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22 U.S.C. § 290k–8Subscription of stock

submitted 39 years ago by Pub. L. 100-202 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 117 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Treasury Secretary can agree to buy 20,519 shares of the Agency's stock, once Congress approves up to $222 million. Any dividends the Agency pays back go into the Treasury.

(a) Authority of Secretary of the Treasury: The Secretary of the Treasury can agree, on behalf of the United States, to buy 20,519 shares of the Agency's capital stock. This only takes effect to the extent Congress approves the money in advance through appropriations laws. (b) Authorization of appropriations: Congress authorizes $222,015,580, with no fiscal-year deadline, for the Secretary of the Treasury to pay for this subscription. (c) Dividends deposited into Treasury: Whenever the Agency pays a dividend to the United States, that money goes into the Treasury as a "miscellaneous receipt" — general government income.
the actual law source: uscode.house.gov ↗public domain
(a) Authority of Secretary of the Treasury

The Secretary of the Treasury is authorized to subscribe on behalf of the United States to 20,519 shares of the capital stock of the Agency, except 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

In order to pay for United States subscription authorized in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $222,015,580, for payment by the Secretary of the Treasury.

(c) Dividends deposited into Treasury

Any payment of dividends made to the United States by the Agency shall be deposited into the Treasury as a miscellaneous receipt.

Source credit: (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. 100-202 · 101 Stat. 1329

A history note hasn’t been published yet. The record shows enactment by Pub. L. 100-202 on 1987-12-22.

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