22 U.S.C. § 285s — Additional subscription to shares; authorization of appropriations

submitted 49 years ago by Pub. L. 89-369 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 101 words · no verdicts yet

in plain englishAI-generated · not legal advice

The U.S. Governor of the Bank may buy 67,500 more shares of Bank stock. This only happens if Congress approves the money first, in appropriations acts. Congress may appropriate $814,286,250 to pay for it.

(a) The U.S. Governor of the Bank may subscribe, on behalf of the United States, to sixty-seven thousand five hundred additional shares of the Bank's capital stock. But this subscription only takes effect for the amounts that Congress has already approved in advance through appropriations acts. (b) To pay for this bigger U.S. stock subscription, the law authorizes Congress to appropriate $814,286,250, with no time limit on spending it, paid by the Secretary of the Treasury.

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

(a)

The United States Governor of the Bank is authorized to subscribe on behalf of the United States to sixty-seven thousand and five hundred additional shares of the capital stock of the Bank: Provided, however, That any subscription to additional shares shall be effective only to such extent or in such amounts as are provided in advance in appropriation Acts.

(b)

In order to pay for the increase in the United States subscription to the Bank provided for in this section, there are authorized to be appropriated without fiscal year limitation $814,286,250 for payment by the Secretary of the Treasury.

Source credit: (Pub. L. 89–369, § 22, as added Pub. L. 95–118, title V, § 501, Oct. 3, 1977, 91 Stat. 1068; amended Pub. L. 97–35, title XIII, § 1353, Aug. 13, 1981, 95 Stat. 745.)

history & why it existsrecord from the source credit

1977Enacted · Pub. L. 89-369 · 91 Stat. 1068
1981Amended · Pub. L. 97-35 · 95 Stat. 745

A history note hasn’t been published yet. The record shows enactment by Pub. L. 89-369 on 1977-10-03.

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