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22 U.S.C. § 286vvCapital stock increases

submitted 81 years ago by Pub. L. 112-74 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 329 words · no verdicts yet

in plain englishAI-generated · not legal advice

The U.S. Governor of the World Bank can vote for two capital-stock increases — a selective increase of 230,374 shares and a general increase of 484,102 shares — and subscribe the U.S. to 38,459 and 81,074 additional shares, if Congress appropriates the money in advance. Congress authorizes about $9.78 billion for the general increase and about $4.64 billion for the selective increase, split between paid-in and callable shares.

(a) Increases authorized The United States Governor of the World Bank ("the Bank") is authorized: (1)(A) to vote for a resolution increasing the Bank's capital stock on a selective basis by 230,374 shares; and (B) to subscribe the United States to 38,459 additional shares as part of that selective increase — but only to the extent Congress provides the money in advance through appropriations acts. (2)(A) to vote for a resolution increasing the Bank's capital stock on a general basis by 484,102 shares; and (B) to subscribe the United States to 81,074 additional shares as part of that general increase — again, only to the extent Congress appropriates the money in advance. (b) Limitations on authorization of appropriations (1) To pay for the general-increase subscription under (a)(2)(B), Congress authorizes $9,780,361,991 to be appropriated, with no fiscal-year limit, for the Secretary of the Treasury to pay. (2) Of that amount, $586,821,720 is for paid-in shares of the Bank, and $9,193,540,271 is for callable shares. (3) To pay for the selective-increase subscription under (a)(1)(B), Congress authorizes $4,639,501,466 to be appropriated, with no fiscal-year limit. (4) Of that amount, $278,370,088 is for paid-in shares, and $4,361,131,378 is for callable shares.
the actual law source: uscode.house.gov ↗public domain
(a) Increases authorized

The United States Governor of the Bank is authorized—

(1)
(A)

to vote in favor of a resolution to increase the capital stock of the Bank on a selective basis by 230,374 shares; and

(B)

to subscribe on behalf of the United States to 38,459 additional shares of the capital stock of the Bank, as part of the selective increase in the capital stock of the Bank, except 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;

(2)
(A)

to vote in favor of a resolution to increase the capital stock of the Bank on a general basis by 484,102 shares; and

(B)

to subscribe on behalf of the United States to 81,074 additional shares of the capital stock of the Bank, as part of the general increase in the capital stock of the Bank, except 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.

(b) Limitations on authorization of appropriations
(1)

In order to pay for the increase in the United States subscription to the Bank under subsection (a)(2)(B), there are authorized to be appropriated, without fiscal year limitation, $9,780,361,991 for payment by the Secretary of the Treasury.

(2)

Of the amount authorized to be appropriated under paragraph (2)(A)— 1

(A)

$586,821,720 shall be for paid in shares of the Bank; and

(B)

$9,193,540,271 shall be for callable shares of the Bank.

(3)

In order to pay for the increase in the United States subscription to the Bank under subsection (a)(1)(B), there are authorized to be appropriated, without fiscal year limitation, $4,639,501,466 for payment by the Secretary of the Treasury.

(4)

Of the amount authorized to be appropriated under paragraph (3), $278,370,088 shall be for paid in shares of the Bank, and $4,361,131,378 shall be for callable shares of the Bank.

Source credit: (July 31, 1945, ch. 339, § 70, as added Pub. L. 112–74, div. I, title VII, § 7081(a), Dec. 23, 2011, 125 Stat. 1259; amended Pub. L. 113–6, div. F, title VII, § 1704(d), Mar. 26, 2013, 127 Stat. 429.)

history & why it existsrecord from the source credit
  • 1945Enacted · Pub. L. 112-74 · 125 Stat. 1259
  • 2013Amended · Pub. L. 113-6 · 127 Stat. 429

A history note hasn’t been published yet. The record shows enactment by Pub. L. 112-74 on 1945-07-31.

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