22 U.S.C. § 283x — Subscription to additional shares; authorization of appropriations

submitted 50 years ago by Pub. L. 86-147 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 168 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 more callable capital. It authorizes the U.S. to subscribe to part of that increase once the Bank adopts it. Congress authorizes the money to pay for the U.S. share.

(a) The U.S. Governor of the Bank may vote for an additional 108,000-share (par value $10,000 each) increase in the Bank's authorized callable capital stock, as recommended in the Board of Governors resolution "Increase of US$4 Billion in the Authorized Capital Stock and Subscriptions Thereto." Once the Board of Governors adopts a resolution increasing the capital stock by that amount, the Governor may agree, for the United States, to subscribe to 37,303 shares of that additional callable capital, under that resolution's terms. (b) To pay for this increase in the U.S. subscription, Congress authorizes $450,002,218, with no fiscal-year limit, for the Secretary of the Treasury to pay.

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

(a)

The United States Governor of the Bank is hereby authorized to vote for an additional increase of one hundred and eight thousand shares of $10,000 par value in the authorized callable capital stock of the Bank as recommended in the resolution of the Board of Governors entitled “Increase of US$4 Billion in the Authorized Capital Stock and Subscriptions Thereto.” Upon adoption of a Board of Governors resolution increasing the authorized capital stock of the Bank by such amount, the United States Governor is authorized to agree on behalf of the United States to subscribe to thirty-seven thousand three hundred and three shares of $10,000 par value of such additional increase in callable capital in accordance with and subject to the terms and conditions of such resolution.

(b)

In order to pay for the increase in the United States subscription to the Bank provided for in this section, there is hereby authorized to be appropriated, without fiscal year limitation, $450,002,218 for payment by the Secretary of the Treasury.

Source credit: (Pub. L. 86–147, § 27, as added Pub. L. 94–302, title I, § 101, May 31, 1976, 90 Stat. 591.)

history & why it existsrecord from the source credit

1976Enacted · Pub. L. 86-147 · 90 Stat. 591

A history note hasn’t been published yet. The record shows enactment by Pub. L. 86-147 on 1976-05-31.

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