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22 U.S.C. § 285l — Letter of credit form for United States Special Resources

submitted 54 years ago by Pub. L. 89-369 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 54 words · no verdicts yet

in plain englishAI-generated · not legal advice

The U.S. gives its Special Resources to the Bank as a letter of credit. This letter cannot be sold and earns no interest. The Bank can cash it on demand for approved costs.

The United States Special Resources are given to the Bank as a letter of credit. This letter of credit cannot be sold to anyone else, and it does not earn interest. The Bank can demand payment on it at full value, to cover the cost of eligible goods and services, and administrative costs allowed under section 285j(c).
the actual law source: uscode.house.gov ↗public domain

The United States Special Resources will be provided to the Bank in the form of a nonnegotiable, noninterest-bearing, letter of credit which shall be payable to the Bank at par value on demand to meet the cost of eligible goods and services, and administrative costs authorized pursuant to section 285j(c) of this title.

Source credit: (Pub. L. 89–369, § 15, as added Pub. L. 92–245, § 1, Mar. 10, 1972, 86 Stat. 58.)

history & why it existsrecord from the source credit
  • 1972Enacted · Pub. L. 89-369 · 86 Stat. 58

A history note hasn’t been published yet. The record shows enactment by Pub. L. 89-369 on 1972-03-10.

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