and Alternate Governor shall remain in office until a successor has

been appointed.

(b) No person shall be entitled to receive any salary or other compensation from the United States for services as a Governor or Alternate Governor, except for reasonable expenses to attend meetings of the Board of Governors.

4

(c) The Governor, or in the Governor's absence the Alternate Governor, on the instructions of the President, shall cast the votes of the United States for the Director to represent the United States in the Bank.

DIRECTOR OR ALTERNATE DIRECTOR; ALLOWANCES

SEC. 1334.5 The Director or Alternate Director representing the United States, if citizens of the United States, may, in the discretion of the President, receive such compensation, allowances, and other benefits as, together with those received from the Bank and from the African Development fund, may not exceed those authorized for a chief of mission under the Foreign Service Act of 1980.

APPLICABILITY OF BRETTON WOODS AGREEMENTS ACT

SEC. 1335. The provisions of section 4 of the Bretton Woods Agreements Act (22 U.S.C. 286b) shall apply with respect to the Bank to the same extent as with respect to the International Bank for Reconstruction and Development and the International Monetary Fund."

RESTRICTIONS

SEC. 1336.8 (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 Bank;

(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 Bank; or

(3) make a loan or provide other financing to the Bank, except that funds for technical assistance may be provided to the Bank by a United States agency created pursuant to an Act of Congress which is authorized by law to provide funds to international organizations.

FEDERAL RESERVE BANKS AS DEPOSITORIES

SEC. 1337. Any Federal Reserve bank which is requested to do so by the Bank shall act as its depository or as its fiscal agent, and

*Sec. 3 of Executive Order 12403 (Feb. 8, 1983; 48 F.R. 6087) delegated this authority vested in the President to the Secretary of the Treasury.

$22 U.S.C. 290i-2.

22 U.S.C. 290i-3.

7 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)7) struck out the last sentence of this section which read: "Reports with respect to the Bank under paragraphs (5) and (6) 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 Bank.".

22 U.S.C. 2901-4.

22 U.S.C. 290i-5.

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. 1338.10 (a) The President is authorized to agree to subscribe on behalf of the United States to twenty-nine thousand eight hundred and twenty shares of the capital stock of the Bank: 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 initial United States subscription to twenty-nine thousand eight hundred and twenty shares of the capital stock of the Bank, $359,733,570: Provided, however, That not more than $17,986,679 of such sum may be available for paid in subscriptions to the Bank for each of the fiscal years 1982, 1983, and 1984.11

(c) Any payment or distributions of moneys from the Bank to the United States shall be covered into the Treasury as a miscellane ous receipt.

JURISDICTION OF UNITED STATES COURTS

SEC. 1339.12 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 Bank in accordance with the agreement, the Bank 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 Bank 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 Bank is 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.

10 22 U.S.C. 2901-6.

11 Appropriations for U.S. payments authorized in sec. 1338 have been provided in the following amounts and Public Laws: fiscal year 1981-$72 million ($18 million paid-in capital; $54 million callable capital) (Public Law 97-12); fiscal year 1982-$0; fiscal year 1983 $0; fiscal year 1984 $72 million ($18 million paid-in capital; $54 million callable capital) (Public Law 98-151); fiscal year 1985 $72 million ($18 million paid-in capital; $54 million callable capital) (Public Law 98-473); fiscal year 1986 $64.8 million ($16.2 million paid-in capital; $48.6 million callable capital) (Public Law 99-190), reduced by $0.7 million as a result of sequestration (Public Law 99– 177); fiscal year 1987 $55.9 million ($13.9 million paid-in capital; $41.9 million callable capital) (Public Law 99-591); fiscal year 1987 supplemental-$23.9 million ($6.5 million paid-in capital; $17.4 million callable capital) (Public Law 100–71).

12 22 U.S.C. 2901-7.

EFFECTIVENESS OF AGREEMENT

SEC. 1340.13 Paragraph 5 of article 49, articles 50 through 59, and the other provisions 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 Bank. The President, at the time of deposit of the instrument of acceptance of membership by the United States in the Bank, shall also deposit a declaration as provided in article 64, paragraph 3, of the agreement that the United States retains for itself and its political subdivisions the right to tax salaries and emoluments paid by the Bank to United States citizens or nationals.

SECURITIES ISSUED BY THE BANK

SEC. 1341.14 (a) Any securities issued by the Bank (including any guarantee by the Bank, whether or not limited in scope) in connection with the raising of funds for inclusion in the Bank's ordinary capital resources as defined in article 9 of the agreement and any securities guaranteed by the Bank as to both principal and interest to which the commitment in article 7, paragraph 4(a), 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 Bank 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 Bank 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 Bank 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. 1342. (a) The seventh sentence of paragraph 7 of section 5136 of the Revised Statutes of the United States (12 U.S.C. 24) is amended by striking out "or" after "the Inter-American Development Bank" and inserting in lieu thereof a comma, and by inserting "or the African Development Bank" after "the Asian Development Bank".

(b) (c)

13 22 U.S.C. 2901-8.

14 22 U.S.C. 2901-9.

(d) Section 51 of Public Law 91-599 (22 U.S.C. 276c-2) is amended by striking out "and" after "the Asian Development Bank," and inserting "and the African Development Bank," after "the African Development Fund,".

SEC. 1343.15 (a) The United States Governor of the Bank is authorized to agree to subscribe on behalf of the United States to fifty-nine thousand, six hundred and thirty-two shares of the capital stock of the Bank, except that the subscription 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 United States subscription authorized in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $719,370,633, for payment by the Secretary of the Treasury.16

15 Sec. 1343 was added by title I of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1988 (sec. 101(e) of the Continuing Appropriations, 1988; Public Law 100-202; 101 Stat. 1329-134), which enacted into law the amendment made by sec. 301 of H.R. 3750, as introduced by the House Committee on Banking, Finance and Urban Affairs, on December 11, 1987.

16 Appropriations for the U.S. share of the fourth general capital increase as authorized in sec. 1343 have been made in the following amounts and Public Laws: fiscal year 1988 $143.9 million ($9 million paid-in capital; $134.9 million callable capital) (Public Law 100-202); fiscal year 1989 $142 million ($7.3 million paid-in capital; $135.1 million callable capital) (Public Law 100-461); fiscal year 1990 $144.4 million ($9.6 million paid-in capital; $134.2 million callable capital) (Public Law 101-167), reduced by $0.11 million as a result of sequestration (Public Law 101-239); fiscal year 1991-$145.5 million ($10.1 million paid-in capital; $135.4 million callable capital), reduced by $0.19 million as a result of sequestration (Public Law 101-508), $0.19 restored (Public Law 102-27; fiscal year 1992-$141.7 million ($8.85 million paid-in capital; $132.8 million callable capital).

(5) African Development Fund Act, as amended

Partial text of Public Law 94-302 (H.R. 9721], 90 Stat. 591, approved May 31, 1976, as amended by Public Law 95-118 [H.R. 5262], 91 Stat. 1067 at 1069, approved October 3, 1977; Public Law 96-259 [S. 662], 94 Stat. 429 at 430, approved June 3, 1980; Public Law 96–465 [H.R. 6790], 94 Stat. 2071 at 2161, approved October 17, 1980; Public Law 98-181 [Supplemental Appropriations Act, 1984; H.R. 3959], 97 Stat. 1153 at 1286, approved November 30, 1983; Public Law 99-190 [Further Continuing Appropriations, 1986; H.J. Res. 465], 99 Stat. 1294, approved December 19, 1985; H.R. 4645 as enacted into law by Public Law 100-461 [Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1989; H.R. 4637], 102 Stat. 2268, approved October 1, 1988; Public Law 101-240 [International Development and Finance Act of 1989; H.R. 2494], 103 Stat. 2492, approved December 19, 1989; and by Public Law 102-145 [Further Continuing Appropriations, Fiscal Year 1992; H.J. Res. 360, as amended by Public Law 102266], 105 Stat. 968 at 106 Stat. 98, approved October 28, 1991

AN ACT To provide for increased participation by the United States in the InterAmerican Development Bank, to provide for the entry of nonregional members and the Bahamas and Guyana in the Inter-American Development Bank, to provide for the participation of the United States in the African Development Fund, and for other purposes.

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

TITLE II-AFRICAN DEVELOPMENT FUND

SEC. 201. This title may be cited as the "African Development Fund Act".

SEC. 202.1 The President is hereby authorized to accept participation for the United States in the African Development Fund (hereinafter referred to as the "Fund") provided for by the agreement establishing the Fund (hereinafter referred to as the "agreement") deposited in the archives of the United Nations.

SEC. 203.2 (a) The President by and with the advice and consent of the Senate, shall appoint a Governor, and an Alternate Governor, of the Fund.

(b) The Governor, or in his absence the Alternate Governor, on the instructions of the President, shall cast the votes of the United States for the Director to represent the United States in the Fund. The Director representing the United States and his Alternate, if they are citizens of the United States, may, in the discretion of the President, receive such compensation, allowances, and other bene

1 22 U.S.C. 290g.

222 U.S.C. 290g-1.