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Regulations Implementing the United Nations Resolutions and Imposing Special Economic Measures on Libya

Version of section 12 from 2018-05-16 to 2019-03-03:


Marginal note:Exemption for property

  •  (1) A person whose property is affected by the application of section 3 may apply to the Minister in writing for a certificate to exempt the property from the application of that section if the property is necessary for basic or extraordinary expenses or is subject to a lien, mortgage or security interest, to a hypothec or prior claim, to a charge or to a judicial, administrative or arbitral decision.

  • Marginal note:Certificate

    (2) If it is established in accordance with Security Council Resolution 1970 that the property is necessary for basic or extraordinary expenses or is subject to a lien, mortgage or security interest, to a hypothec or prior claim, to a charge or to a judicial, administrative or arbitral decision, the Minister must issue a certificate within the following time periods:

    • (a) within 15 working days after receiving the application, in the case of property that is necessary for basic expenses, if the Security Council does not oppose the application;

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

    • (c) within 90 days after receiving the application, in the case of property that is subject to a lien, mortgage or security interest, to a hypothec or prior claim, to a charge or to a judicial, administrative or arbitral decision that

      • (i) was created or issued before the coming into force of these Regulations,

      • (ii) is not for the benefit of a designated person, and

      • (iii) has been brought to the attention of the Committee of the Security Council by the Minister.

  • SOR/2018-101, s. 2

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