§283z–1 Increase in authorized capital stock of Bank and increase in resources of Fund for Special Operations

Summary

Allows the U.S. Governor at the Bank to vote for two December 1978 proposals: one to raise the Bank’s capital and one to boost the Fund for Special Operations. If those proposals pass, the United States would take 227,896 new shares (210,804 callable and 17,092 paid-in) and would contribute $630,000,000 to the Fund. Any of these promises only take effect if Congress provides the money ahead of time. Congress may appropriate, without fiscal year limit, $2,474,287,189 for the stock and $630,000,000 for the Fund. Fund payments must be made by the Treasury in four yearly letter-of-credit installments, with a Bank certification that undrawn balances won’t exceed the U.S. share of expected three-month needs. No funds may help countries that are not Bank members.