22 U.S.C. § 294a — Contracts requiring payment in foreign currency

submitted 86 years ago by ch. 189 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 72 words · no verdicts yet

in plain englishAI-generated · not legal advice

When a Foreign Service building contract calls for payment in a foreign currency, the Secretary of State can buy that currency as needed. The purchases can't exceed the total the contract requires. The currency is tracked and accounted for at what it cost to buy.

Sometimes a contract to construct, alter, or repair a Foreign Service building requires payment in a foreign currency. When that happens, the Secretary of State is authorized to purchase that currency whenever, and in whatever amounts, are needed — but never more, in total, than the payments the contract requires. The currency purchased this way is then spent and accounted for based on what it cost the government to buy it.

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

Whenever a contract is made for the construction, alteration, or repair of a Foreign Service building which requires payments in a foreign currency, the Secretary of State is authorized to purchase such currency at such times and in such amounts (within the total amount of the payments to be made under such contract) as he may deem necessary, the currency so purchased to be disbursed and accounted for at its cost price.

Source credit: (May 14, 1940, ch. 189, title I, 54 Stat. 186.)

history & why it existsrecord from the source credit

1940Enacted · Act of May 14, 1940, ch. 189 · 54 Stat. 186

A history note hasn’t been published yet. The record shows enactment by ch. 189 on 1940-05-14.

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