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22 U.S.C. § 285xAdditional subscription to shares

submitted 43 years ago by Pub. L. 89-369 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 310 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law lets the U.S. Governor subscribe to 123,375 more shares of Asian Development Bank stock. Congress authorizes up to $1,322,999,476 to pay for those shares. Congress also declares support for Taiwan's continued full membership in the Bank.

(a) United States share. The U.S. Governor of the Asian Development Bank may subscribe, on behalf of the United States, to 123,375 additional shares of the Bank's capital stock. But this subscription only actually happens to the extent Congress first approves the money in an appropriations law. (b) Authorization of appropriations. To pay for this increase, Congress authorizes $1,322,999,476 to be appropriated, with no deadline tied to any particular fiscal year. The Secretary of the Treasury pays this amount. (c) Continued membership of the Republic of China in the Bank. Congress makes several findings: Taiwan (the Republic of China) is a founding member of the Asian Development Bank in good standing; it has grown from a country that borrows money from the Bank into one that lends money to the Bank; and its economic success serves as a model for other Asian nations. Congress then states its sense — its opinion, not a binding rule — that: Taiwan should stay a full member of the Bank no matter how the People's Republic of China's membership application is resolved; the President and Secretary of State should publicly support Taiwan and make clear the United States won't accept attempts to expel Taiwan from the Bank; and the Secretary of the Senate and the Clerk of the House should send a copy of this resolution to the President, who should forward it to the Bank's Board of Governors.
the actual law source: uscode.house.gov ↗public domain
(a) United States share
(1)

The United States Governor of the Bank is authorized to subscribe on behalf of the United States to one hundred twenty-three thousand three hundred and seventy-five additional shares of the capital stock of the Bank.

(2)

Any subscription to the capital stock of the Bank shall be effective only to such extent or in such amounts as are provided in advance in appropriation Acts.

(b) Authorization of appropriations

In order to pay for the increase in the United States subscription to the Bank provided for in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $1,322,999,476 for payment by the Secretary of the Treasury.

(c) Continued membership of Republic of China in Bank
(1)

The Congress hereby finds that—

(A)

the Republic of China (Taiwan) is a charter member in good standing of the Asian Development Bank;

(B)

the Republic of China has grown from a borrower to a lender in the Asian Development Bank; and

(C)

the Republic of China provides, through its economic success, a model for other nations in Asia.

(2)

It is the sense of the Congress that—

(A)

Taiwan, Republic of China, should remain a full member of the Asian Development Bank, and that its status within that body should remain unaltered no matter how the issue of the People’s Republic of China’s application for membership is disposed of;

(B)

the President and the Secretary of State should express support of Taiwan, Republic of China, making it clear that the United States will not countenance attempts to expel Taiwan, Republic of China, from the Asian Development Bank; and

(C)

the Secretary of the Senate and Clerk of the House shall transmit a copy of this resolution to the President with the request that he transmit such copy to the Board of Governors of the Asian Development Bank.

Source credit: (Pub. L. 89–369, § 27, as added Pub. L. 98–181, title I [title X, § 1002], Nov. 30, 1983, 97 Stat. 1285.)

history & why it existsrecord from the source credit
  • 1983Enacted · Pub. L. 89-369 · 97 Stat. 1285

A history note hasn’t been published yet. The record shows enactment by Pub. L. 89-369 on 1983-11-30.

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