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22 U.S.C. § 290i–11 — Sixth capital increase

submitted 15 years ago by Pub. L. 97-35 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 140 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law lets the U.S. buy 289,391 more shares in the Bank's sixth capital increase. Congress must approve up to $4.3 billion to pay for them.

(a) Subscription authorized: The U.S. Governor of the Bank may agree to buy 289,391 additional shares of the Bank's stock. This only becomes real once Congress approves the money in advance through an appropriations law. (b) Limitations on authorization of appropriations: Congress authorizes up to $4,322,228,221, with no fiscal-year deadline, for the Secretary of the Treasury to pay for these shares. Of that total: $259,341,759 pays for "paid in" shares — shares the U.S. pays for right away. $4,062,886,462 pays for "callable" shares — shares the Bank can demand payment for later if it needs the money.
the actual law source: uscode.house.gov ↗public domain
(a) Subscription authorized
(1)

The United States Governor of the Bank may subscribe on behalf of the United States to 289,391 additional shares of the capital stock of the Bank.

(2)

Any subscription by the United States to the capital stock of the Bank shall be effective only to such extent and 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), there are authorized to be appropriated, without fiscal year limitation, $4,322,228,221 for payment by the Secretary of the Treasury.

(2)

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

(A)

$259,341,759 shall be for paid in shares of the Bank; and

(B)

$4,062,886,462 shall be for callable shares of the Bank.

Source credit: (Pub. L. 97–35, title XIII, § 1344, as added Pub. L. 112–74, div. I, title VII, § 7081(d), Dec. 23, 2011, 125 Stat. 1260.)

history & why it existsrecord from the source credit
  • 2011Enacted · Pub. L. 97-35 · 125 Stat. 1260

A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-35 on 2011-12-23.

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