22 U.S.C. § 283l — Increase in resources of the Fund for Special Operations

submitted 61 years ago by Pub. L. 86-147 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 281 words · no verdicts yet

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The U.S. Governor of the Bank could vote for a 1964 plan to add $750,000,000 to the Fund for Special Operations. Congress authorized that same $750,000,000 in funding. The U.S. also had to vote against certain loans to countries where the President had suspended aid.

(a) Authorization of vote; payment to Fund: The U.S. Governor of the Bank was authorized to vote in favor of a resolution called "Increase of Resources of the Fund for Special Operations," which the Bank's governors proposed at their April 1964 annual meeting. Once that resolution passed, the U.S. Governor could agree, on behalf of the United States, to pay $750,000,000 to the Bank's Fund for Special Operations, under the resolution's terms and conditions. (b) Authorization of appropriations: Congress could appropriate, with no fiscal-year time limit, $750,000,000 to cover the United States' share of that increase. (c) Loan disapproval by the United States: With respect to the dollars provided under this section, the United States had to use its voting power to vote against any Fund for Special Operations loan for a project, business, or activity in a country if the President had suspended aid to that country's government. This applied when the suspension was because of certain actions the country's government or an agency within it took on or after January 1, 1962, as described in section 2370(e)(1)(A), (B), or (C) of this title, and when that country failed, within a reasonable time, to fix the problem or provide relief as that law requires.

the actual law source: uscode.house.gov ↗public domain

(a) Authorization of vote; payment to Fund

The United States Governor of the Bank is hereby authorized to vote in favor of the resolution entitled “Increase of Resources of the Fund for Special Operations” proposed by the Governors at their annual meeting in April 1964, and now pending before the Board of Governors of the Bank. Upon the adoption of such resolution, the United States Governor is authorized to agree, on behalf of the United States to pay to the Fund for Special Operations of the Bank, the sum of $750,000,000, in accordance with and subject to the terms and conditions of such resolution.

(b) Authorization of appropriations

There is hereby authorized to be appropriated without fiscal year limitation, for the United States share in the increase in the resources of the Fund for Special Operations of the Bank, the sum of $750,000,000.

With respect to any dollars herein provided, the voting power of the United States shall be exercised for the purpose of disapproving any loan from the Fund for Special Operations of the Bank for any project, enterprise, or activity in any country, during any period for which the President has suspended assistance to the government of such country because of any action taken on or after January 1, 1962, by the government of such country or any government agency or subdivision within such country as specified in paragraph (A), (B), or (C) of subsection (e)(1) of section 2370 of this title, and the failure of such country within a reasonable time to take appropriate steps to discharge its obligations or provide relief in accordance with provisions of such subsection.

Source credit: (Pub. L. 86–147, § 15, formerly § 14, as added Pub. L. 89–6, Mar. 24, 1965, 79 Stat. 23; renumbered § 15, Pub. L. 90–88, § 1, Sept. 22, 1967, 81 Stat. 226.)

history & why it existsrecord from the source credit

1965Enacted · Pub. L. 86-147 · 79 Stat. 23
1967Amended · Pub. L. 90-88 · 81 Stat. 226

A history note hasn’t been published yet. The record shows enactment by Pub. L. 86-147 on 1965-03-24.

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