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(B) 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; as amended by Public Law 101-240 (International Development and Finance Act of 1989; H.R. 2494), 103 Stat. 2492, approved December 19, 1989

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. 202.1 The President is hereby authorized to accept membership for the United States in the Inter-American Investment Corpo ration (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. 203.2 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. 204.3 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.4

122 U.S.C. 283aa. 2 22 U.S.C. 283bb. 3 22 U.S.C. 283cc.

RESTRICTIONS

SEC. 205.5 (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. 206.6 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.

SUBSCRIPTION OF STOCK

SEC. 207.7 (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, $51,000,000.8

(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. 208.9 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.

* 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 187) and repealed duplicative requirements in other legislation. Sec. 541(eX3) 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 that Act shall be included in the first and subsequent reports made thereunder after the United States accepts membership in the Corporation.".

5 22 U.S.C. 283dd. 6 22 U.S.C. 283 ee. ? 22 U.S.C. 283ff.

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); fiscal year 1987-$0; fiscal year 1988—$1.3 million (Public Law 100-202).

, 22 U.S.C. 283gg.

EFFECTIVENESS OF AGREEMENT

SEC. 209.10 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. 210.11 (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. 770) 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 nsulta tion with such agency or officer as the President 12 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.

10 22 U.S.C. 283hh. 11 22 U.S.C. 283ii.

12 Sec. 2 of Executive Order 12567 (October 2, 1986; 51 F.R. 35495) delegated the functions vested in the President to the Secretary of the Treasury.

(3) Asian Development Bank, as amended

Public Law 89–369 (H.R. 12563), 80 Stat. 71, approved March 16, 1966; as amended

by Public Law 92-245 (S. 749), 86 Stat. 57, approved March 10, 1972; Public Law 93-189 (S. 1443), 87 Stat. 714 at 732, approved December 17, 1973; Public Law 93– 537_(S. 2193), 88 Stat. 1735, approved December 22, 1974; Public Law 95-118 (H.R. 5262), 91 Stat. 1067 at 1068, approved October 3, 1977; Public Law_96–259 (S. 662), 94 Stat. 429 at 430, approved June 3, 1980; Public Law 96-465 (Foreign Service Act of 1980; H.R. 6790), 94 Stat. 2071 at 2160, approved October 17, 1980; Public Law 97-35 (Omnibus Budget Reconciliation Act of 1981; H.R. 3982), 95 Stat. 357 at 744, approved August 13, 1981; by Public Law 98–181 (Supplemental Appropriations Act, 1984; (H.K. 3959), 97 Stat. 1153 at 1285, approved November 30, 1983; Public Law 100-202 (Continuing Appropriations, 1988; H.J. Res. 395), 101 Stat. 1329, approved December 22, 1987 AN ACT To provide for the participation of the United States in the Asian

Development Bank. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the Asian Development Bank Act".

ACCEPTANCE OF MEMBERSHIP

Sec. 2.1 The President is hereby authorized to accept membership for the United States in the Asian Development Bank (hereinafter referred to as the "Bank”) provided for by the agreement establishing the Bank (hereinafter referred to as the agreement") deposited in the archives of the United Nations.

SEC. 3.2 The President, by and with the advice and consent of the Senate, shall appoint a Governor of the Bank, an alternative for the Governor, and a Director of the Bank.

(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. The Director may, in the discretion of the President, receive such compensation, allowances, and other benefits as, together with those received by him from the Bank, will equal those authorized for a chief of mission under the Foreign Service Act of 1980.3

SEC. 4.4 The policies and operations of the representatives of the United States on the Bank shall be coordinated with other United States policies in such manner as the President shall direct.

(b) 5

1 22 U.S.C. 285. 2 22 U.S.C. 285a. * The references to the chief of mission and to the Foreign Service Act of 1980 were inserted by sec. 2206(aX1) of Public Law 96-465 (94 Stat. 2160), effective Feb. 15, 1981. The references formerly pertained to the Chief of Mission, class 2, and to the Foreign Service Act of 1946, re spectively. * 22 U.S.C. 285b.

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

Continued

5

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SEC. 5.6 Unless the 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 of the Bank; (b) vote for or agree to any amendment of the agreement which increases the obligations of the United States, or which would change the purpose of functions of the Bank; or (c) make a loan or provide other financing to the Bank, except that funds for technical assistance not to exceed $1,000,000 in any one year 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.

DEPOSITORIES

SEC. 6.7 Any Federal Reserve bank which is requested to do so by the Bank 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 Re serve banks.

PAYMENT OF SUBSCRIPTIONS

SEC. 7.8 (a) There is hereby authorized to be appropriated, without fiscal year limitation, for the purchase of twenty thousand shares of capital stock of the Bank, $200,000,000.

(b) Any payment made to the United States by the Bank as a distribution of net income shall be covered into the Treasury as a miscellaneous receipt.

JURISDICTION AND VENUE OF ACTIONS

Sec. 8.9 For purpose 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 or agency in the United States 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 title 28, section 460, 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 such action into the direct court of the United States for the proper district by following the procedure for removal of causes otherwise provided by law.

XVIII and XIX of the International Financial Institutions Act (beginning at page 187) and repealed duplicative requirements in other legislation. Sec. 541(dX2) repealed subsec. (b), whicb re quired an annual report, to be submitted to the Congress by a designee of the President, on U.S. participation in the Asian Development Bank.

Sec. 541(f/3) of that Act also struck out subsec. designation “(a)" as a clerical amendment. 6 22 U.S.C. 2850. 7 22 U.S.C. 285d. 8 22 U.S.C. 285e. 9 22 U.S.C. 285f.

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