses and authorizations for acquiring or exercising
any right, power, or privilege, by court order, attachment, or otherwise,
including the license contained in Section 535.504 of the Iranian Assets
Control Regulations, with respect to the properties described in Section 1-101
of this Order are revoked and withdrawn.

     (b) All rights, powers, and privileges relating to the properties
described in section 1-101 of this Order and which derive from any attachment,
injunction, other like proceedings or process, or other action in any
litigation after November 14, 1979, at 8:10 a.m. EST, including those derived
from Section 535.504 of the Iranian Assets Control Regulations, other than
rights, powers, and privileges of the Government of Iran and its agencies,
instrumentalities, and controlled entities, whether acquired by court order or
otherwise, are nullified, and all persons claiming any such right, power, or
privilege are hereafter barred from exercising the same.

     (c) All persons subject to the jurisdiction of the United States are
prohibited from acquiring or exercising any right, power, or privilege,
whether by court order or otherwise, with respect to the properties (and any
income earned thereon) referred to in Section 1-101 of this Order.

     1-103. Compliance with this Executive Order, any other Executive Order
licensing, authorizing, directing or compelling the transfer of the assets
described in paragraph 1-101 of this Order, or any regulations, instructions,
or directions issued thereunder shall to the extent thereof be a full
acquittance and discharge for all purposes of the obligation of the person
making the same.  No person shall be held liable in any court for or with
respect to anything done or omitted in good faith in connection with the
administration of, or pursuant to and in reliance on, such orders,
regulations, instructions, or directions.

     1-104. The Attorney General shall seek to intervene in any litigation
within the United States which arises out of this Order and shall, among other
things, defend the legality of and all actions taken pursuant to, each of its
provisions.

     1-105. The Secretary of the Treasury is delegated and authorized to
exercise all functions vested in the President by the International Emergency
Economic Powers Act (50 U.S.C. 1701 et seq.) to carry out the purposes of this
Order.

     1-106. This Order shall be effective immediately.

Executive Order 12281 - Direction to transfer certain Iranian Government
     assets

     SOURCE:  The provisions of Executive Order 12281 of Jan. 19, 1981, appear
at 46 FR 7923, 3 CFR, 1981 Comp., p. 112, unless otherwise noted.

     By the authority vested in me as President by the Constitution and
statutes of the United States, including Section 203 of the International
Emergency Economic Powers Act (50 U.S.C. 1702), Section 301 of Title 3 of the
United States Code, Section 1732 of Title 22 of the United States Code, and
Section 301 of the National Emergencies Act (50 U.S.C. 1631), in view of the
continuing unusual and extraordinary threat to the national security, foreign
policy and economy of the United States upon which I based my declarations of
national emergency in Executive Order 12170, issued November 14, 1979, and in
Executive Order 12211, issued April 17, 1980, in order to implement agreements
with the Government of Iran, as reflected in Declarations of the Government of
the Democratic and Popular Republic of Algeria dated January 19, 1981,
relating to the release of U.S. diplomats and nationals being held as hostages
and to the resolution of claims of United States nationals against Iran, and
to begin the process of normalization of relations between the United States
and Iran and in which Iran and the United States instruct and require that the
assets described in this Order shall be transferred as set forth below by the
holders of such assets, it is hereby ordered that as of the effective date of
this Order:

     1-101. All persons subject to the jurisdiction of the United States in
possession or control of properties, not including funds and securities, owned
by Iran or its agencies, instrumentalities, or controlled entities are
licensed, authorized, directed and compelled to transfer such properties (as
directed after the effective date of this Order by the Government of Iran,
acting through its authorized agent.  Except where specifically stated, this
license, authorization, and direction does not relieve persons subject to the
jurisdiction of the United States from existing legal requirements other than
those based upon the International Emergency Economic Powers Act.

     1-102. (a) All licenses and authorizations for acquiring or exercising
any right, power, or privilege, by court order, attachment, or otherwise,
including the license contained in Section 535.504 of the Iranian Assets
Control Regulations, with respect to the properties described in Section 1-101
of this Order are revoked and withdrawn.

     (b) All rights, powers, and privileges relating to the properties
described in section 1-101 of this Order and which derive from any attachment,
injunction, other like proceedings or process, or other action in any
litigation after November 14, 1979, at 8:10 a.m. EST, including those derived
from Section 535.504 of the Iranian Assets Control Regulations, other than
rights, powers, and privileges of the Government of Iran and its agencies,
instrumentalities, and controlled entities, whether acquired by court order or
otherwise, are nullified, and all persons claiming any such right, power, or
privilege are hereafter barred from exercising the same.

     (c) All persons subject to the jurisdiction of the United States are
prohibited from acquiring or exercising any right, power, or privilege,
whether by court order or otherwise, with respect to the properties (and any
income earned thereon) referred to in Section 1-101 of this Order.

     1-103. Compliance with this Executive Order, any other Executive Order
licensing, authorizing, directing or compelling the transfer of the assets
described in paragraph 1-101 of this Order, or any regulations, instructions,
or directions issued thereunder shall to the extent thereof be a full
acquittance and discharge for all purposes of the obligation of the person
making the same.  No person shall be held liable in any court for or with
respect to anything done or omitted in good faith in connection with the
administration of, or pursuant to and in reliance on, such orders,
regulations, instructions, or directions.

     1-104. The Attorney General shall seek to intervene in any litigation
within the United States which arises out of this Order and shall, among other
things, defend the legality of, and all actions taken pursuant to, each of its
provisions.

     1-105. The Secretary of the Treasury is delegated and authorized to
exercise all functions vested in the President by the International Emergency
Economic Powers Act (50 U.S.C. 1701 et seq.) to carry out the purposes of this
Order.

     1-106. This Order shall be effective immediately.

Executive Order 12588 - Action against certain assets of disputed title

     SOURCE:  The provisions of Executive Order 12588 of Mar. 18, 1987, appear
at 52 FR 8859, 3 CFR, 1987 Comp., p. 216, unless otherwise noted.

     By the authority vested in me as President by the Constitution and laws
of the United States, including section 204 of the Special Foreign Assistance
Act of 1986 (Public Law 99-529) and section 301 of Title 3 of the United
States Code, and for the limited purpose of preserving the status quo pending
a judicial resolution of the proceedings that have been or may be instituted
by the Government of Haiti in its efforts to recover assets allegedly stolen
by its former President, Jean Claude Duvalier, and his associates, and without
expressing any opinion as to the merits of any claim or defense in any
judicial proceeding, it is hereby ordered as follows:

     SECTION 1. The acquisition, transfer (including transfer on the books of
any issuer, holder, or depositary), payment, disposition, transportation,
exportation, or withdrawal of, or the recording of interest in or ownership
of, or any deed of title, mortgage, or other evidence of ownership or title
regarding or dealing in, any real or personal property, of any kind
whatsoever, located in the United States and described in Section 2 of this
Order is prohibited unless expressly authorized by the Secretary of the
Treasury under such terms and conditions as he may prescribe.

     SEC. 2. Property will be considered to fall within the scope of this
Order and to be subject to the prohibition contained in Section 1 when:

     (a) The Government of Haiti certifies, in writing with appropriate
documentation, to the Secretary of the Treasury that:

     (1) it has initiated litigation in the Federal or State courts of the
United States alleging that the Government of Haiti or its instrumentalities
should be awarded title to, custody of, or possession of, the property;

     (2) it has evidence reasonably to believe that such property currently is
held or possessed by or in the name of Jean Claude Duvalier or other
individuals associated with the Duvalier regime, or a taker from Jean Claude
Duvalier or his associates;

     (3) it has petitioned the court to attach or otherwise restrain the
property and has reason to believe that the court would grant such petition
were the Government of Haiti to post adequate bond; and

     (4) it is unable, without outside assistance, to post the necessary
security because of lack of assets;

     (b) The Department of Treasury gives notice to the holder of the property
that such property falls within the scope of this Order and, in consultation
with the Departments of State and Justice, has not determined that an
insufficient basis exists for the certification by the Government of Haiti;
and

     (c) The court which the Government of Haiti has petitioned to attach or
otherwise restrain the property has not denied such petition on grounds other
than the failure of the Government of Haiti to post adequate bond.

     SEC. 3. Upon the entry of final judgment and after exhaustion of any
appeals that might be taken, as well as satisfaction of any judgment, in any
action in which the property described in Section 2 was sought, the property
shall no longer be subject to the prohibition contained in Section 1 of this
Order.

     SEC. 4. The Secretary of the Treasury, in consultation with the Secretary
of State, is hereby authorized to take such actions, including the
promulgation of rules and regulations, as may be necessary to carry out the
purposes of this Order.

     SEC. 5. This Order is not intended to create any right or benefit,
substantive or procedural, enforceable at law by a party against the United
States, its agencies, its officers, or any person.

     SEC. 6. This Order is effective immediately.