22 U.S.C. § 290i–8 — Force and effect of agreement

submitted 45 years ago by Pub. L. 97-35 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 111 words · no verdicts yet

in plain englishAI-generated · not legal advice

Once the U.S. joins the Bank, key parts of the agreement become legally binding here. The President must also declare that the U.S. keeps the right to tax Bank salaries paid to Americans.

When the United States formally accepts membership in the Bank, certain parts of the agreement take full legal effect within the United States, its territories and possessions, and Puerto Rico. Those parts are: paragraph 5 of article 49, articles 50 through 59, and the agreement's other provisions. At the same time the President deposits the official paperwork accepting membership, the President must also file a declaration described in article 64, paragraph 3. That declaration says the United States and its states and local governments keep the right to tax the salaries and other pay the Bank gives to U.S. citizens or nationals.

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

Paragraph 5 of article 49, articles 50 through 59, and the other provisions of the agreement shall have full force and effect in the United States, its territories and possessions, and the Commonwealth of Puerto Rico, upon acceptance of membership by the United States in the Bank. The President, at the time of deposit of the instrument of acceptance of membership by the United States in the Bank, shall also deposit a declaration as provided in article 64, paragraph 3, of the agreement that the United States retains for itself and its political subdivisions the right to tax salaries and emoluments paid by the Bank to United States citizens or nationals.

Source credit: (Pub. L. 97–35, title XIII, § 1340, Aug. 13, 1981, 95 Stat. 743.)

history & why it existsrecord from the source credit

1981Enacted · Pub. L. 97-35 · 95 Stat. 743

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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