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22 U.S.C. § 282n — Authority to agree to amendments to Articles of Agreement

submitted 71 years ago by Pub. L. 102-511 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 94 words · no verdicts yet

in plain englishAI-generated · not legal advice

The U.S. Governor of the Corporation may agree to two changes in its founding agreement. One change raises the vote needed to increase capital stock. The other raises the vote needed to amend the agreement itself.

The U.S. Governor of the Corporation can agree to two changes to the Corporation's Articles of Agreement. (1) The first change is to Article II, Section 2(c)(ii). It raises the vote the Board of Governors needs before it can increase the Corporation's capital stock. Right now the Board needs a three-fourths majority. This change raises that to a four-fifths majority. (2) The second change is to Article VII(a). It raises the vote the Board of Governors needs before it can amend the Articles of Agreement. Right now the Board needs a four-fifths majority. This change raises that to an eighty-five percent majority.
the actual law source: uscode.house.gov ↗public domain

The United States Governor of the Corporation is authorized to agree to amendments to the Articles of Agreement of the Corporation that would—

(1)

amend Article II, Section 2(c)(ii), to increase the vote by which the Board of Governors of the Corporation may increase the capital stock of the Corporation from a three-fourths majority to a four-fifths majority; and

(2)

amend Article VII(a) to increase the vote by which the Board of Governors of the Corporation may amend the Articles of Agreement of the Corporation from a four-fifths majority to an eighty-five percent majority.

Source credit: (Aug. 11, 1955, ch. 788, § 16, as added Pub. L. 102–511, title X, § 1006, Oct. 24, 1992, 106 Stat. 3361.)

history & why it existsrecord from the source credit
  • 1955Enacted · Pub. L. 102-511 · 106 Stat. 3361

A history note hasn’t been published yet. The record shows enactment by Pub. L. 102-511 on 1955-08-11.

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