ALLcrimesfood&drugstaxestelecomcommercehealthconservationtransportationagricultureveteransbrowse all titles »
0

22 U.S.C. § 282lCapital stock increase

submitted 71 years ago by Pub. L. 102-145 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 116 words · no verdicts yet

in plain englishAI-generated · not legal advice

The U.S. Governor of the Corporation may vote to raise its capital stock by 1,000,000 shares. The Governor may also buy 250,000 more shares for the United States. This only happens if Congress approves the money first, up to $50,000,000.

(a) Subscription authorized: The U.S. Governor of the Corporation can do two things. First, the Governor can vote to increase the Corporation's authorized capital stock by 1,000,000 shares. Second, the Governor can sign the United States up to buy 250,000 more shares of that stock. But this power only works if Congress first approves the money in an appropriations law. Without that approval in advance, the Governor cannot actually buy the shares. (b) Limitations on authorization of appropriations: To pay for these shares, Congress may set aside up to $50,000,000. This money has no time limit — it does not expire at the end of a fiscal year. The Secretary of the Treasury is the one who pays it out.
the actual law source: uscode.house.gov ↗public domain
(a) Subscription authorized
(1) In general

The United States Governor of the Corporation may—

(A)

vote for an increase of 1,000,000 shares in the authorized capital stock of the Corporation; and

(B)

subscribe on behalf of the United States to 250,000 additional shares of the capital stock of the Corporation.

(2) Prior appropriation required

The subscription authority provided in paragraph (1) shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.

(b) Limitations on authorization of appropriations

In order to pay for the subscription authorized in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $50,000,000 for payment by the Secretary of the Treasury.

Source credit: (Aug. 11, 1955, ch. 788, § 14, as added Pub. L. 102–145, § 125(a), Oct. 28, 1991, as added Pub. L. 102–266, § 102, Apr. 1, 1992, 106 Stat. 97.)

history & why it existsrecord from the source credit
  • 1955Enacted · Pub. L. 102-145 · 106 Stat. 97

A history note hasn’t been published yet. The record shows enactment by Pub. L. 102-145 on 1955-08-11.

all 0 arguments · sorted by: best

0/280

no arguments yet — make the first case