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22 U.S.C. § 282iIncrease in capital stock of Corporation; subscription to additional shares

submitted 71 years ago by Pub. L. 95-118 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 127 words · no verdicts yet

in plain englishAI-generated · not legal advice

The U.S. governor at the Corporation can vote to add 540,000 shares to its stock. If that happens, the governor can buy 111,493 more shares for the U.S., but only if Congress approves the money first. Congress can approve up to $111,493,000 to pay for this.

(a) The United States Governor of the Corporation is authorized to do two things: vote in favor of increasing the Corporation's authorized capital stock by five hundred and forty thousand (540,000) shares, and — if that increase actually takes effect — subscribe to one hundred eleven thousand four hundred ninety-three (111,493) additional shares on behalf of the United States. However, any commitment to pay for those additional shares depends on Congress actually approving the necessary appropriations first. (b) To pay for this increase in the United States' share of the Corporation, Congress authorizes appropriating $111,493,000, without any fiscal-year time limit, to be paid by the Secretary of the Treasury.
the actual law source: uscode.house.gov ↗public domain
(a)

The United States Governor of the Corporation is authorized—

(1)

to vote for an increase of five hundred and forty thousand shares in the authorized capital stock of the Corporation; and

(2)

if such increase becomes effective, to subscribe on behalf of the United States to one hundred and eleven thousand four hundred and ninety-three additional shares of the capital stock of the Corporation: Provided, however, That any commitment to make payment for such additional subscriptions shall be made subject to obtaining the necessary appropriations.

(b)

In order to pay for the increase in the United States subscription to the Corporation provided for in this section, there are authorized to be appropriated, without fiscal year limitation, $111,493,000 for payment by the Secretary of the Treasury.

Source credit: (Aug. 11, 1955, ch. 788, § 11, as added Pub. L. 95–118, title III, § 301, Oct. 3, 1977, 91 Stat. 1068.)

history & why it existsrecord from the source credit
  • 1955Enacted · Pub. L. 95-118 · 91 Stat. 1068

A history note hasn’t been published yet. The record shows enactment by Pub. L. 95-118 on 1955-08-11.

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