Regulations Implementing the United Nations Resolutions on Iran

17 (1) A person whose property has been affected by the application of section 9 may apply to the Minister for a certificate to exempt property from the application of that section if the property is necessary for basic or extraordinary expenses, or if it is the subject of a judicial, administrative or arbitral lien or judgment, a hypothec, prior claim, mortgage, charge or security interest.

(2) The Minister shall issue a certificate, if the necessity of that property for basic or extraordinary expenses is established in accordance with the Security Council Resolutions, or if the property is the subject of a judicial, administrative or arbitral lien or judgment, a hypothec, prior claim, mortgage, charge or security interest

• (a) in the case of property necessary for basic expenses, if the Committee of the Security Council did not refuse the release of the property, within 15 working days after receiving the application;

• (b) in the case of property necessary for extraordinary expenses, if the Committee of the Security Council approved the release of the property, within 30 working days after receiving the application; and

• (c) in the case of property that is the subject of a judicial, administrative or arbitral lien or judgment, a hypothec, prior claim, mortgage, charge or security interest, if the lien, judgment, hypothec, prior claim, mortgage, charge or security interest was entered prior to December 23, 2006, is not for the benefit of a designated person and has been brought to the attention of the Committee of the Security Council by the Minister, within 90 days after receiving the application.