4
I    period of not more than ninety days without renewals ordi-
2    nary commercial credits and short-time obligations in aid
3    of legal transactions and of a character customarily used in
4    normal peacetime commercial transaction; the President
5    shall make public every ninety days any and all exceptions
6    granted under this proviso, together with the amounts of
7    credits involved.
8        (b) The provisions of this section shall not apply to a
9    renewal or adjustment of such indebtedness as may exist
10   on the date of the President's proclamation.
11       (c) Whoever shall violate the provisions of subsection
12   (a) of this section or of any regulations issued thereunder
13   shall, upon conviction thereof, be fined not more than
14   $50,000 or imprisoned for not more than five years, or
15   both. Should the violation be by a corporation, organization,
16   or association, each officer or agent thereof participating in
17   the violation may be liable to the penalty herein prescribed.
18       {d) Whenever the President shall have issued a procla-
19   mation under the authority of section 1 (a) it shall there-
20   after be unlawful, except in accordance with such rules
21   and regulations as the President shall prescribe, to export or
22   transport, or attempt to export or transport, or cause to be
23   exported or transported, from the United States directly or
24   indirectly to any state named in the proclamation, any
25   articles or materials until all right, title, and interest therein
26   shall have been transferred to some foreign government,
 
     5
1    agency, institution, association, partnership, corporation, or
2    national. The shipper of such articles or materials shall be
3    required to file with the collector of the port from which
4    they are to be exported a declaration under oath that there
5    exists in citizens of the United States no right, title, or
6    interest in such articles or materials, and to comply with such
7    rules and regulations as shall be promulgated from time
8    to time by the President. Any such declaration so filed shall
9    be a conchsire estoppel against any claim of any citizen
10   of the United States of right, title, or interest in such articles
 
11 or materials. Insurance written by underwriters on such
12  articles or materials shall not be deemed an American interest
13 therein, and no insurance policy issued on such articles or
14  materials, and no loss incurred thereunder, shah be made 
15 the basis of any claim put forward by the Government of
 
16 the United States. The provisions of this subsection shall 
17 not apply to trade on or over lands, lakes, rivers, and inland 
18 waters bordering on the United States.
19      (e) Whenever the President shall have revoked any 
20 proclamation issued under the authority of section 1 (a), 
21 the provisions of this section and of any regulations issued 
22 by the President hereunder shall thereupon cease to apply 
23 with respect to the state or states named in such proclam-
24 ation, except with respect to offenses committed prior to such
25  revocation.