22 U.S.C. § 290i–10 — Authorization of United States subscription to stock; authorization of appropriations

submitted 39 years ago by Pub. L. 97-35 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. agree to buy 59,632 shares of the Bank's stock. Congress must still approve the money before any of it is actually paid.

(a) Subscription: The U.S. Governor of the Bank can agree, on behalf of the United States, to buy 59,632 shares of the Bank's stock. But this only counts if Congress actually approves the money first, through a separate appropriations law. (b) Appropriations: To pay for these shares, Congress authorizes up to $719,370,633. This money has no deadline tied to a specific fiscal year. The Secretary of the Treasury is the one who pays it.

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

(a)

The United States Governor of the Bank is authorized to agree to subscribe on behalf of the United States to fifty-nine thousand, six hundred and thirty-two shares of the capital stock of the Bank, except that the subscription shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.

(b)

In order to pay for the United States subscription authorized in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $719,370,633, for payment by the Secretary of the Treasury.

Source credit: (Pub. L. 97–35, title XIII, § 1343, as added Pub. L. 100–202, § 101(e) [title I], Dec. 22, 1987, 101 Stat. 1329–131, 1329–134.)

history & why it existsrecord from the source credit

1987Enacted · Pub. L. 97-35 · 101 Stat. 1329

A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-35 on 1987-12-22.

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