the Corporation to the same extent as with respect to the International Bank for Reconstruction and Development.* CERTAIN ACTS NOT TO BE TAKEN WITHOUT AUTHORIZATION SEC. 5.5 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. 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. 6.7 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. 7.8 (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. *Sec. 541 of the International Development and Finance Act of 1989 (Public Law 101-240; 103 Stat. 2518) consolidated several reporting requirements into new secs. 1701-1703 and titles XVIII and XIX of the International Financial Institutions Act (beginning at page 220) and repealed duplicative requirements in other legislation. Sec. 541(e)(1) struck out the last sentence of this section, which read: "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.". $22 U.S.C. 282c. • This sentence was 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). * 22 U.S.C. 282d. 22 U.S.C. 282e. (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. 8.9 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 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. 9.10 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. 10.11 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. 11.12 (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.1 22 U.S.C. 282f. 10 22 U.S.C. 282g. 11 22 U.S.C. 282h. Sec. 10 was added by sec. 2 of Public Law 89-126 (79 Stat. 519). 13 13 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 Continued CAPITAL STOCK INCREASE SEC. 12.14 (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 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. 15 SEC. 13.16 SECURITIES ISSUED BY THE CORPORATION. (a) EXEMPTION FROM SECURITIES LAWS; REPORTS TO SECURITIES AND EXCHANGE COMMISSION.-Any securities issued by the Corporation (including any guaranty by the Corporation, whether or not limited in scope) and any securities guaranteed by the Corporation as to both principal and interest shall be deemed to be exempted securities within the meaning of section 3(a)(2) of the Securities Act of 1933 and section 3(a)(12) of the Securities Exchange Act of 1934. 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 and necessary in the public interest or for the protection of investors. (b) AUTHORITY OF SECURITIES AND EXCHANGE COMMISSION TO SUSPEND EXEMPTION: REPORTS TO THE CONGRESS.-The Securities and Exchange Commission, acting in consultation with the National Advisory Council on International Monetary and Financial Problems, 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 the Congress such information as it shall deem advisable with regard to the operations and effect of this section. SEC. 14.17 CAPITAL STOCK INCREASE. (a) SUBSCRIPTION AUTHORIZED. 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). 14 22 U.S.C. 282j. Sec. 12 was added by sec. 101(i) of the Further Continuing Appropriations, 1986 (Public Law 99-190; 99 Stat. 1294), which enacted sec. 3 of H.R. 1948 as introduced April 3, 1985. 15 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), reduced by $1.2 million as a result of sequestration (Public Law 99-177); fiscal year 1987 supplemental-$7.2 million (Public Law 100-71); fiscal year 1988-$20.3 million (Public Law 100-202); fiscal year 1989 $4.9 million (Public Law 100-461); fiscal year 1990-$75 million (Public Law 101-167); fiscal year 1991-$40.3 million (Public Law 101-513). 16 Sec. 13 was added by sec. 562(eX1XA) of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1991 (Public Law 101-513; 104 Stat. 2037). 17 22 U.S.C. 2821. Sec. 125(a) of the Further Continuing Appropriations, Fiscal Year 1992 (Public Law 102-145, as amended by Public Law 102-266; 106 Stat. 97), added sec. 14. (1) IN GENERAL.-The United States Governor of the Corporation may (A) vote for an increase of 1,000,000 shares in the authorized capital stock of the Corporation; and (B) subscribe on behalf of the United States to 250,000 additional shares of the capital stock of the Corporation. (2) PRIOR APPROPRIATION REQUIRED.-The subscription authority provided in paragraph (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 APPROPRIATIONS.-In order to pay for the subscription authorized in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $50,000,000 for payment by the Secretary of the Treasury.1 18 SEC. 15.19 AUTHORITY TO VOTE FOR CAPITAL INCREASES NECESSARY TO SUPPORT ECONOMIC RESTRUCTURING IN THE INDEPENDENT STATES OF THE FORMER SOVIET UNION. The United States Governor of the Corporation 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 3 of the Freedom for Russia and Emerging Eurasian Democracies and Open Markets Support Act of 1992). SEC. 16.20 AUTHORITY TO AGREE TO AMENDMENTS TO THE ARTICLES OF AGREEMENT. The United States Governor of the Corporation 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 increase the vote by which the Board of Governors 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 Corporation may amend the Articles of Agreement of the Corporation from a four-fifths majority to an eighty-five percent majority. 18 Appropriation of funds for this increase have been made in the following amount and Public Law: fiscal year 1992 $39.7 million (Public Law 102-145, as amended by Public Law 102266). Title I of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1993 (Public Law 102-391; 106 Stat. 1634) provided the following: "CONTRIBUTION TO THE INTERNATIONAL FINANCE CORPORATION "For payment to the International Finance Corporation by the Secretary of the Treasury, $35,761,500, for the United States share of the increase in subscriptions to capital stock, to remain available until expended: Provided, That of the amount appropriated under this heading not more than $5,960,000 may be expended for the purchase of such stock in fiscal year 1993: Provided further, That in order to pay for the subscription authorized in section 14 of the Intenational [sic] Finance Corporation Act, there are authorized to be appropriated, without fiscal year limitation, an additional $200,000,000 for payment by the Secretary of the Treasury.". 19 22 U.S.C. 282m. Added by sec. 1005 of the FREEDOM Support Act (Public Law 102-511; 106 Stat. 3361). 20 22 U.S.C. 282n. Added by sec. 1006 of the FREEDOM Support Act (Public Law 102-511; 106 Stat. 3361). (G) Multilateral Investment Guarantee Agency Act Partial text of H.R. 3570 as enacted into law by sec. 101(e) of Public Law 100-202 [Continuing Appropriations, 1988; H.J. Res. 395], 101 Stat. 1329), approved December 22, 1987; and amended by Public Law 101-240 [International Development and Finance Act of 1989; H.R. 2494], 103 Stat. 2518, approved December 19, 1989 NOTE.-Sec. 101(e) of the Continuing Appropriations, 1988 (Public Law 100-202) enacted into law title IV of H.R. 3570, as introduced in the House of Representatives on December 11, 1987. The text of title IV is set out below. TITLE IV-MULTILATERAL INVESTMENT GUARANTEE AGENCY SEC. 401. This title may be cited as the "Multilateral Investment Guarantee Agency Act". SEC. 402. This title shall be codified as subchapter XXVI of chapter 7 of title 22 of the United States Code. ACCEPTANCE OF MEMBERSHIP SEC. 403.1 The President is hereby authorized to accept membership for the United States in the Multilateral Investment Guarantee Agency (hereinafter in this title referred to as the "Agency") provided for by the Convention Establishing the Multilateral Investment Guarantee Agency (hereinafter in this title referred to as the "Convention") deposited in the archives of the International Bank for Reconstruction and Development (hereinafter in this title referred to as the "Bank"). GOVERNOR AND ALTERNATE GOVERNOR SEC. 404.2 The Governor and Alternate Governor of the Bank, appointed under section 3 of the Bretton Woods Agreements Act, as amended (22 U.S.C. 286a), shall serve as Governor and Alternate Governor, respectively, of the Agency. INSTRUCTIONS FOR UNITED STATES DIRECTOR SEC. 405.3 Immediately after taking office and prior to the issuance by the Agency of its first guarantee, the United States Direc 1 22 U.S.C. 290k. 222 U.S.C. 290k-1. 322 U.S.C. 290k-2. |