PUBLIC LAW 285-AUG. «, 1955
Public Law 285 August 9, 1955 [H. R. 6382]
International Claims Settlement Act of 1949,amendments. 64 Stat. 12. 22 USC 1621 note.
[69 S T A T »
AN ACT To amend the International Claims Settlement Act of 1949, as amended, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the International Claims Settlement Act of 1949, as amended, is further amended by inserting after the first section thereof the following: " TITLE I ". SEC. 2. The word "Act", wherever it appears in title I in reference to the International Claims Settlement Act of 1949, is amended to read "title". SEC. 3. The International Claims Settlement Act of 1949, as amended, is further amended by adding at the end thereof the following: "TITLE II "VESTING AND LIQUIDATION or BULGARIAN, HUNGARIAN, AND R U M A N I A N PROPERTY
61 Stat., pt. 2.
5FR 1400; 3 CFR Cum. Supp., p. 64 5.
"SEC. 201. As used in this title the term— "(1) 'Person' means a natural person, partnership, association, other unincorporated body, corporation, or body politic. "(2) 'Property' means any property, right, or interest. "(3) 'Treaty of peace', with respect to a country, means the treaty of peace with that country signed at Paris, France, February 10, 1947, which came into force between that country and the United States on September 15, 1947. "SEC. 202. (a) I n accordance with article 25 of the treaty of peace with Bulgaria, article 29 of the treaty of peace with Hungary, and article 27 of the treaty of peace with Rumania, any property which was blocked in accordance with Executive Order 8389 of April 10, 1940, as amended, and remains blocked on the effective date of this title, and which, as of September 15, 1947, was owned directly or indirectly by Bulgaria, Hungary, and Rumania or by any national thereof as defined in such Executive order, shall vest in such officer or agency as the President may from time to time designate and shall vest when, as, and upon such terms as the President or his designee shall direct. Such property shall be sold or otherwise liquidated as expeditiously as possible after vesting under such rules and regulations as the President or his designee may prescribe. The net proceeds remaining upon cqmpletion of the administration and liquidation thereof, including the adjudication of any suits or claims with respect thereto under sections 207 and 208, shall be covered into the Treasury. Notwithstanding the preceding provisions of this subsection, any such property determined by the President or his designee to be owned directly by a natural person shall not be vested under this subsection but shall remain blocked subject to release when, as, and upon such terms as the President or his designee may prescribe. If, at any time within one year from the date of the vesting of any property under this subsection, the President or his designee shall determine that it was directly owned at the date of vesting by a natural person, then the President or his designee shall divest such property and restore it to its blocked status prior to vesting, subject to release when, as, and upon such terms as the President or his designee may prescribe, or if such property has beeii liquidated, shall divest the net proceeds thereof and carry them in blocked accounts with the Treasury, bearing no interest, in the name of the owner thereof at the date of vesting,