§282p — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

The U.S. Governor of the Corporation may vote to approve three increases in the company’s stock: 16,999,998 shares to convert some retained earnings into paid‑in capital (giving the United States 3,771,899 extra shares with no cash), a general increase of 4,579,995 shares, and a selective increase of 919,998 shares. The U.S. Governor may also agree to change article II, section 2(c)(ii) so the Board of Governors must get an eighty‑five percent vote, instead of the current four‑fifths majority, to increase the capital stock.

Title 22, §282p

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)The United States Governor of the Corporation is authorized to vote in favor of—

(1)a resolution to increase the authorized capital stock of the Corporation by 16,999,998 shares, to implement the conversion of a portion of the retained earnings of the Corporation into paid-in capital, which will result in the United States being issued an additional 3,771,899 shares of capital stock, without any cash contribution;

(2)a resolution to increase the authorized capital stock of the Corporation on a general basis by 4,579,995 shares; and

(3)a resolution to increase the authorized capital stock of the Corporation on a selective basis by 919,998 shares.

(b)The United States Governor of the Corporation is authorized to agree to and accept an amendment to article II, section 2(c)(ii) of the Articles of Agreement of the Corporation that would increase the vote by which the Board of Governors of the Corporation may increase the capital stock of the Corporation from a four-fifths majority to an eighty-five percent majority.

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Purposes;

Effective Date

Pub. L. 116–136, div. B, title XI, § 21012(a), Mar. 27, 2020, 134 Stat. 593, provided that: “For purposes of strengthening the ability of foreign countries to prevent, prepare for, and respond to coronavirus and to the adverse economic impacts of coronavirus, in a manner that would protect the United States from the spread of coronavirus and mitigate an international economic crisis resulting from coronavirus that may pose a significant risk to the economy of the United States, each paragraph of subsection (b) [enacting this section and section 284cc, 290g–25, and 290i–12 of this title and amending section 286e–2 of this title] shall take effect upon enactment of this Act [Mar. 27, 2020].” [For definition of “coronavirus” as used in section 21012(a) of Pub. L. 116–136, set out above, see section 23005 of Pub. L. 116–136, set out as a note under section 162b of Title 2, The Congress.]

§282p Capital increases and amendment to the Articles of Agreement

Summary

Title 22, §282p

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Citations & Metadata