§284e — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

The law allows the United States to set aside $320,290,000 to pay its subscription to the Association. The U.S. Governor may vote to increase the Association’s resources and agree to have the United States pay $312,000,000 for that increase, as recommended in the report dated September 9, 1963. That $312,000,000 can come from taxpayer money or be borrowed, and it can be spent at any time. The Treasury Secretary must issue special U.S. notes at face value and give them to the Association for dollars when the Association’s rules allow. Those notes follow the rules in chapter 31 of title 31, earn no interest, cannot be traded, and must be paid on demand. The total value of these notes at any time cannot be more than the amount the United States has actually paid to the Association. Any net-income payments the Association gives the United States must be deposited into the Treasury as miscellaneous receipts.

Title 22, §284e

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)There is hereby authorized to be appropriated, without fiscal year limitation, for the subscription of the United States to the Association, $320,290,000.

(b)The United States Governor is hereby authorized (1) to vote for an increase in the resources of the Association and (2) to agree on behalf of the United States to contribute to the Association the sum of $312 million, both as recommended by the Executive Directors, in a report dated September 9, 1963, to the Board of Governors of the Association. There is hereby authorized to be appropriated out of funds supplied by the Nation’s taxpayers or out of funds borrowed on their credit, without fiscal year limitations, $312 million to provide the United States share of the increase in the resources of the Association.

(c)For the purpose of keeping to a minimum the cost to the United States of participation in the Association, the Secretary of the Treasury is authorized and directed to issue special notes of the United States from time to time, at par, and to deliver such notes to the Association in exchange for dollars to the extent permitted by the articles. The special notes provided for in this subsection shall be issued under the authority and subject to the provisions of chapter 31 of title 31, and the purposes for which securities may be issued under that chapter are extended to include the purposes for which special notes are authorized and directed to be issued under this subsection, but such notes shall bear no interest, shall be nonnegotiable, and shall be payable on demand of the Association. The face amount of special notes issued to the Association under the authority of this subsection and outstanding at any one time shall not exceed, in the aggregate, the amount actually paid to the Association under the articles.

(d)Any payment made to the United States by the Association as a distribution of net income shall be covered into the Treasury as a miscellaneous receipt.

Notes & Related Subsidiaries

Editorial Notes

Codification In subsec. (c), “chapter 31 of title 31” and “that chapter” substituted for “the Second Liberty Bond Act, as amended” and “that Act”, respectively, on authority of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance.

Amendments

1964—Subsecs. (b) to (d). Pub. L. 88–310 added subsec. (b), redesignated former subsec. (b) as (c) and struck out “, after paying the requisite part of the subscription of the United States in the Association required to be made under the articles.” after “Secretary of the Treasury” in first sentence and “of the subscription of the United States” after “amount” in third sentence, respectively, and redesignated former subsec. (c) as (d).

§284e Payment of Subscription to Association by United States

Summary

Title 22, §284e

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata