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

Marginal note:Exemption for property

• 12 (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 working 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 person became a designated person,

    • (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.