22 U.S.C. § 282l — Capital stock increase

Page 142 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 282g § 282g. Status, privileges, and immunities of the United States The provisions of article V, section 5(d), and article VI, sections 2 to 9, both inclusive, of the Articles of Agreement of the Corporation shall have full force and effect in the United States and its Territories and possessions upon accept- ance of membership by the United States in, and the establishment of, the Corporation. (Aug. 11, 1955, ch. 788, § 9, 69 Stat. 670.) § 282h. Loans to or from International Bank for Reconstruction and Development; amend- ment to Articles of Agreement The United States Governor of the Corpora- tion is authorized to agree to the amendments of the articles of agreement of the Corporation to remove the prohibition therein contained against the Corporation lending to or borrowing from the International Bank for Reconstruction and Development, and to place limitations on such borrowing. (Aug. 11, 1955, ch. 788, § 10, as added Pub. L. 89–126, § 2, Aug. 14, 1965, 79 Stat. 519.) § 282i. Increase in capital stock of Corporation; subscription to additional shares (a) The United States Governor of the Cor- poration is authorized— (1) to vote for an increase of five hundred and forty thousand shares in the authorized capital stock of the Corporation; and (2) if such increase becomes effective, to sub- scribe on behalf of the United States to one hundred and eleven thousand four hundred and ninety-three additional shares of the capital stock of the Corporation: Provided, however, That any commitment to make payment for such additional subscriptions shall be made subject to obtaining the necessary appropria- tions. (b) In order to pay for the increase in the United States subscription to the Corporation provided for in this section, there are authorized to be appropriated, without fiscal year limita- tion, $111,493,000 for payment by the Secretary of the Treasury. (Aug. 11, 1955, ch. 788, § 11, as added Pub. L. 95–118, title III, § 301, Oct. 3, 1977, 91 Stat. 1068.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Pub. L. 95–118, title X, § 1001, Oct. 3, 1977, 91 Stat. 1072, provided that: ‘‘This Act [enacting this section and sec- tions 262c, 262d, 262e to 262g, 284n, 285s, 285t, 286e–1f, and 290g–10 of this title, repealing sections 283y, 284m, 290g–9 of this title, and enacting provisions set out as a note under section 262c of this title] shall take effect on the date of its enactment [Oct. 3, 1977], except that no funds authorized to be appropriated by any amend- ment contained in title II, III, IV, V, or VI [enacting this section and sections 286e–1f, 284n, 285s, 285t, or 290g–10 of this title] may be available for use or obliga- tion prior to October 1, 1977’’. § 282j. Increase in capital stock of Corporation; subscription to additional shares (a) The United States Governor of the Cor- poration is authorized— (1) to vote for an increase of 650,000 shares in the authorized capital stock of the Corpora- tion; and (2) to subscribe on behalf of the United States to 175,162 additional shares of the cap- ital stock of the Corporation, except that any subscription to additional shares shall be ef- fective only to such extent or in such amounts as are provided in advance in appropriations Acts. (b) In order to pay for the increase in the United States subscription to the Corporation provided for in this section, there are authorized to be appropriated, without fiscal year limita- tion, § 175,162,000 for payment by the Secretary of the Treasury. (Aug. 11, 1955, ch. 788, § 12, as added Pub. L. 99–190, § 101(i) [title I, (a)], Dec. 19, 1985, 99 Stat. 1291, 1294.) Editorial Notes CODIFICATION Section 12 of act Aug. 11, 1955, is based on section 3 of H.R. 1948, Ninety-ninth Congress, as introduced Apr. 3, 1985, and enacted into law by Pub. L. 99–190. § 282k. Securities issued by Corporation (a) Exemption from securities laws; reports to Securities and Exchange Commission Any securities issued by the Corporation (in- cluding any guaranty by the Corporation, whether or not limited in scope) and any securi- ties guaranteed by the Corporation as to both principal and interest shall be deemed to be ex- empted securities within the meaning of section 77c(a)(2) of title 15 and section 78c(a)(12) of title 15. The Corporation shall file with the Securities and Exchange Commission such annual and other reports with regard to such securities as the Commission shall determine to be appro- priate in view of the special character of the Corporation and its operations and necessary in the public interest or for the protection of inves- tors. (b) Authority of Securities and Exchange Com- mission to suspend exemption; reports to Congress The Securities and Exchange Commission, act- ing in consultation with the National Advisory Council on International Monetary and Finan- cial Problems, is authorized to suspend the pro- visions of subsection (a) at any time as to any or all securities issued or guaranteed by the Cor- poration during the period of such suspension. The Commission shall include in its annual re- ports to the Congress such information as it shall deem advisable with regard to the oper- ations and effect of this section. (Aug. 11, 1955, ch. 788, § 13, as added Pub. L. 101–513, title V, § 562(e)(1)(A), Nov. 5, 1990, 104 Stat. 2037.) § 282l. Capital stock increase (a) Subscription authorized (1) In general The United States Governor of the Corpora- tion may— Page 143 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 283 (A) vote for an increase of 1,000,000 shares in the authorized capital stock of the Cor- poration; and (B) subscribe on behalf of the United States to 250,000 additional shares of the cap- ital stock of the Corporation. (2) Prior appropriation required The subscription authority provided in para- graph (1) shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts. (b) Limitations on authorization of appropria- tions In order to pay for the subscription authorized in subsection (a), there are authorized to be ap- propriated, without fiscal year limitation, $50,000,000 for payment by the Secretary of the Treasury. (Aug. 11, 1955, ch. 788, § 14, as added Pub. L. 102–145, § 125(a), Oct. 28, 1991, as added Pub. L. 102–266, § 102, Apr. 1, 1992, 106 Stat. 97.) § 282m. Authority to vote for capital increases necessary to support economic restructuring in independent states of former Soviet Union The United States Governor of the Corpora- tion may vote in favor of any increase in the capital stock of the Corporation that may be needed to accommodate the requirements of the independent states of the former Soviet Union (as defined in section 5801 of this title). (Aug. 11, 1955, ch. 788, § 15, as added Pub. L. 102–511, title X, § 1005, Oct. 24, 1992, 106 Stat. 3361.) § 282n. Authority to agree to amendments to Arti- cles of Agreement The United States Governor of the Corpora- tion is authorized to agree to amendments to the Articles of Agreement of the Corporation that would— (1) amend Article II, Section 2(c)(ii), to in- crease the vote by which the Board of Gov- ernors of the Corporation may increase the capital stock of the Corporation from a three- fourths majority to a four-fifths majority; and (2) amend Article VII(a) to increase the vote by which the Board of Governors of the Cor- poration may amend the Articles of Agree- ment of the Corporation from a four-fifths ma- jority to an eighty-five percent majority. (Aug. 11, 1955, ch. 788, § 16, as added Pub. L. 102–511, title X, § 1006, Oct. 24, 1992, 106 Stat. 3361.) § 282o. Selective capital increase and amendment of the Articles of Agreement (a) Vote authorized The United States Governor of the Corpora- tion is authorized to vote in favor of a resolu- tion to increase the capital stock of the Cor- poration by $130,000,000. (b) Amendment of the Articles of Agreement The United States Governor of the Corpora- tion is authorized to agree to and accept an amendment to Article IV, Section 3(a) of the Ar- ticles of Agreement of the Corporation that achieves an increase in basic votes to 5.55 per- cent of total votes. (Aug. 11, 1955, ch. 788, § 17, as added Pub. L. 112–74, div. I, title VII, § 7081(b), Dec. 23, 2011, 125 Stat. 1259.) § 282p. Capital increases and amendment to the Articles of Agreement (a) Votes authorized The United States Governor of the Corpora- tion is authorized to vote in favor of— (1) a resolution to increase the authorized capital stock of the Corporation by 16,999,998 shares, to implement the conversion of a por- tion of the retained earnings of the Corpora- tion into paid-in capital, which will result in the United States being issued an additional 3,771,899 shares of capital stock, without any cash contribution; (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 Corpora- tion 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 major- ity. (Aug. 11, 1955, ch. 788, § 18, as added Pub. L. 116–136, div. B, title XI, § 21012(b)(2), Mar. 27, 2020, 134 Stat. 594.) 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 pre- vent, 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 sig- nificant risk to the economy of the United States, each paragraph of subsection (b) [enacting this section and sections 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.] SUBCHAPTER XII—INTER-AMERICAN DEVELOPMENT BANK § 283. Acceptance of membership by United States in Inter-American Development Bank The President is hereby authorized to accept membership for the United States in the Inter- American Development Bank (hereinafter re- ferred to as the ‘‘Bank’’), provided for by the agreement establishing the bank (hereinafter re-