14. International Development Association Act, as amended Public Law 86-565 [H.R. 11001], 74 Stat. 293, approved June 30, 1960, as amended by Public Law 88-310 [S. 2214], 78 Stat. 200, approved May 26, 1964; Public Law 91-14 (H.R. 33], 83 Stat. 10, approved May 23, 1969; Public Law 92-247 [S. 2010], 86 Stat. 60, approved March 10, 1972; Public Law 93-373 [S. 2665], 88 Stat. 445, approved August 14, 1974; Public Law 95-118 [H.R. 5262], 91 Stat. 1067 at 1068, approved October 3, 1977; Public Law 97-35 [H.R. 3982], 95 Stat. 357 at 740, approved August 13, 1981; Public Law 98-473 [Continuing Appropriations Act 1985; H.J. Res. 648], 98 Stat. 1837 at 1884, approved October 12, 1984 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 Development Association. 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 Development Association Act". ACCEPTANCE OF MEMBERSHIP Sec. 2. The President is hereby authorized to accept membership for the United States in the International Development Association (hereinafter referred to as the "Association"), provided for by the Articles of Agreement (hereinafter referred to as the "Articles") of the Association deposited in the archives of the International Bank for Reconstruction and Development. GOVERNOR, EXECUTIVE DIRECTOR, AND ALTERNATES Sec. 3.2 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, Executive Director and alternates, respectively, of the Association. NATIONAL ADVISORY COUNCIL ON INTERNATIONAL MONETARY AND FINANCIAL PROBLEMS Sec. 4.3 The provisions of section 4 of the Bretton Woods Agreements Act, as amended (22 U.S.C. 286b), shall apply with respect to the Association to the same extent as with respect to the International Bank for Reconstruction and Development and the Interna 122 U.S.C. 284. tional Monetary Fund. Reports with respect to the Association 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 Association and in each succeeding report. 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 funds under article III, section 1, of the articles; (b) accept any amendment under article IX of the articles; or (c) make a loan or provide other financing to the Association. DEPOSITORIES Sec. 6.5 Any Federal Reserve bank which is requested to do so by the Association 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. 7.6 (a) There is hereby authorized to be appropriated, without fiscal year limitation, for the subscription of the United States to the Association, $320,290,000.7 8 (b) The United States Governor is hereby authorized (1) to vote for an increase in the resources of the Association and (2) to agree on behalf of the United States to contribute to the Association the sum of $312 million, both as recommended by the Executive Directors, in a report dated September 9, 1963, to the Board of Governors of the Association. There is hereby authorized to be appropriated out of funds supplied by the Nation's taxpayers or out of funds borrowed on their credit, without fiscal year limitation, $312 million to provide the United States share of the increase in the resources of the Association. 9 (c) For the purpose of keeping to a minimum the cost to the United States of participation in the Association, the Secretary of the Treasury is authorized and directed to issue special notes of the United States from time to time, at par, and to deliver such notes to the Association in exchange for dollars to the extent permitted by the articles. The special notes provided for in this subsection shall be issued under the authority and subject to the provisions of 4 22 U.S.C. 284c. 5 22 U.S.C. 284d. 6 22 U.S.C. 284e. 7 The United States subscription was payable in five annual installments (see art. II, sec. 2, IDA Articles of Agreement, vol. III, sec. H 5.), one of $73,666,700 and four of $61,656,000. 8 This subsection was added by sec. 1 of Public Law 88-310 (78 Stat. 200) approved May 26, 1964. The following changes were made in this subsection by sec. 2 of Public Law 88-310; the subsection was redesignated as "(c)"; the phrase ", after paying the requisite part of the subscription of the United States in the Association required to be made under the articles," which appeared after the word "treasury" was deleted; and in the last sentence the words "of the subscription of the United States" which preceded the word "actually" were deleted. the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under that Act are extended to include the purposes for which special notes are authorized and directed to be issued under this subsection, but such notes shall bear no interest, shall be nonnegotiable, and shall be payable on demand of the Association. The face amount of special notes issued to the Association under the authority of this subsection and outstanding at any one time shall not exceed in the aggregate, the amount actually paid to the Association under the articles. (d) 10 Any payment made to the United States by the Association as a distribution of net income shall be covered into the Treasury as a miscellaneous receipt. JURISDICTION AND VENUE OF ACTIONS Sec. 8.11 For the purpose of any action which may be brought within the United States, its possessions, or the Commonwealth of Puerto Rico, by or against the Association in accordance with the articles, the Association 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 in equity to which the Association 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 Association 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. 9.12 The provisions of article VII, section 5(d), and article VIII, sections 2 to 9, both inclusive, of the articles shall have full force and effect in the United States, its possessions, and the Commonwealth of Puerto Rico, upon acceptance of membership by the United States in, and the establishment of, the Association. Sec. 10.13 The United States Governor is hereby authorized (1) to vote in favor of the second replenishment resolutions providing for an increase in the resources of the Association, and (2) to agree on behalf of the United States to contribute to the Association the sum of $480,000,000, as recommended by the Executive Directors in a report dated March 8, 1968, to the Board of Governors of the Association. There is hereby authorized to be appropriated, without fiscal year limitation, $480,000,000 for payment by the Secretary of the Treasury of the United States share of the increase in the resources of the Association. Sec. 11.14 The United States Governor is hereby authorized to agree on behalf of the United States to contribute to the Associa 10 This subsection was redesignated "(d)" by sec. 1 of Public Law 88-310. 11 22 U.S.C. 284f. 12 22 U.S.C. 284g. Sec. 10 was added by Public Law 91-14, 83 Stat. 10, approved May 23, 1969. 13 22 U.S.C. 284h. 14 22 U.S.C. 2841. Sec. 11 was added by Public Law 92-247, 86 Stat. 60, Mar. 10, 1972. tion three annual installments of $320,000,000 each as recommended in the "Report of the Executive Directors to the Board of Governors on Additions to IDA Resources: Third Replenishment," dated July 21, 1970. There is hereby authorized to be appropriated, without fiscal year limitation, the amounts necessary for payment by the Secretary of the Treasury of three annual installments of $320,000,000 each for the United States share of the increase in the resources of the Association. Sec. 12.15 The President shall instruct the United States Executive Directors of the International Bank for Reconstruction and Development and the International Development Association to vote against any loan or other utilization of the funds of the Bank and the Association for the benefit of any country which has (1) nationalized or expropriated or seized ownership or control of property owned by any United States citizen or by any corporation, partnership, or association not less than 50 per centum of which is beneficially owned by United States citi zens; (2) taken steps to repudiate or nullify existing contracts or agreements with any United States citizen or any corporation, partnership, or association not less than 50 per centum of which is beneficially owned by United States citizens; or (3) imposed or enforced discriminatory taxes or other exactions, or restrictive maintenance or operational conditions, or has taken other actions, which have the effect of nationalizing, expropriating, or otherwise seizing ownership or control of property so owned; unless the President determines that (A) an arrangement for prompt, adequate, and effective compensation has been made, (B) the parties have submitted the dispute to arbitration under the rules of the Convention for the Settlement of Investment Disputes, or (C) good faith negotiations are in progress aimed at providing prompt, adequate, and effective compensation under the applicable principles of international law. Sec. 13.16 The Secretary of the Treasury shall instruct the United States Executive Directors of the International Bank for Reconstruction and Development and the International Development Association to vote against any loan or other utilization of the funds of the Bank and the Association for the benefit of any country with respect to which the President has made a determination, and so notified the Secretary of the Treasury, that the government of such country has failed to take adequate steps to prevent narcotic drugs and other controlled substances (as defined by the Comprehensive Drug Abuse Prevention and Control Act of 1970) produced or processed, in whole or in part, in such country, or transported through such country, from being sold illegally within the jurisdiction of such country to United States Government personnel or their dependents, or from entering the United States unlawfully. Such instruction shall continue in effect until the President determines, and so notifies the Secretary of the Treasury, that the government of such country has taken adequate steps to pre 15 22 U.S.C. 284j. Sec. 12 was added by Public Law 92-247, 86 Stat. 60). 16 22 U.S.C. 284k. Sec. 13 was added by Public Law 92-247 (86 Stat. 60). vent such sale or entry of narcotic drugs and other controlled substances. Sec. 14.17 (a) The United States Governor is hereby authorized to agree on behalf of the United States to pay to the Association four annual installments of $375,000,000 each as the United States contribution to the Fourth Replenishment of the Resources of the Association. (b) In order to pay for the United States contribution, there is hereby authorized to be appropriated without fiscal year limitation four annual installments of $375,000,000 each for payment by the Secretary of the Treasury. Sec. 15. [Repealed-1977] 1 Sec. 16.19 (a) The United States Governor is hereby authorized to agree on behalf of the United States to pay to the Association $2,400,000,000 as the United States contribution to the fifth replenishment of the Resources of the Association: Provided, however, That any commitment to make such contributions shall be made subject to obtaining the necessary appropriations. (b) In order to pay for the United States contribution provided for in this section, there are hereby authorized to be appropriated, without fiscal year limitation, $2,400,000,000 for payment by the Secretary of the Treasury. Sec. 17.20 (a) The United States Governor is authorized to agree on behalf of the United States to pay to the Association $3,240,000,000 as the United States contribution to the sixth replenishment of the resources of the Association: Provided, however, That any commitment to make such contributions shall be made subject to obtaining the necessary appropriations. (b) In order to pay for the United States contributions provided for in this section, there is authorized to be appropriated, without fiscal year limitation, $3,240,000,000 for payment by the Secretary of the Treasury: Provided, however, That not more than $850,000,000 of such sum may be made available for the fiscal year 1982 and not more than $945,000,000 of such sum may be made available for the fiscal year 1983.21 Sec. 18.22 (a) The United States Governor is hereby authorized to agree on behalf of the United States to pay to the Association $2,250,000,000 as the United States contribution to the seventh replenishment of the resources of the Association, except that any 17 22 U.S.C. 2841. Sec. 14 was added by Public Law 93-373, 88 Stat. 445, approved Aug. 14, 1974. 18 Sec. 15, which directed the U.S. Governor to vote against any loan or assistance to any country which develops a nuclear explosive device (unless such country was a party to the Treaty on the Non-Proliferation of Nuclear Weapons), was repealed by sec. 702 of Public Law 95-118 (91 Stat. 1070). 19 22 U.S.C. 284n. Sec. 16 was added by sec. 401 of Pubic Law 95-118 (91 Stat. 1068). 20 22 U.S.C. 2840. Sec. 17 was added by sec. 1321 of Public Law 97-35 (95 Stat. 740). 21 Appropriations for U.S. payments authorized in sec. 17 have been provided in the following amounts and acts: fiscal year 1981-$500 million (Public Law 97-12); fiscal year 1982-$700 million (Public Law 97-121); fiscal year 1983-$700,000,000 (Public Law 97-377); and $245 million (Public Law 98-63); fiscal year 1984-$945 million (Public Law 98-151); fiscal year 1985-$150 million (Public Law 98-473). 22 22 U.S.C. 284p. Title I of the Foreign Assistance Appropriations Act, 1985 (sec. 101 of the Continuing Appropriations Act, 1985; 98 Stat. 1885) added sec. 18 by enacting into law the amendment made by sec. 901 of S. 2582, as reported by the Senate Committee on Foreign Relations on April 18, 1984, except for subsec. (c) of such amendment. |