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

submitted 71 years ago by Pub. L. 99-190 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 115 words · no verdicts yet

in plain englishAI-generated · not legal advice

The U.S. governor at the Corporation can vote to add 650,000 shares to its stock and buy 175,162 more shares for the U.S. But buying those shares only happens to the extent Congress approves the money in advance. Congress can approve $175,162,000 to pay for this.

(a) The United States Governor of the Corporation is authorized to vote for an increase of 650,000 shares in the Corporation's authorized capital stock, and to subscribe on behalf of the United States to 175,162 additional shares. This subscription, however, takes effect only to the extent, or in the amounts, that Congress provides in advance through appropriations laws. (b) To pay for this increase in the United States' subscription, Congress authorizes appropriating $175,162,000, without any fiscal-year time limit, for the Secretary of the Treasury to pay.
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 650,000 shares in the authorized capital stock of the Corporation; and

(2)

to subscribe on behalf of the United States to 175,162 additional shares of the capital stock of the Corporation, except that any subscription to additional shares shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.

(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, § 175,162,000 for payment by the Secretary of the Treasury.

Source credit: (Aug. 11, 1955, ch. 788, § 12, as added Pub. L. 99–190, § 101(i) [title I, (a)], Dec. 19, 1985, 99 Stat. 1291, 1294.)

history & why it existsrecord from the source credit
  • 1955Enacted · Pub. L. 99-190 · 99 Stat. 1291, 1294

A history note hasn’t been published yet. The record shows enactment by Pub. L. 99-190 on 1955-08-11.

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