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$ 54.7 General provisions affecting ex- And provided further, That gold held port licenses.
by the Federal Reserve banks under (a) At the time any license to export
$$ 54.28 to 54.30, may be exported or gold is issued, the Office of Domestic
transported for the purposes of such secGold and Silver Operations or Federal
tions without a license. The collector of Reserve bank issuing the same, shall
customs or other government officer to transmit a copy thereof to the collector
whom a license to export is surrendered of customs at the port of export desig
shall cancel such license and return it to nated in the license or, if the port of
the Director, Office of Domestic Gold and export is not within the customs terri
Silver Operations or the Federal Reserve tory of the United States, to the govern
bank which issued the same. In the ment oficer at such port charged with
event that the shipment is to be made the enforcement of laws relating to the
by mail, a copy of the export license shall exportation of merchandise from the be sent by the agency issuing the same to United States. No collector of customs
the postmaster of the post office desigor other government officer charged with
nated in the application, who will act the enforcement of laws relating to the
under the instructions of the Postmaster exportation of merchandise from the
General in regard thereto. United States shall permit the export or
(b) This section shall not apply to extransportation from the States of the
ports of gold authorized under $ 54.25(b). United States to the Possessions of the [28 F.R. 8289, Aug. 13, 1963, as amended at United States, to Puerto Rico, to the
33 F.R. 4677, Mar. 19, 1968) Canal Zone, or to places not subject to § 54.8 General provisions affecting imthe jurisdiction of the United States or
port licenses. the export or transportation from the
No gold in Possessions of the United States, from
into the United States shall be perPuerto Rico or from the Canal Zone to
mitted to enter until the person implaces not subject to the jurisdiction of the United States of gold in any form
porting such gold shall have satisfied except upon surrender of a license to ex
the collector of customs at the port of port, a copy of which has been received
entry that he holds a license authorizby him from the agency issuing the same
ing him to import such gold or that except that licenses on Form TGL-15
such gold may be imported without a 11(general) covering multiple shipments
cense under the provisions of $8 54.12 during a six-months' period are retained
to 54.21, inclusive, or $$ 54.28 to 54.30,
inclusive. Postmasters receiving packby the licensees until the expiration of
ages containing gold will deliver such such period when they are returned to
gold subject to the instructions of the the Director, Office of Domestic Gold
Postmaster General. and Silver Operations: Provided, however, That the export or transportation
$ 54.9 Forms available. from the States of the United States, Any form, the use of which is prethe Possessions of the United States, scribed in this part, may be obtained at, Puerto Rico and the Canal Zone of fab- or on written request to, any United ricated gold may be permitted pursuant States mint or assay ofice, or the Under to $ 54.25(b) (2) and the export or trans
Secretary of the Treasury for Monetary
Affairs or his delegate, Treasury Departportation from the States of the United States, the Possessions of the United
ment, Washington, D.C. 20220. States, Puerto Rico and the Canal Zone $ 54.10 Representations by licensees. of gold imported for reexport may be Licensees may include in public and permitted pursuant to $ $ 54.32 and 54.33:
private representations or statements
the clause "licensed on form TGL.* The regulations in this part shall not be (here inserting the number of the form construed as relieving any person from the
of license held by the licensee) pursuant obligation of compliance with the regula. tions of the Bureau of International Com.
to the regulations issued by the Secremerce (formerly the Omico of International tary of the Treasury," but any repreTrade) (16 CFR Parts 363 to 999), the Bureau sentation or statement which might of Customs (19 CFR Ch. I) or other laws or
induce the belief that the licensee is regulations relating to the importation or exportation of merchandise, where appli
acting or is especially privileged to act cable to imports or exports of gold, or articles on behalf of or for the United States, containing gold.
or is purchasing, treating, or selling gold
for the United States, or in any way dealing in gold for the purpose of carrying out any policy of the United States, shall be a violation of the conditions of the license.
(a) Business names and representations generally. No person doing business under a name which is designed or is likely to induce the belief that gold is being purchased, treated, or sold on behalf of the United States, or any agency thereof, or for the purpose of carrying out any policy of the United States, or making representations or statements which might induce the belief that such person is acting or is especially privileged to act on behalf of or for the United States, or is purchasing, treating, or selling gold for the United States, or in any way dealing in gold for the purpose of carrying out any policy of the United States, may acquire, hold, transport, melt, or treat, import, export or earmark any gold under authority of $ $ 54.12 to 54.20, inclusive, or $$ 54.21 to 54.27, inclusive. $ 54.11 Civil and criminal penalties.
(a) Civil penalties. Attention is directed to section 4 of the Gold Reserve Act of 1934, which provides:
Any gold withheld, acquired, transported, melted or treated, imported, exported, or earmarked or held in custody, in violation of this Act or of any regulations issued hereunder, or licenses issued pursuant thereto, shall be forfeited to the United States, and may be seized and condemned by like proceedings as those provided by law for the forfeiture, seizure, and condemnation of property imported into the United States contrary to law; and in addition any person failing to comply with the provisions of this Act or of any such regulations or licenses, shall be subject to a penalty equal to twice the value of the gold in respect of which such failure occurred (31 U.S.C. 443).
(b) Criminal punishment. Attention is also directed to (1) section 5(b) of the act of October 6, 1917, as amended, which provides in part:
Whoever willfully violates any of the provisions of this subdivision or of any license, order, rule or regulation issued thereunder, shall, upon conviction, be fined not more than $10,000 or, if a natural person, may be imprisoned for not more than ten years, or both; and any officer, director, or agent of any corporation who knowingly participates in such violation may be punished by a like fine, imprisonment, or both. As used in this subdivision the term “person" means an individual, partnership, association, or corporation (12 U.S.C. 95a (3)).
This section of the act of October 6, 1917, as amended, is applicable to violations of any provisions of this part and to violations of the provisions of any license, ruling, regulation, order, direction, or instructions issued by or pursuant to the direction or authorization of the Secretary of the Treasury pursuant to the regulations in this part or otherwise under section 5(b) of the act of October 6, 1917, as amended.
(2) Section 1001 of the United States Criminal Code, which provides:
Whoever, in any matter within the jurisdiction of any department or agency of the United States knowingly and wilfully falsities, conceals or covers up by any trick, scheme, or device a material fact, or makes any false, fictitious or fraudulent statements or representations, or makes or uses any false writing or document knowing the
to contain any false, fictitious or
Gold May Be Acquired and Held,
Imported, Exported or Earmarked $ 54.12 Conditions under which gold
may be acquired, held, melted, etc. Gold in any form may be acquired, held, transported, melted or treated, imported, exported, or earmarked only to the extent permitted by and subject to the conditions prescribed in the regulations in this part or licenses issued thereunder. Nothing contained in the regulations in this part nor in licenses issued thereunder authorizes the acquisition, sale, holding, importation, or exportation of any present or future interest, direct or indirect, in gold in any form for speculative purposes, and such actions are prohibited. [19 F.R. 4309, July 14, 1954, as amended at 26 F.R. 9551, Oct. 10, 1961; 36 F.R. 13786, July 24, 1971] § 54.13 Transporting or holding gold in
safekeeping. (a) Gold may be transported from the States of the United States to the possessions of the United States, to Puerto Rico and to the Canal Zone only as authorized by $ $ 54.25, 54.32, 54.33 or 54.34 or licenses issued pursuant thereto.
(b) Carriers are authorized to transport gold for persons who are either licensed or who are otherwise permitted
by the regulations in this part to hold $ 54.16 Fabricated gold. and transport gold.
Fabricated gold as defined in $ 54.4 (c) Banks and other persons are au
may be acquired, held, transported within thorized to provide facilities for the safe
the United States or imported without keeping of gold lawfully held pursuant
the necessity of holding a license thereto a license issued under this part or
for. Fabricated gold may be exported otherwise permitted to be held by the
only as authorized in $ 54.25 or in a liregulations in this part.
cense issued pursuant to that section. [33 F.R. 5794, Apr. 16, 1968 and 28 F.R. 8290, Aug. 13, 1963, as amended at 36 F.R. 13786, $ 54.17 Metals containing gold. July 24, 1971]
Metals containing not more than 5 $ 54.14 Gold situated outside of the troy ounces of fine gold per short ton United States.
may be acquired, held, transported within (a) Gold in any form situated outside
the United States, or imported without of the United States may be acquired,
the necessity of holding a license thereheld, transported, melted or treated, or
for. Such metals may be melted or earmarked by or on behalf of persons
treated, and exported only to the extent subject to the jurisdiction of the United
permitted by and subject to the condiStates only to the extent permitted by
tions prescribed in or pursuant to $ $ 54.licenses relating to the legitimate and
21 to 54.27, inclusive. customary use of gold in industry, pro- 54.18 Unmelted scrap gold. fession, or art issued under $ 54.25: Pro
Unmelted scrap gold may be acquired, vided, however, The provisions of $ $ 54.
held, transported within the United 16, 54.17, and 54.19, relating to fabri
States, or imported, in amounts not excated gold, metals containing gold and
ceeding at any one time 50 fine troy gold in its natural state, respectively,
ounces of gold content without the neshall be applicable to the acquisition,
cessity of holding a license therefor. holding and transportation of gold in
Persons holding licenses issued pursusuch forms outside of the United States
ant to § 54.25(a), or acquiring, transby or on behalf of persons subject to the jurisdiction of the United States.
porting, importing, or holding gold pur(b) The acquisition, holding, trans
suant to $ 54.21, may not acquire, portation, importing and exporting, by transport, import or hold any gold under persons subject to the jurisdiction of the authority of this section. United States, of securities issued by any
$ 54.19 Gold in its natural state. person holding, as a substantial part of his assets, gold as a store of value or as,
(a) Gold in its natural state, as deor in lieu of, money and not for a specific
fined in $ 54.4, may be acquired, transand customary industrial, professional or ported within the United States, imartistic use, is prohibited.
ported, or held in custody for domestic (27 F.R. 6974, July 24, 1962)
account only, without the necessity of
holding a license therefor. § 54.15 Trading in gold on exchanges.
(b) Gold amalgam which results from No interest, direct or indirect, legal
the addition of mercury to gold in its or equitable, in gold in any form, for
natural state, recovered from natural depresent or for future delivery, shall be
posits in the United States or a place acquired under a contract made on or subject to the rules of any exchange
subject to the jurisdiction thereof, may within the United States. The term
be heated to a temperature sufficient to “exchange” means any organization, as
separate the mercury from the gold (but sociation, or group of persons, whether
not to the melting temperature of gold) incorporated or unincorporated, ch without a license by the person who reconstitutes, maintains, or provides a mar- covered the gold from such deposits, or ket place or facilities for bringing to- his duly authorized agent or employee. gether purchasers and sellers of gold The retort sponge so resulting may be in any form and performs with respect held and transported by such person to gold in any form the functions com- without a license: Provided, however, monly performed by a commodity ex- That no such person may hold at any change as
that term is . generally one time an amount of such retort understood.
sponge which exceeds in fine gold con(36 F.R. 13786, July 24, 1971]
tent 200 troy ounces. Such retort
sponge may be acquired from such persons:
(2) By persons holding licenses issued pursuant to § 54.25(a);
(3) By other persons provided that the aggregate amount of such retort sponge acquired and held by such other persons does not exceed at any one time 200 fine troy ounces of gold content.
(c) Persons acquiring retort sponge under paragraph (b) (3) of this section are authorized to dispose of such retort sponge only to persons holding licenses issued pursuant to $ 54.25(a).
(d) Except as provided in $ $ 54.12 to 54.20, inclusive, and in $ $ 54.32 and 54.33, gold in its natural state may be melted or treated or exported only to the extent permitted by, and subject to the conditions prescribed in, or pursuant to, $ $ 54.21 to 54.27, inclusive. [19 F.R. 4309, July 14, 1954, as amended at 33 F.R. 4677, Mar. 19, 19681 $ 54.20 Rare coin.
(a) Gold coin of recognized special value to collectors of rare and unusual coin may be acquired, held and transported within the United States for numismatic purposes without the necessity of holding a license therefor. Such coin may not be acquired for the purpose of acquiring the gold bullion contained therein. Such coin may be imported only as permitted by this section or $ $ 54.28 to 54.30, 54.34 or licenses issued thereunder, and may be exported only in accordance with the provisions of $ 54.25.
(b) Gold coin made prior to 1934 is considered to be of recognized special value to collectors of rare and unusual coin.
(c) Gold coin made during or subsequent to 1934 is presumed not to be of recognized special value to collectors of rare and unusual coin.
(d) Gold coin made prior to 1934 may be imported for numismatic purposes without the necessity of obtaining a license therefor.
(e) Gold coin made during or subsequent to 1934 may be imported only pursuant to a specific or general license issued by the Director, Office of Domestic Gold and Silver Operations. Licenses under this paragraph may be issued only for gold coin made prior to 1960, which can be established to the satisfaction of the Director to be of recognized special value to collectors of rare and unusual
coin and to have been originally issued for circulation within the country of Issue. Licenses may be issued for gold coin made during or subsequent to 1960 in cases where the particular coin was licensed for importation prior to April 30, 1969. Application for a specific license under this paragraph shall be executed on Form TG-31 and filed in duplicate with the Director. (34 F.R. 6982, Apr. 26, 1969, as amended at 36 F.R. 13786, July 24, 1971]
Subpart C-Gold for Industrial,
Professional, and Artistic Use 8 54.21 Fifty
exemption for processors. (a) Subject to the conditions in paragraph (b) of this section, any person regularly engaged in an industry, profession, or art, who requires gold for legitimate, customary, and ordinary use therein, may, without the necessity of obtaining a Treasury gold license:
(1) Import gold or acquire gold in any form from any person authorized to hold and dispose of gold in such form and amount under the regulations in in this part or a license issued pursuant hereto;
(2) Hold, transport, melt, and treat such gold;
(3) Furnish unmelted scrap gold to persons operating pursuant to $$ 54.18 or 54.21, or to the holder of a license issued pursuant to g 54.25(a); and
(4) Furnish melted scrap gold to the holder of a license issued pursuant to $ 54.25(a) which authorizes the acquisiion of such melted scrap gold.
(b) The privileges of paragraph (a) of this section are granted subject to the following conditions:
(1) That the aggregate amount of such gold acquired, held, transported, melted and treated, and imported, does not exceed, at any one time, 50 fine troy ounces of gold content (not including gold which may be acquired, held, etc., without a license under any other section of this part, except § 54.18);
(2) That the aggregate amount of such gold acquired, held, transported, melted and treated, and imported, does not exceed, in any calendar month 350 fine troy ounces of gold content (not including gold wihich may be acquired, held, etc., without a license under any other section of this part, except § 54.18);
(3) That such gold is acquired and held only for processing into fabricated gold, as defined in § 54.4, by such person in the industry, profession, or art in which he is engaged; and
(4) That full and exact records are kept and furnished in compliance with $ 54.26.
(c) Persons acquiring, holding, transporting, melting and treating, and importing gold under authority of this section are not authorized:
(1) To consign gold bullion, including semi-processed gold, to other persons for processing except that scrap gold may, for processing and return in semi-processed form, be consigned to the holder of a license issued pursuant to $ 54.25 (a), which authorizes the acquisition and melting and treating of such gold;
(2) To furnish melted scrap gold to persons operating pursuant to the provisions of this section or $ 54.18;
(3) To dispose of gold held under authority of this section otherwise than in the form of fabricated gold or scrap gold.
(d) Persons holding licenses issued pursuant to $ 54.25(a) or acquiring, holding, transporting, or importing, gold pursuant to $ 54.18 may not acquire, hold, transport, melt or treat, or import, any gold under authority of this section. (19 F.R. 4309, July 14, 1954, as amended at 33 F.R. 4677, Mar. 19, 1968] 8 54.22 Licenses required.
Except as permitted in $ $ 54.12 to 54.20, inclusive, and $ 54.21, gold may be acquired and held, transported, melted or treated, imported, exported or earmarked for industrial, professional or artistic use only to the extent permitted by licenses issued under $ 54.25. § 54.23 Issuance of licenses or general
authorizations. The Under Secretary of the Treasury for Monetary Affairs or his delegate may issue or cause to be issued licenses or other authorizations permitting the acquisition and holding, transportation, melting and treating, importing and exporting of gold which the Under Secretary or his delegate is satisfied is required for legitimate and customary use in industry, profession, or art, by persons regularly engaged in the business of furnishing or processing gold for industry, profession, or art. (19 F.R. 4309, July 14, 1954, as amended at 33 F.R. 4677, Mar. 19, 1968)
8 54.24 Applications.
Every application for a license under 8 54.25 (a) and (c) shall be made on Form TG-12 (except that applications for export licenses shall be made on Form TG-15). Each application for a license shall be filed in duplicate with the Director, Office of Domestic Gold and Silver Operations, Treasury Department, Washington, D.C. 20220. Every applicant for a license under $ 54.25 (a) or (c) shall state in his application whether or not any applications have been filed by or licenses issued to any partnership, association or corporation in which the applicant has a substantial interest or, if the applicant is a partnership, association or corporation, by or to a person having a substantial interest in such partnership, association or corporation. The Director, Office of Domestic Gold and Silver Operations, shall not issue any license to any person if in the judgment of the Director more than one license for the same purpose will be held for the principal use or benefit of the same persons or interests. Any person licensed under this subpart acquiring & principal interest in any partnership, association, or corporation, holding a license under this subpart for this purpose shall immediately So inform the Director, Office of Domestic Gold and Silver Operations. (33 F.R. 5795, Apr. 16, 1968) 8 54.25 Licenses.
(a) Licenses for the acquisition and holding, transportation, melting and treating, importing and disposition of gold. (1) Upon receipt of the application and after obtaining such additional information as may be deemed advisable, the Director, Office of Domestic Gold and Silver Operations shall, if satisfied that gold is necessary for the legitimate and customary requirements of the applicant's industry, profession, art, or business, and that the applicant is qualified in all respects to conduct gold operations in full compliance with the provisions of this part and the provisions of a Treasury gold license, issue or cause to be issued to the applicant a Treasury gold license on the approved form for the kind of industry, profession, art, or business, in which the applicant is engaged.
(2) License issued under this section may authorize the licensee to acquire and hold not to exceed a maximum amount