22 U.S.C. § 290i–6: Subscription to stock

Summary

The President may agree to buy 29,820 Bank shares only if Congress provides money in advance. Congress may appropriate up to $359,733,570, with no fiscal-year limit, to pay this, but no more than $17,986,679 in each fiscal year 1982–1984. Bank payments to the U.S. must go into the Treasury as miscellaneous receipts.

Title 22, §290i–6

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)Authorization of United States subscription to stock

The President is authorized to agree to subscribe on behalf of the United States to twenty-nine thousand eight hundred and twenty shares of the capital stock of the Bank: Provided, however, That the subscription shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.

(b)Authorization of appropriations

There is authorized to be appropriated, without fiscal year limitation, for payment by the Secretary of the Treasury of the initial United States subscription to twenty-nine thousand eight hundred and twenty shares of the capital stock of the Bank, $359,733,570: Provided, however, That not more than $17,986,679 of such sum may be made available for paid in subscriptions to the Bank for each of the fiscal years 1982, 1983, and 1984.

(c)Distributions by Bank

Any payment or distributions of moneys from the Bank to the United States shall be covered into the Treasury as a miscellaneous receipt.

Executive Documents

Delegation of Functions Functions of President under subsec. (a) delegated to Secretary of the Treasury, see Ex. Ord. No. 12403, Feb. 8, 1983, 48 F.R. 6087.

§290i–6 Subscription to Stock

Summary

Title 22, §290i–6

Notes & Related Subsidiaries

Executive Documents

Citations & Metadata