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22 U.S.C. § 283nIncrease in authorized capital stock; United States share; authorization of appropriations

submitted 58 years ago by Pub. L. 86-147 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 120 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law lets the U.S. Governor of the Inter-American Development Bank vote for a 1967 capital increase. It also lets the U.S. commit to its share of a $1 billion increase in callable capital. Congress authorizes the money to pay for that share.

(a) The U.S. Governor of the Bank may do two things. First, the Governor may vote in favor of increasing the Bank's authorized capital stock, as recommended by the Bank's Board of Executive Directors in its April 1967 report to the Board of Governors, under article II, section 2 of the Bank's agreement. Second, the Governor may agree, on the United States' behalf, to subscribe to the United States' proportional share of a $1,000,000,000 increase in the Bank's authorized callable capital stock. (b) Congress authorizes money to be appropriated, with no limit tied to a specific fiscal year, so the Secretary of the Treasury can pay the increased U.S. subscription to the Bank's capital stock. That amount is $411,760,000.
the actual law source: uscode.house.gov ↗public domain
(a)

The United States Governor of the Bank is hereby authorized (1) to vote for an increase in the authorized capital stock of the Bank under article II, section 2, of the agreement as recommended by the Board of Executive Directors in its report of April 1967, to the Board of Governors of the Bank; and (2) to agree on behalf of the United States to subscribe to its proportionate share of the $1,000,000,000 increase in the authorized callable capital stock of the bank.

(b)

There is hereby authorized to be appropriated, without fiscal year limitation, for payment by the Secretary of the Treasury of the increased United States subscription to the capital stock of the Inter-American Development Bank, $411,760,000.

Source credit: (Pub. L. 86–147, § 17, as added Pub. L. 90–325, June 4, 1968, 82 Stat. 168.)

history & why it existsrecord from the source credit
  • 1968Enacted · Pub. L. 86-147 · 82 Stat. 168

A history note hasn’t been published yet. The record shows enactment by Pub. L. 86-147 on 1968-06-04.

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