22 U.S.C. § 290m–7 — First capital increase

submitted 6 years ago by Pub. L. 103-182 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 152 words · no verdicts yet

in plain englishAI-generated · not legal advice

The U.S. can buy 150,000 more shares of the Bank's stock in its first capital increase. Congress must approve up to $1.5 billion, split between paid-in and callable shares.

(a) Subscription authorized: The Secretary of the Treasury is authorized to subscribe, on behalf of the United States, and pay for, 150,000 additional shares of the Bank's capital stock. This only takes effect to the extent Congress approves the money in advance through appropriations laws. (b) Limitations on authorization of appropriations: Congress authorizes $1,500,000,000, with no fiscal-year deadline, for the Secretary of the Treasury to pay for this increase. Of that amount, $225,000,000 pays for paid-in shares, and $1,275,000,000 pays for callable shares.

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

(a) Subscription authorized

(1) In general

The Secretary of the Treasury is authorized to subscribe on behalf of the United States to, and make payment for, 150,000 additional shares of the capital stock of the Bank.

(2) Limitation

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 general

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, $1,500,000,000 for payment by the Secretary of the Treasury.

(2) Allocation of funds

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

(A)

$225,000,000 shall be for paid in shares of the Bank; and

(B)

$1,275,000,000 shall be for callable shares of the Bank.

Source credit: (Pub. L. 103–182, title V, § 547, as added Pub. L. 116–113, title VIII, § 831, Jan. 29, 2020, 134 Stat. 96; amended Pub. L. 116–113, title VI, § 601, Jan. 29, 2020, 134 Stat. 78; Pub. L. 116–260, div. O, title VI, § 601(a)(1), (2), Dec. 27, 2020, 134 Stat. 2149.)

history & why it existsrecord from the source credit

2020Enacted · Pub. L. 103-182 · 134 Stat. 96
2020Amended · Pub. L. 116-113 · 134 Stat. 78
2020Amended · Pub. L. 116-260 · 134 Stat. 2149

A history note hasn’t been published yet. The record shows enactment by Pub. L. 103-182 on 2020-01-29.

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