22 U.S.C. § 282p: Capital increases and…

Summary

The U.S. Governor on the Corporation’s board may vote yes on three increases in the number of authorized shares: add 16,999,998 shares to convert part of the company’s retained earnings into paid‑in capital (which will give the United States an extra 3,771,899 shares with no cash payment), add 4,579,995 shares on a general basis, and add 919,998 shares on a selective basis. The U.S. Governor may also accept a change to article II, section 2(c)(ii) of the Articles of Agreement to raise the Board of Governors’ required vote to increase capital stock from a four‑fifths majority to an eighty‑five percent majority.

Title 22, §282p

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)Votes authorized

The United States Governor of the Corporation is authorized to vote in favor of— (1)

(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)Amendment of the Articles of Agreement

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