68
49 Stat 1152; 22 U. S. C. 441 note
"Neutrality Act" of
February 29, 1936
JOINT RESOLUTION
Extending and amending the joint resolution
(Public Resolution Numbered 67 Seventy-fourth Congress), approved August 31,
1935.
Resolved
by the Senate and House of Representatives of the United States of America in
Congress assembled, That
section 1 of the joint solution (Public Resolution Numbered 67, Seventy-fourth
Congress) approved August 31, 1935, be, and the same hereby is, amended by
striking out in the first section, on the second line, after the word
assembled" the following words: "That upon the outbreak or during the
progress of war between", and inserting therefor the words: “Whenever the
President shall find that there exists a state of war between"; and by
striking out the word "may" after the word "President" and
before the word "from" in the twelfth line, and inserting in lieu
thereof the word "shall"; and by substituting for the last paragraph
of said section the following paragraph: "except with respect to offenses
committed, or forfeitures incurred prior to May 1, 1937, this section and all
proclamations issued thereunder shall not be effective after May 1, 1937."
SEC. 2. There are hereby added to said joint
resolution two new sections, to be known as sections la and lb, reading as
follows:
"SEC. la. Whenever the President shall
have issued his proclamation as provided for in section 1 of this Act, it shall
thereafter during the period of the war be unlawful for any person within the
United States to purchase, sell, or exchange bonds, securities, or other
obligations of the government of any belligerent country, or of any political
subdivision thereof, or of any person acting for or on behalf of such
government, issued after the date of such proclamation, or to make any loan or
extend any credit to any such government or person: Provided, That if the President shall find that such action will
serve to protect the commercial or other interests of the United States or its
nationals, he may, in his discretion, and to such extent and under such
regulation as he may prescribe, except from the operation of this section
ordinary commercial credits and short-time obligations in aid of legal
transactions and of a character customarily used in normal peace-time
commercial transactions.
"The provisions of this section shall
not apply to a renewal or adjustment of such indebtedness as may exist on the
date of the President's proclamation.
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DOCUMENTS
"Whoever shall violate the provisions of
this section or of any regulations issued hereunder 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 agent thereof participating in the violation may
be liable to the penalty herein prescribed.
"When the President shall have revoked
his proclamation as provided for in section 1 of this Act, the provisions of
this section and of any regulations issued by the President hereunder shall
thereupon cease to apply.
“SEC. lb. This Act shall not apply to an
American republic or republics engaged in war against a non-American state or
states, provided the American republic is not cooperating with a non-American
state or states in such war."
SEC. 3. Section 9 of said joint resolution is
amended to read as follows:
"There is hereby authorized to be
appropriated from time to time, out of any money in the Treasury not otherwise
appropriated, such amounts as may be necessary to carry out the provisions and
accomplish the purposes of this Act."
Approved, February 29, 1936.