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22 U.S.C. § 290i–6Subscription to stock

submitted 45 years ago by Pub. L. 97-35 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 165 words · no verdicts yet

in plain englishAI-generated · not legal advice

The President can agree to buy 29,820 shares of the Bank's stock, but only as Congress approves the money. Any money the Bank later pays back to the U.S. goes into the Treasury.

(a) Authorization of United States subscription to stock: The President can agree, on behalf of the United States, to buy 29,820 shares of the Bank's capital stock. But this only takes effect to the extent Congress approves the money in advance through appropriations laws. (b) Authorization of appropriations: Congress authorizes $359,733,570, with no fiscal-year deadline, for the Secretary of the Treasury to pay for the U.S.'s initial 29,820 shares. But no more than $17,986,679 of that money can be used for "paid in" subscriptions in each of fiscal years 1982, 1983, and 1984. (c) Distributions by Bank: Whenever the Bank pays or distributes money to the United States, that money goes into the Treasury as a "miscellaneous receipt" — general government income, not earmarked for anything specific.
the actual law source: uscode.house.gov ↗public domain
(a) Authorization of United States subscription to stock

The President is authorized to agree to subscribe on behalf of the United States to twenty-nine thousand eight hundred and twenty shares of the capital stock of the Bank: Provided, however, That the subscription shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.

(b) Authorization of appropriations

There is authorized to be appropriated, without fiscal year limitation, for payment by the Secretary of the Treasury of the initial United States subscription to twenty-nine thousand eight hundred and twenty shares of the capital stock of the Bank, $359,733,570: Provided, however, That not more than $17,986,679 of such sum may be made available for paid in subscriptions to the Bank for each of the fiscal years 1982, 1983, and 1984.

(c) Distributions by Bank

Any payment or distributions of moneys from the Bank to the United States shall be covered into the Treasury as a miscellaneous receipt.

Source credit: (Pub. L. 97–35, title XIII, § 1338, Aug. 13, 1981, 95 Stat. 742.)

history & why it existsrecord from the source credit
  • 1981Enacted · Pub. L. 97-35 · 95 Stat. 742

A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-35 on 1981-08-13.

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