22 U.S.C. § 286e–1d — Increase in capital stock of Bank; subscription to additional shares; authorization of appropriations

submitted 81 years ago by Pub. L. 91-599 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 91 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law lets the U.S. Governor of the World Bank vote for a $3 billion capital increase. If it takes effect, the U.S. can then buy 2,461 more shares. Congress authorizes $246,100,000 to pay for those shares.

(a) The United States Governor of the Bank may (1) vote for a $3,000,000,000 increase in the Bank's authorized capital stock, and (2) if that increase actually takes effect, subscribe on behalf of the United States to 2,461 additional shares of Bank stock. (b) To pay for this increase in the U.S. subscription to the Bank, Congress authorizes $246,100,000 to be appropriated. That money stays available until it's fully spent.

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

(a)

The United States Governor of the Bank is authorized (1) to vote for an increase of $3,000,000,000 in the authorized capital stock of the Bank, and (2) if such increase becomes effective, to subscribe on behalf of the United States to two thousand four hundred and sixty-one additional shares of the capital stock of the Bank.

(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 $246,100,000 to remain available until expended.

Source credit: (July 31, 1945, ch. 339, § 23, as added Pub. L. 91–599, ch. 1, § 1, Dec. 30, 1970, 84 Stat. 1657.)

history & why it existsrecord from the source credit

1945Enacted · Pub. L. 91-599 · 84 Stat. 1657

A history note hasn’t been published yet. The record shows enactment by Pub. L. 91-599 on 1945-07-31.

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