ing the foreign loan, financial, exchange, and monetary transactions in which they engage or may engage or with respect to which they have other responsibility, and (2) shall provide the Council, the Director of the International Development Cooperation Agency, and the Secretary with such further information or data in their possession as the Council or the Secretary, as the case may be, may deem necessary to the appropriate discharge of the responsibilities of the Council, the Director of the International Development Cooperation Agency,3 and Secretary under Sections 2 and 3 of this order, respectively.

(b) The Council shall from time to time transmit to all appropriate agencies and officers of the Government statements of the policies of the Council under this order and such other information relating to the above-mentioned transactions or to the functions of the Council hereunder as the Council shall deem desirable.

Sec. 5. Executive Order No. 10033. Section 2(a) of Executive Order No. 10033 of February 8, 1949, is hereby amended by substituting for the name "National Advisory Council on International Monetary and Financial Problems" the following: "National Advisory Council on International Monetary and Financial Policies."

Sec. 6. Effective date. The provisions of this order shall be effective as of January 1, 1966.

Sec. 7.12 Functions of the Director of the International Development Cooperation Agency. As the principal international development advisor to the President, the Director of the International Development Cooperation Agency shall advise both the Secretary of the Treasury and the appropriate United States representatives to the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Inter-American Development Bank, the Asian Development Bank, African Development Fund, and the African Development Bank 13 on the development aspects of matters relating to those institutions and their activities.

12 Sec. 7 was added by Executive Order 12164, effective Oct. 1, 1979.

13 Sec. 2 of Executive Order 12403, Feb. 8, 1983, 48 FR 6087, added the reference to the African Development Bank.

11. International Finance Corporation Act, as amended 1

Public Law 84-350 [S. 1894], 69 Stat. 669, approved August 11, 1955, as amended by Public Law 87-185 [H.R. 6765], 75 Stat. 413, approved August 30, 1961; Public Law 89-126 [S. 1742], 79 Stat. 519, approved August 14, 1965; Public Law 95-118 [H.R. 5262], 91 Stat. 1067 at 1068, approved October 3, 1977 and by Public Law 99-190 [Further Continuing Appropriations, 1986; H.J. Res. 465], 99 Stat. 1185, approved December 19, 1985

AN ACT To provide for the participation of the United States in the International Finance Corporation.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SHORT TITLE

Section 1. This Act may be cited as the "International Finance Corporation Act."

ACCEPTANCE OF MEMBERSHIP

Sec. 2. The President is hereby authorized to accept membership for the United States in the International Finance Corporation (hereinafter referred to as the Corporation), provided for by the Articles of Agreement of the Corporation deposited in the archives of the International Bank for Reconstruction and Development.

GOVERNOR, EXECUTIVE DIRECTOR, AND ALTERNATES

Sec. 3. The governor and executive director of the International Bank for Reconstruction and Development, and the alternate for each of them, appointed under section 3 of the Bretton Woods Agreements Act, as amended (22 U.S.C. 286a), shall serve as governor, director and alternates, respectively, of the Corporation.

NATIONAL ADVISORY COUNCIL ON INTERNATIONAL MONETARY AND FINANCIAL PROBLEMS

Sec. 4. The provisions of section 4 of the Bretton Woods Agreements Act, as amended (22 U.S.C. 286b), shall apply with respect to the Corporation to the same extent as with respect to the International Bank for Reconstruction and Development. Reports with respect to the Corporation under paragraphs 5 and 6 of subsection (b) of section 4 of said Act, as amended, shall be included in the first report made thereunder after the establishment of the Corporation and in each succeeding report.

1 22 U.S.C. 282-2821.

CERTAIN ACTS NOT TO BE TAKEN WITHOUT AUTHORIZATION

Sec. 5. Unless Congress by law authorizes such action, neither the President nor any person or agency shall on behalf of the United States (a) subscribe to additional shares of stock under article II, section 3, of the Articles of Agreement of the Corporation; (b) accept any amendment under article VII of the Articles of Agreement of the Corporation; (c) make any loan to the Corporation. The United States Governor of the Corporation is authorized to agree to an amendment to article III of the Articles of Agreement of the Corporation to authorize the Corporation to make investments of its funds in capital stock and to limit the exercise of voting rights by the Corporation unless exercise of such rights is deemed necessary by the Corporation to protect its interests, as proposed in the resolution submitted by the Board of Directors on February 20, 1961.2 Unless Congress by law authorizes such action, no governor or alternate representing the United States shall vote for an increase of capital stock of the Corporation under article II, section. 2(c)(ii), of the Articles of Agreement of the Corporation.

DEPOSITORIES

Sec. 6. Any Federal Reserve Bank which is requested to do so by the Corporation shall act as its depository or as its fiscal agent, and the Board of Governors of the Federal Reserve System shall supervise and direct the carrying out of these functions by the Federal Reserve banks.

PAYMENT OF SUBSCRIPTIONS

Sec. 7. (a) The Secretary of the Treasury is authorized to pay the subscription of the United States to the Corporation and for this purpose is authorized to use as a public-debt transaction not to exceed $35,168,000 of the proceeds of any securities hereafter issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under the Act are extended to include such purpose. Payment under this subsection of the subscription of the United States to the Corporation and any repayment thereof shall be treated as public-debt transactions of the United States.

(b) Any payment of dividends made to the United States by the Corporation shall be covered into the Treasury as a miscellaneous receipt.

JURISDICTION AND VENUE OF ACTIONS

Sec. 8. For the purpose of any action which may be brought within the United States or its Territories or possessions by or against the Corporation in accordance with the Articles of Agreement of the Corporation, the Corporation shall be deemed to be an inhabitant of the Federal judicial district in which its principal office in the United States is located, and any such action at law or

2 This sentence added by act authorizing acceptance of an amendment to the articles of agreement of the International Finance Corporation permitting investment in capital stock, Public Law 87-185 (75 Stat. 413), approved Aug. 30, 1961.

in equity to which the Corporation shall be a party shall be deemed to arise under the laws of the United States, and the district courts of the United States shall have original jurisdiction of any such action. When the Corporation is a defendant in any such action, it may, at any time before the trial thereof, remove such action from a State court into the district court of the United States for the proper district by following the procedure for removal of causes otherwise provided by law.

STATUS, IMMUNITIES AND PRIVILEGES

Sec. 9. 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 acceptance of membership by the United States in, and the establishment of, the Corporation. Sec. 10.3 The United States Governor of the Corporation 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 borrowings.

Sec. 11.4 (a) The United States Governor of the Corporation 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 subscribe on behalf of the United States to one hundred and eleven thousand four hundred and ninety-three additional shares of 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 appropriations.

(b) In order to pay for the increase in the United States subscription to the Corporation provided for in this section, there are hereby authorized to be appropriated, without fiscal year limitations, $111,493,000 for payment by the Secretary of the Treasury.5

CAPITAL STOCK INCREASE

Sec. 12.6 (a) The United States Governor of the Corporation is authorized

(1) to vote for an increase of 650,000 shares in the authorized capital stock of the Corporation; and

(2) to subscribe on behalf of the United States to 175,162 additional shares of the capital stock of the Corporation, except that any subscription to additional shares shall be effective

3 Sec. 10 was added by sec. 2 of Public Law 89-126 (79 Stat. 519), approved Aug. 14, 1965. * Sec. 11 was added by sec. 301 of Public Law 95-118 (91 Stat. 1068).

5 Appropriation of funds for this increase in the U.S. subscription have been made in the following amounts and public laws: Fiscal year 1978-$38 million (Public Law 95-148); fiscal year 1979-$40 million (Public Law 95-481); fiscal year 1980-$33.4 million (Public Law 96-123) (only $19 million of the fiscal year 1980 appropriation spent); fiscal year 1981-$0; fiscal year 1982$14.4 million (Public Law 97-121); fiscal year 1986-$29 million (Public Law 99-190).

622 U.S.C. 282j. Sec. 12 was added by sec 101(j) of the Further Continuing Appropriations, 1986, Public Law 99-190; 99 Stat. 1294, which enacted sec. 3 of H.R. 1948.

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 limitation, $175,162,000 for payment by the secretary of the Treasury.7

7 Appropriation of funds for this increase have been made in the following amounts and

public laws: Fiscal year 1986-$29 million (Public Law 99-190).