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22 U.S.C. § 290l–4 — Subscription of stock

submitted 36 years ago by Pub. L. 101-513 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 132 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Treasury Secretary can agree to buy 100,000 shares of the Bank's stock, once Congress approves up to about $1.17 billion. Any net income the Bank pays back goes into the Treasury.

(a) Subscription authority: The Secretary of the Treasury may agree, on behalf of the United States, to buy 100,000 shares of the Bank's capital stock. This commitment only takes effect to the extent Congress approves the money in advance through appropriations laws. (b) Limitations on authorization of appropriations: Congress authorizes $1,167,010,000, with no fiscal-year deadline, for the Secretary of the Treasury to pay for these shares. (c) Disposition of net income distributions by Bank: Whenever the Bank pays the United States a share of its net income, that money goes into the Treasury as a "miscellaneous receipt."
the actual law source: uscode.house.gov ↗public domain
(a) Subscription authority
(1) In general

The Secretary of the Treasury may subscribe on behalf of the United States to 100,000 shares of the capital stock of the Bank.

(2) Effectiveness of subscription commitment

Any commitment to make such subscription shall be effective only to such extent or in such amounts as are provided for in advance by appropriations Acts.

(b) Limitations on authorization of appropriations

For payment by the Secretary of the Treasury of the subscription of the United States for shares described in subsection (a), there are authorized to be appropriated $1,167,010,000 without fiscal year limitation.

(c) Disposition of net income distributions by Bank

Any payment made to the United States by the Bank as a distribution of net income shall be covered into the Treasury as a miscellaneous receipt.

Source credit: (Pub. L. 101–513, title V, § 562(c)(6), Nov. 5, 1990, 104 Stat. 2034.)

history & why it existsrecord from the source credit
  • 1990Enacted · Pub. L. 101-513 · 104 Stat. 2034

A history note hasn’t been published yet. The record shows enactment by Pub. L. 101-513 on 1990-11-05.

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