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22 U.S.C. § 286k–1 — Securities issued by Bank as exempt securities; reports filed with Security and Exchange Commission

submitted 81 years ago by ch. 339 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 136 words · no verdicts yet

in plain englishAI-generated · not legal advice

Securities issued or guaranteed by the World Bank count as "exempted securities" under federal securities law. The Bank must file annual and other reports about these securities with the SEC, as the SEC decides is appropriate. Subsection (b) has been repealed.

(a) Any securities issued by the International Bank for Reconstruction and Development ("the bank") — including any guaranty the bank gives, whether or not limited in scope — and any securities the bank guarantees for both principal and interest, count as "exempted securities" under federal securities law (specifically, subsection (a)(2) of 15 U.S.C. § 77c and subsection (a)(12) of 15 U.S.C. § 78c). The bank must file annual and other reports about these securities with the Securities and Exchange Commission. The SEC decides what reports are appropriate, given the bank's special character and operations, and what is necessary in the public interest or to protect investors. (b) Repealed. This subsection was repealed by Pub. L. 101–240, title V, § 541(d)(1), enacted December 19, 1989 (103 Stat. 2518). It no longer has legal effect.
the actual law source: uscode.house.gov ↗public domain
(a)

Any securities issued by International Bank for Reconstruction and Development (including any guaranty by the bank, whether or not limited in scope), and any securities guaranteed by the bank as to both principal and interest, shall be deemed to be exempted securities within the meaning of subsection (a)(2) of section 77c of title 15, and subsection (a)(12) of section 78c of title 15. The bank shall file with the Securities and Exchange Commission such annual and other reports with regard to such securities as the Commission shall determine to be appropriate in view of the special character of the bank and its operations and necessary in the public interest or for the protection of investors.

(b)

Repealed. Pub. L. 101–240, title V, § 541(d)(1), Dec. 19, 1989, 103 Stat. 2518.

Source credit: (July 31, 1945, ch. 339, § 15, as added June 29, 1949, ch. 276, § 2, 63 Stat. 298; amended Pub. L. 101–240, title V, § 541(d)(1), Dec. 19, 1989, 103 Stat. 2518.)

history & why it existsrecord from the source credit
  • 1945Enacted · Act of July 31, 1945, ch. 339 · 63 Stat. 298
  • 1989Amended · Pub. L. 101-240 · 103 Stat. 2518

A history note hasn’t been published yet. The record shows enactment by ch. 339 on 1945-07-31.

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