PUBLIC LAWS-CH. 499-AUG. 5 , 1947 [CHAPTER 499] JOINT RESOLUTION August 5, 1947 [S.. .es. 138] To provide for returns of Italian property in the United States, and for other [Public Law 370] purposes. Return of Italian Whereas article 79 of the Treaty of Peace with Italy, signed at Paris proper. on February 10, 1947, grants to the Allied and Associated Powers the right to seize and retain "all property rights and interests which on the coming into force of the present treaty are within its territory and belong to Italy or to Italian nationals, and to apply such prop- erty or the proceeds thereof to such purposes as it may desire, within the limits of its claims and those of its nationals against Italy or Italian nationals, including debts, other than claims fully satisfied under other articles of the present treaty" and further provides that "All Italian property, or the proceeds thereof, in excess of the amount of such claims, shall be returned"; and Whereas, pursuant to article 79 of the treaty of peace, negotiations have been entered into between the Governments of the United States and of Italy looking toward an agreement under which, upon the return of property, formerly Italian, in the United States, Italy will place at the disposal of the United States funds to be used in meeting certain claims of nationals of the United States and Whereas, for the purpose of carrying out such agreement, it is desira- ble to authorize, in accordance with the procedures provided for in section 32 of the Trading With the Enemy Act of October 6, 1917 .60sS.'app.3 40 Stat. 411), as amended, return to Italy or citizens or subjects of Infm . Italy, or corporations or associations organized under the laws of Italy, of property vested in or transferred to the United States or its agencies; and Whereas, for the purpose of aiding the revival of the Italian economy and establishing it on a self-sustaining basis, it is desirable that there be returned or transferred to Italy those Italian vessels acquired by the United States after December 7, 1941, for use in the war effort and now owned by the United States and vessels of a total tonnage approximately equal to the tonnage of those Italian vessels seized by the United States after September 1, 1939, and lost while being employed in the United States war effort: There- fore be it Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the President, or such officer or agency as he may designate, is hereby authorized to return, in accordance with the procedures provided for in section 32 of the Supra. Trading With the Enemy Act, as amended, any property or interest, or the net proceeds thereof, which has been, since December 18, 1941, vested in or transferred to any officer or agency of the United States pursuant to the Trading With the Enemy Act, as amended, and which immediately prior to such vesting or transfer was the property or interest of Italy or a citizen or subject of Italy, or a corporation or association organized under the laws of Italy. SEC. 2 . Section 32 (a) (2) of the Trading With the Enemy Act of 60 tt.51. p October 6, 1917 (40 Stat. 411), as amended, is hereby further amended 50U.S.C. app. 132 (a) (2). to read as follows: c Oners, etc.,x "(2) that such owner, and legal representative or successor in interest, if any, are not- "(A) the Government of Germany, Japan, Bulgaria, Hun- gary, or Rumania; or Corporations, etc.,
cc organize der ) a corporation or association organized under the laws of such nation: Provided That any property or interest or proceeds which, but for the provisions of this subdivision 784 [61 STAT.