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1         (b) The provisions of this section shall not apply to
2    a renewal or adjustment of such indebtedness as may exist
3    on the date of the President's proclamation or to an Ameri-
4    can republic or republics engaged in war against a non-
5    American state or states, if the American republic is not co-
6    operating with a non-American state or states in such war.
7         (c) Whoever shall violate the provisions of this section
8    or of any regulations issued hereunder shall, upon convic-
9    tion thereof, be fined not more than 850,000 or imprisoned
10   for not more than five years, or both. Should the violation
11   be by a corporation, organization, or association, each officer
12   or agent thereof participating in the violation may be liable
13   to the penalty herein prescribed.
14        (d) Whenever the President shall have revoked any
15   proclamation issued trader the authority of section 1 of
16   this Act, the provisions of this section and of any regulations
17   issued by the President hereunder shall thereupon cease to
18   apply with respect to the state or states named in such
19   proclamation, except with respect to offenses committed
20   prior to such revocation.
21   NATIONAL MUNITIONS CONTROL BOARD
22        SEC. 4. (a) There is hereby established a National
23    Munitions Control Board (hereinafter referred to as the
24    "Board"). The Board shall consist of the Secretary of State,
25    who shall be chairman and executive officer of the Board,
 
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1    the Secretary of the Treasury, the Secretary of War, the
2    Secretary of the Navy, and the Secretary of Commerce.
3    Except as otherwise provided in this Act, or by other law,
4    the administration of this Act is rested in the Department
5    of State. The Secretary of State shall promulgate such rules
6    and regulations with regard to the enforcement of this section
7    as he may deem necessary to carry out its provisions. The
8    Board shall be convened by the chairman and shall hold
9    at least one meeting a year.
10   (b) Every person who engages in the business of manu-
11   facturing, exporting, or importing any arms, ammunition, or
12   implements of war, whether as an exporter, importer, manu-
13   facturer, or dealer, shall register with the Secretary of State
14   his name, or business name, principal place of business, and
15   places of business in the United States, and a list of the arms,
16   anmmnition, and implements of war which he manufactures,
17   imports, or exports.
18       (c) Every person required to register under this section
19   shall notify, the Secretary of State of any change in the arms,
20   amnmnition, or implements of war which he exports, imports,
21   or manufactures; and upon such notification the Secretary
22   of State shall issue to such person an amended certificate of
23   registration, free of charge, which shall remain valid until
24    the date of explanation of the original certificate. Every per-