§286e–1h — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

Allows the United States Governor of the Bank to vote to increase the bank’s authorized capital stock by 365,000 shares and to sign up the United States for up to 73,010 of those shares. Up to 7.5% of the share price ($658,305,195) must be paid in when subscribed. The remaining $8,149,256,155 is only callable if needed to meet the Bank’s obligations for borrowed funds or guaranteed loans, and cannot be used for ordinary lending or administrative costs. Any subscription counts only to the extent Congress provides money in advance. Permits $658,305,195 to be appropriated, to be paid by the Treasury without a fiscal year limit, but no more than $109,720,549 may be made available in each of fiscal years 1982, 1983, and 1984.

Title 22, §286e–1h

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)The United States Governor of the Bank is authorized—

(1)to vote to increase by three hundred and sixty-five thousand shares the authorized capital stock of the Bank; and

(2)to subscribe on behalf of the United States to not more than seventy-three thousand and ten shares of the capital stock of the Bank: Provided, however, That not more than seven and one-half percent ($658,305,195) of the price of the shares subscribed may be paid in to the Bank on subscription, with the remainder of that price ($8,149,256,155) being subject to call only when a call on unpaid subscriptions is required to meet obligations of the Bank for funds borrowed or on loans guaranteed by it and not for use by the Bank in its lending activities or for administrative expenses: Provided further, That any subscription to such additional shares shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.

(b)In order to pay for the paid-in portion of the United States subscription to the Bank provided for in this section, there is authorized to be appropriated, without fiscal year limitation, $658,305,195 for payment by the Secretary of the Treasury: Provided, however, That not more than $109,720,549 of such sum may be made available for each of the fiscal years 1982, 1983, and 1984.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective Aug. 13, 1981, except that any funds authorized to be appropriated shall not be available for use or obligation prior to Oct. 1, 1981, see section 1372 of Pub. L. 97–35, set out as a note under section 290i of this title.

§286e–1h Increase of subscription of stock; authority of United States Governor of Bank; authorization of appropriations

Summary

Title 22, §286e–1h

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Citations & Metadata