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it 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. 1341.13 (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(aX2) 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, 3 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”.
(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. 1343.14 (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 cap ital 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.
13 22 U.S.C. 290i-9.
14 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
Continued 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.
(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.
15 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–$144 million ($8.9 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; $134.8 million callable capital) (Public Law 101-167).
(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; by 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; and by Public Law 101-240 (International Development and Finance Act of 1989; H.R. 2494), 103 Stat. 2492,
approved December 19, 1989 AN ACT To provide for increased participation by the United States in the Inter
American Development Bank, to provide for the entry of nonregional members and the Bahamas and Guyana in the Inter-American Development Bank, to pro vide 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 benefits not exceeding those authorized for a chief of mission, under the Foreign Service Act of 1980.3
1 22 U.S.C. 290g.
3 The references to the chief of mission and to the Foreign Service Act of 1980 were inserted by Public Law 96-465 (94 Stat. 2161), effective Feb. 15, 1981. These references formerly pertained to the Chief of Mission, class 2, and to the Foreign Service Act of 1946, respectively.
SEC. 204.4 The provisions of section 4 of the Bretton Woods Agreements Act, as amended (22 U.S.C. 286b), shall apply with respect to the Fund to the same extent as with respect to the International Bank for Reconstruction and Development and the International Monetary Fund.5
SEC. 205.6 Unless Congress by law authorizes such action, neither the President nor any person or agency, shall, on behalf of the United States:
(a) agree to an increase in the subscription of the United States to the Fund;
(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 Fund; or
(c) make a loan or provide other financing to the Fund, except that funds for technical assistance may be provided to the Fund by a United States agency created pursuant to an Act of Congress which is authorized by law to provide funds to
international organizations. Sec. 206.? (a) There is hereby authorized to be appropriated without fiscal year limitation, as the United States subscription, $25,000,000 to be paid by the Secretary of the Treasury to the Fund in three annual installments of $9,000,000, $8,000,000, and $8,000,000.
(b) Any repayment or distribution of moneys from the Fund to the United States shall be covered into the Treasury as a miscellaneous receipt.
SEC. 207. Any Federal Reserve bank which is requested to do so by the President shall act as a depository for the Fund, 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.
SEC. 208.9 For the 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 Fund in accordance with the agreement, the Fund shall be deemed to be an inhabitant of the Federal judicial district in which its principal office or agency appointed for the purpose of accepting service or notice of service is located, and any such action to which the Fund shall be 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 Fund is defendant in any action in a State court, it may, at any time before the trial thereof, remove any such action into the dis
* 22 U.S.C. 290g-2.
5 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 re pealed duplicative requirements in other legislation. Sec. 541(eX6) struck out the last sentence of this section, which read: “Reports with respect to the Fund under paragraphs (5) and (6) of subsection 4 of said Act, as amended, shall be included in the first report made thereunder after the United States accepts participation in the Fund.".
6 22 U.S.C. 290g-3. 7 22 U.S.C. 290g-4. 8 22 U.S.C. 290g-5. 9 22 U.S.C. 290g-6.
trict court of the United States for the proper district by following the procedure for removal of causes otherwise provided by law.
Sec. 209.10 The agreement, including without limitation articles 41 through 50, shall have full force and effect in the United States, its territories and possessions, and the Commonwealth of Puerto Rico, upon the acceptance of participation by the United States in, and the entry into force of, the Fund. The President, at the time of deposit of the instrument of acceptance of participation of the United States in the Fund, shall also deposit a declaration that the United States retains for itself and its political subdivisions the right to tax salaries and emoluments paid by the Fund to its citizens or nationals and may deposit a declaration providing for reservations on other matters set forth in article 58.
SEC. 210.11 The President shall instruct the United States Governor of the Fund to cause the Executive Director representing the United States in the Fund to cast the votes of the United States against any loan or other utilization of the funds of the Fund 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 citizens;
(2) taken steps 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, 12 or (C) good faith negotiations are in progress aimed at providing prompt, adequate, and effective compensation under the applicable principles of international law.
Sec. 211.13 (a) The United States Governor is hereby authorized to contribute on behalf of the United States $50,000,000 to the African Development Fund, which would represent an additional United States contribution to the first replenishment. The Secretary of the Treasury is directed to begin discussions with other donor nations to the African Development Fund for the purpose of setting amounts and of reviewing and possibly changing the voting
10 22 U.S.C. 290g-7. 11 22 U.S.C. 290g-8. 12 See Legislation on Foreign Relations, vol. V, for text. 13 22 U.S.C. 290g-10. This section, added as sec. 212 by sec. 601 of Public Law 95-118 (91 Stat. 1069), was redesignated as sec. 211 by sec. 301(1) of Public Law 96-259 (94 Stat. 430). The original sec. 211, which directed the U.S. Governor of the Fund to vote against any loans or assistance to any country engaging in violations of human rights, was repealed by sec. 702 of Public Law 95-118 (91 Stat. 1070). For references to the African Development Fund and human rights, see title VII of Public Law 95-118 (page 159).