22 U.S.C. § 285o — Expropriation of United States property; loan restrictions

submitted 54 years ago by Pub. L. 89-369 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 211 words · no verdicts yet

in plain englishAI-generated · not legal advice

The President must instruct the U.S. to vote against loans for countries that seize American property. This applies to nationalizing, breaking contracts, or discriminatory actions against U.S. citizens. Exceptions exist if compensation or arbitration is underway.

The President must tell the U.S. Executive Director of the Asian Development Bank to vote against any loan or use of Bank funds that would help a country that has done one of three things: (1) nationalized, expropriated, or seized property owned by a U.S. citizen, or by a company or group at least 50 percent owned by U.S. citizens; (2) tried to break or cancel existing contracts with such a U.S. citizen or company; or (3) imposed unfair taxes, other charges, or restrictive conditions — or taken other action — that effectively seizes such property. This instruction does not apply if the President decides one of three things is true: (A) the country has arranged prompt, fair, and real compensation; (B) both sides have taken the dispute to arbitration under the rules of the Convention for the Settlement of Investment Disputes; or (C) good-faith negotiations are underway aimed at fair compensation under international law.

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

The President shall instruct the United States Executive Director of the Asian Development Bank to vote against any loan or other utilization of the funds of the Bank for the benefit of any country which has—

(1)

nationalized or expropriated or seized ownership or control of property owned by any United States citizen or by any corporation, partnership, or association not less than 50 per centum of which is beneficially owned by United States citizens;

(2)

taken steps to repudiate or nullify existing contracts or agreements with any United States citizen or any corporation, partnership, or association not less than 50 per centum of which is beneficially owned by United States citizens; or

(3)

imposed or enforced discriminatory taxes or other exaction, or restrictive maintenance or operational conditions, or has taken other actions, which have the effect of nationalizing, expropriating, or otherwise seizing ownership or control of property so owned;

unless the President determines that (A) an arrangement for prompt, adequate, and effective compensation has been made, (B) the parties have submitted the dispute to arbitration under the rules of the Convention for the Settlement of Investment Disputes, or (C) good faith negotiations are in progress aimed at providing prompt, adequate, and effective compensation under the applicable principles of international law.

Source credit: (Pub. L. 89–369, § 18, as added Pub. L. 92–245, § 1, Mar. 10, 1972, 86 Stat. 58.)

history & why it existsrecord from the source credit

1972Enacted · Pub. L. 89-369 · 86 Stat. 58

A history note hasn’t been published yet. The record shows enactment by Pub. L. 89-369 on 1972-03-10.

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