nors at a special meeting in December 1978 and are pending before the Board of Governors of the Bank. These resolutions provide for (1) an increase in the authorized capital stock of the Bank and additional subscriptions thereto, and (2) an increase in the resources of the Fund for Special Operations and contributions thereto. Upon adoption of these resolutions, the United States Governor is authorized on behalf of the United States (A) to subscribe to two hundred twenty-seven thousand eight hundred and ninety-six shares of the increase in the authorized capital stock of the Bank, of which two hundred ten thousand eight hundred and four shall be callable and seventeen thousand and ninety-two shall be paid-in, and (B) to contribute to the Fund for Special Operations $630,000,000; except that any commitment to make such subscriptions to paid-in and callable capital stock and to make such contributions to the fund for Special Operations shall be effective only to such extent or in such amounts as are provided in advance in appropriation Acts.

(b) In order to pay for the increase in the United States subscription and contribution provided for in this section, there are authorized to be appropriated, without fiscal year limitation, for payment by the Secretary of the Treasury (1) $2,474,287,189 for the United States subscription to the capital stock of the Bank, and (2) $630,000,000 for the United States share of the increase in the resources of the Fund for Special Operations: Provided, however, That for contributions to the Fund for Special Operations, not more than $175,000,000 may be made available for the fiscal year 1982, and not more than $105,000,000 may be made available for the fiscal year 1983.35

(c) For the purpose of keeping to a minimum the cost to the United States, the Secretary of the Treasury

(1) shall pay the United States contribution to the Fund for Special Operations authorized by this section by letter of credit in four annual installments; and

(2) shall take the steps necessary to obtain a certification from the Bank that any undisbursed balances resulting from drawdowns on such letter of credit will not exceed at any time in the United States share of expected disbursement requirements for the following three-month period.

(d) None of the funds authorized to be appropriated by this section may be used for any form of assistance to any country which is not a member of the Bank.

Sec. 30.36 (a) The United States Governor of the Bank is authorized on behalf of the United States to contribute to the Fund for Special Operations $70,000,000: Provided, however, That any com

35 The proviso clause was added by sec. 1351(b) of Public Law 97-35 (95 Stat. 744). Appropriations for U.S. payments authorized in sec. 29 have been provided in the following amounts and acts: Fiscal year 1980-Bank capital stock, $588.7 million ($27.3 million paid-in capital; $561.4 million callable capital); FSO, $175 million (Public Law 96-123); fiscal year 1981Bank capital stock, $612.2 million $51.5 million paid-in capital; $560.7 million callable capital), FSO, $175 million (Public Law 96-536); fiscal year 1982-Bank capital stock, $657.7 million ($48.1 million paid-in capital; $609.6 million callable capital); FSO, $173.2 million (Public Law 97-121); fiscal year 1983-Bank capital stock, $615.6 million ($41.8 million paid-in capital; $573.8 million callable capital); FSO, $105 million (Public Law 97-377); fiscal year 1984-FSO, $1.8 mil. lion (Public Law 98-151).

36 22 U.S.C. 283z-2. Sec. 30 was added by sec. 1351(a) of Public Law 97-35 (95 Stat. 744).

mitment to make such contribution shall be made subject to obtaining the necessary appropriations.

(b) In order to pay for a portion of the increase in the United States subscription to the capital stock of the Bank provided for in section 29(a) and for the United States contribution to the Fund for Special Operations provided for in this section, there are authorized to be appropriated, without fiscal year limitation, for payment by the Secretary of the Treasury, (1) $274,920,799 for the United States subscription, and (2) $70,000,000 for the United States contribution to the Fund for Special Operations: Provided, however, That no funds may be made available for such contribution to the Fund for Special Operations for the fiscal year 1982.37

Sec. 31.38 (a)(1) The United States Governor of the Bank is authorized to vote for resolutions

(A) Which were proposed by the Governors at a special meeting in February 1983;

(B) Which are pending before the Board of Governors of the Bank; and

(C) Which provide for

(i) an increase in the authorized capital stock of the Bank and subscriptions thereto; and

(ii) an increase in the resources of the Fund for Special Operations and contributions thereto.

(2)(A) Upon adoption of the resolutions specified in paragraph (1), the United States Governor of the Bank is authorized on behalf of the United States to

(i) subscribe to 427,396 shares of the increase in the authorized capital stock of the bank; and

(ii) contribute $350,000,000 to the Fund for Special Operations.

(B) any commitment to make such subscriptions to paid-in and callable capital stock and to make such contributions to the Fund for Special Operations shall be effective only to such extent or in such amounts as are provided in advance in appropriation Acts.

(b) In order to pay for the increase in the United States subscription and contribution provided for in this section, there are authorized to be appropriated, without fiscal year limitation, for payment by the Secretary of the Treasury

(1) $5,155,862,744 for the United States subscriptions to the capital stock of the Bank; and

(2) $350,000,000 for the United States share of the increase in the resources of the Fund for Special Operations.39

37 The Further Continuing Appropriations Act, 1983, (Public Law 97-377) provided the following funding during fiscal year 1983 for this authorization: Bank capital stock, $274.9 million ($20.6 million paid-in capital; $254.3 million callable capital); FSO, $70 million.

38 22 U.S.C. 283z-3. Sec. 31 was added by sec. 1001 of Public Law 98-181 (97 Stat. 1284). 39 Appropriations for U.S. payments authorized in sec. 31 have been provided in the following amounts and acts: Fiscal year 1984-Bank capital stock, $844.5 million ($38 million paid-in capital; $806.5 million callable capital); FSO, $0 (Public Law 98-151); fiscal year 1985-Bank capital stock, $844.5 ($38 million paid-in capital; $806.5 million callable capital); FSO, $72.5 million (Public Law 98-473); fiscal year 1985 supplemental-FSO, $42.5 million; Bank capital stock $889 million ($40 million paid-in capital; $849 million callable capital) (Public Law 99-88); fiscal year 1986-FSO, $40 million; Bank capital stock, $1,268 million ($38 million paid-in capital; $1,231 million callable capital) (Public Law 99-190).

13. Inter-American Investment Corporation Act

Partial text of Public Law 98-473 [Continuing Appropriations Act, 1985; H.J. Res. 648], 98 Stat. 1837 at 1885, approved October 12, 1984

NOTE.-Sec. 101 of the Continuing Appropriations Act,
1985 (Public Law 98-473) enacted into law Title II of S.
2416, as introduced in the Senate on March 13, 1984. The
text of Title II of S. 2416 is set out below.

TITLE II-INTER-AMERICAN INVESTMENT CORPORATION

ACT

Sec. 201. This title may be cited as the "Inter-American Investment Corporation Act".

ACCEPTANCE OF MEMBERSHIP

Sec. 202. The President is hereby authorized to accept membership for the United States in the Inter-American Investment Corporation (hereinafter in this title referred to as the "Corporation") provided for by the agreement establishing the Corporation (hereinafter in this title referred to as the "agreement") deposited in the archives of the Inter-American Development Bank.

GOVERNOR AND ALTERNATE GOVERNOR

Sec. 203. The Governor and Executive Director of the InterAmerican Development Bank, and the alternate for each of them, appointed under section 3 of the Inter-American Development Bank Act, as amended (72 Stat. 299; 22 U.S.C. 283 et seq.), shall serve as Governor, Director, and alternates, respectively, of the Corporation.

APPLICABILITY OF BRETTON WOODS AGREEMENTS ACT

Sec. 204. The provisions of section 4 of the Bretton Woods Agreements Act, as amended (59 Stat. 512, 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 and the International Monetary Fund. Reports with respect to the Corporation under paragraphs (5) and (6) of subsection (b) of section 4 of that Act shall be included in the first and subsequent reports made thereunder after the United States accepts membership in the Corporation.

RESTRICTIONS

Sec. 205. (a) Unless authorized by law, neither the President nor any person or agency shall, on behalf of the United States

(1) subscribe to additional shares of stock of the Corporation; (2) vote for or agree to any amendment of the agreement which increases the obligations of the United States, or which changes the purpose or functions of the Corporation; or

(3) make a loan or provide other financing to the Corporation.

FEDERAL RESERVE BANKS AS DEPOSITORIES

Sec. 206. 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.

SUBSCRIPTION OF STOCK

Sec. 207. (a) The Secretary of the Treasury is authorized to subscribe on behalf of the United States to five thousand one hundred shares of the capital stock of the Corporation: 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) There is authorized to be appropriated, without fiscal year limitation, for payment by the Secretary of the Treasury of the subscription of the United States for those shares, $51,000,000.1

(c) Any payment of dividends made to the United States by the corporation shall be deposited into the Treasury as a miscellaneous receipt.

JURISDICTION OF UNITED STATES COURTS

Sec. 208. For the purposes of any civil action which may be brought within the United States, its territories or possessions, or the Commonwealth of Puerto Rico, by or against the Corporation in accordance with the agreement, the Corporation shall be deemed to be an inhabitant of the Federal judicial district in which its principal office within the United States or its agent appointed for the purpose of accepting service or notice of service is located, and any such action 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, including the courts enumerated in section 460 of title 28, United States Code, shall have original jurisdiction of any such action. When the Corporation is a defendant in any action in a State court, it may at any time before the trial thereof remove the action into the appropriate district court of the United States by following the procedure for removal provided in section 1446 of title 28, United States Code.

Appropriations for U.S. payments authorized in sec. 207 have been provided in the following amounts and acts Fiscal year 1985--$10 million (Public Law 98-473), fiscal year 1985 supplemental-$3 million (Public Law 99-88), fiscal year 1986-$11.7 million (Public Law 99-190).

EFFECTIVENESS OF AGREEMENT

Sec. 209. Article VI, section 4(c), and article VII, sections 2 to 9, both inclusive, of the agreement shall have full force and effect in the United States, its territories and possessions, and the Commonwealth of Puerto Rico, upon acceptance of membership by the United States in the Corporation.

SECURITIES ISSUED BY THE CORPORATION

Sec. 210. (a) Any securities issued by the Corporation (including any guarantee by the corporation, whether or not limited in scope) in connection with the raising of funds for inclusion in the Corporation's resources as defined in article II, section 2 of the agreement, and any securities guaranteed by the Corporation as to both principal and interest to which the commitment in article II, section 2(e) of the agreement is expressly applicable, shall be deemed to be exempted securities within the meaning of section 3(a)(2) of the Securities Act of 1933 (15 U.S.C. 77c) and section 3(a)(12) of the Securities Exchange Act of 1934 (15 U.S.C. 78c). 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 appropriate in view of the special character of the corporation and its operations as necessary in the public interest or for the protection of investors.

(b) The Securities and Exchange Commission, acting in consultation with such agency or officer as the President shall designate, is authorized to suspend the provisions of subsection (a) at any time as to any or all securities issued or guaranteed by the Corporation during the period of such suspension. The Commission shall include in its annual reports to Congress such information as it shall deem advisable with regard to the operations and effect of this section and in connection therewith shall include any views submitted for such purpose by any association of dealers registered with the Commission.

TECHNICAL AMENDMENTS

Sec. 211. (a) The seventh sentence of paragraph 7 of section 5136 of the Revised Statutes of the United States, as amended (12 U.S.C. 24), is further amended by striking out "or" after "the Asian Development Bank," and inserting in lieu thereof a comma, and by inserting "or the Inter-American Investment Corporation," after "the African Development Bank".

(b) Section 51 of Public Law 91-599, as amended (84 Stat. 1657; 22 U.S.C. 276c-2), is amended by striking out "and" after "the African Development Fund," and inserting "and the Inter-American Investment Corporation," after "the African Development Bank,”.