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22 U.S.C. § 290o-4 - U.S. Code - Unannotated Title 22. Foreign Relations and Intercourse § 290o-4. Subscription of stock

Current as of January 01, 2024 | Updated by Findlaw Staff

(a)Subscription authority

(1)In general

The Secretary of the Treasury may subscribe on behalf of the United States to not more than 7,011,270 shares of the capital stock of the Bank.

(2)Effectiveness of subscription commitment

Any commitment to make such subscription shall be effective only to such extent or in such amounts as are provided for in advance by appropriations Acts.

(b)Limitations on authorization of appropriations

For payment by the Secretary of the Treasury of the subscription of the United States for shares described in subsection (a), there are authorized to be appropriated $1,050,007,800 without fiscal year limitation.

(c)Limitations on obligation of appropriated amounts for shares of capital stock

(1)Paid-in capital stock

(A)In general

Not more than $105,000,000 of the amounts appropriated pursuant to subsection (b) may be obligated for subscription to shares of paid-in capital stock.

(B)Fiscal year 1997

Not more than $52,500,000 of the amounts appropriated pursuant to subsection (b) for fiscal year 1997 may be obligated for subscription to shares of paid-in capital stock.

(2)Callable capital stock

Not more than $787,505,852 of the amounts appropriated pursuant to subsection (b) may be obligated for subscription to shares of callable capital stock.

(d)Disposition of net income distributions by Bank

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

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Cite this article: FindLaw.com - 22 U.S.C. § 290o-4 - U.S. Code - Unannotated Title 22. Foreign Relations and Intercourse § 290o-4. Subscription of stock - last updated January 01, 2024 | https://codes.findlaw.com/us/title-22-foreign-relations-and-intercourse/22-usc-sect-290o-4/

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