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22 U.S.C. § 286e–1Increase in quota of United States and in capital stock of Bank; subscription to additional shares

submitted 81 years ago by Pub. L. 86-48 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 149 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law lets the U.S. Governor of the IMF agree to a $1.375 billion increase in the U.S. quota. It also lets the U.S. Governor of the World Bank vote for more Bank capital. If approved, the U.S. can then buy 31,750 more Bank shares.

(a) The United States Governor of the Fund may request and consent to a $1,375,000,000 increase in the U.S. quota — the amount the U.S. contributes and its voting share — under Article III, Section 2 of the Fund's Articles of Agreement. This follows a resolution the Fund's Board of Governors passed on February 2, 1959. (b) The United States Governor of the Bank may (1) vote for increases in the Bank's capital stock under Article II, Section 2 of the Bank's Articles, following a resolution the Bank's Board of Governors passed the same day, February 2, 1959, and (2) if those increases actually take effect, subscribe on behalf of the United States to 31,750 additional shares of Bank stock under Article II, Section 3 of the Bank's Articles.
the actual law source: uscode.house.gov ↗public domain
(a)

The United States Governor of the Fund is authorized to request and consent to an increase of $1,375,000,000 in the quota of the United States under article III, section 2, of the articles of agreement of the Fund, as proposed in the resolution of the Board of Governors of the Fund dated February 2, 1959.

(b)

The United States Governor of the Bank is authorized (1) to vote for increases in the capital stock of the Bank under article II, section 2, of the articles of agreement of the Bank, as recommended in the resolution of the Board of Governors of the Bank dated February 2, 1959, and (2) if such increases become effective, to subscribe on behalf of the United States to thirty-one thousand seven hundred and fifty additional shares of stock under article II, section 3, of the articles of agreement of the Bank.

Source credit: (July 31, 1945, ch. 339, § 16, as added Pub. L. 86–48, § 1, June 17, 1959, 73 Stat. 80.)

history & why it existsrecord from the source credit
  • 1945Enacted · Pub. L. 86-48 · 73 Stat. 80

A history note hasn’t been published yet. The record shows enactment by Pub. L. 86-48 on 1945-07-31.

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