22 U.S.C. § 282e — Payment of subscriptions to Corporation by United States; dividends covered into Treasury

submitted 71 years ago by ch. 788 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 129 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Treasury Secretary can pay the U.S.'s share into the Corporation using up to $35,168,000 raised through selling government securities. This counts as public debt. Any dividends the Corporation pays the U.S. go into the Treasury as ordinary revenue.

(a) The Secretary of the Treasury may pay the United States' subscription — its ownership share — to the Corporation. To do this, the Secretary can use up to $35,168,000 from the proceeds of securities issued under a separate law (chapter 31 of title 31), and that law's list of allowed purposes for issuing securities is expanded to include this payment. Both the payment and any later repayment of it count as "public-debt transactions" of the United States. (b) If the Corporation pays dividends to the United States, that money must be "covered into the Treasury as a miscellaneous receipt" — meaning it becomes ordinary government revenue rather than being kept separate.

the actual law source: uscode.house.gov ↗public domain

(a) Authority of Secretary of the Treasury

The Secretary of the Treasury is authorized to pay the subscription of the United States to the Corporation and for this purpose is authorized to use as a public-debt transaction not to exceed $35,168,000 of the proceeds of any securities hereafter issued under chapter 31 of title 31, and the purposes for which securities may be issued under that chapter are extended to include such purpose. Payment under this subsection of the subscription of the United States to the Corporation and any repayment thereof shall be treated as public-debt transactions of the United States.

(b) Dividends treated as miscellaneous receipts

Any payment of dividends made to the United States by the Corporation shall be covered into the Treasury as a miscellaneous receipt.

Source credit: (Aug. 11, 1955, ch. 788, § 7, 69 Stat. 670.)

history & why it existsrecord from the source credit

1955Enacted · Act of Aug. 11, 1955, ch. 788 · 69 Stat. 670

A history note hasn’t been published yet. The record shows enactment by ch. 788 on 1955-08-11.

all 0 arguments · sorted by: best

no arguments yet — make the first case