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22 U.S.C. § 283ffSubscription of stock

submitted 42 years ago by Pub. L. 98-473 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 120 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Secretary of the Treasury may buy 5,100 shares of the Corporation's stock for the United States. Congress must first approve the money — up to $51,000,000. Any dividends the Corporation pays the U.S. go into the Treasury.

(a) Secretary of the Treasury as subscribing authority: The Secretary of the Treasury may subscribe, on behalf of the United States, to 5,100 shares of the Corporation's capital stock. But this only works to the extent Congress has already provided the money in advance through appropriations laws. (b) Authorization of appropriations: Congress may appropriate, with no fiscal-year time limit, up to $51,000,000 so the Secretary of the Treasury can pay for the United States' subscription to those shares. (c) Disposition of dividends: Any dividend payment the Corporation makes to the United States gets deposited into the Treasury as a miscellaneous receipt.
the actual law source: uscode.house.gov ↗public domain
(a) Secretary of the Treasury as subscribing authority

The Secretary of the Treasury is authorized to subscribe on behalf of the United States to five thousand one hundred shares of the capital stock of the Corporation: Provided, however, That the subscription shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.

(b) Authorization of appropriations

There is authorized to be appropriated, without fiscal year limitation, for payment by the Secretary of the Treasury of the subscription of the United States for those shares, $51,000,000.

(c) Disposition of dividends

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

Source credit: (Pub. L. 98–473, title I, § 101(1) [title I], Oct. 12, 1984, 98 Stat. 1884, 1885.)

history & why it existsrecord from the source credit
  • 1984Enacted · Pub. L. 98-473 · 98 Stat. 1884, 1885

A history note hasn’t been published yet. The record shows enactment by Pub. L. 98-473 on 1984-10-12.

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