22 U.S.C. § 286e–1h — Increase of subscription of stock; authority of United States Governor of Bank; authorization of appropriations
submitted 81 years ago by Pub. L. 97-35 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 228 words · no verdicts yet
This law lets the U.S. Governor of the World Bank vote for 365,000 more shares of Bank stock. The U.S. could subscribe to up to 73,010 of those shares, paying only 7.5% upfront. Congress limits the yearly funding to about $109.7 million for 1982 through 1984.
(a) The United States Governor of the Bank may (1) vote to increase the Bank's authorized capital stock by 365,000 shares, and (2) subscribe on behalf of the United States to no more than 73,010 of those shares. Of the price for those shares, no more than 7½ percent — $658,305,195 — has to be paid in to the Bank right away, when subscribing. The rest — $8,149,256,155 — is only "called," meaning actually demanded, if the Bank needs it to meet its own obligations on borrowed money or on loans it has guaranteed. That remaining amount cannot be used for the Bank's regular lending or its administrative expenses. As with similar sections, the subscription only actually happens to the extent Congress appropriates the money in advance.
(b) To pay the paid-in portion of the U.S. subscription, Congress authorizes $658,305,195 to be appropriated, with no fiscal-year deadline, for the Secretary of the Treasury to pay. However, no more than $109,720,549 of that total may be made available in each of fiscal years 1982, 1983, and 1984.
The United States Governor of the Bank is authorized—
to vote to increase by three hundred and sixty-five thousand shares the authorized capital stock of the Bank; and
to subscribe on behalf of the United States to not more than seventy-three thousand and ten shares of the capital stock of the Bank: Provided, however, That not more than seven and one-half percent ($658,305,195) of the price of the shares subscribed may be paid in to the Bank on subscription, with the remainder of that price ($8,149,256,155) being subject to call only when a call on unpaid subscriptions is required to meet obligations of the Bank for funds borrowed or on loans guaranteed by it and not for use by the Bank in its lending activities or for administrative expenses: Provided further, That any subscription to such additional shares shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.
In order to pay for the paid-in portion of the United States subscription to the Bank provided for in this section, there is authorized to be appropriated, without fiscal year limitation, $658,305,195 for payment by the Secretary of the Treasury: Provided, however, That not more than $109,720,549 of such sum may be made available for each of the fiscal years 1982, 1983, and 1984.
Source credit: (July 31, 1945, ch. 339, § 39, as added Pub. L. 97–35, title XIII, § 1311, Aug. 13, 1981, 95 Stat. 740.)
- 1945Enacted · Pub. L. 97-35 · 95 Stat. 740
A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-35 on 1945-07-31.
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