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(8) the Special Facility for Sub-Saharan Africa provides such a framework and it is in the humanitarian, economic, and strategic interests of the United States to participate.

(F) International Finance Corporation Act, as amended

Public Law 84-350 [S. 1894], 69 Stat. 669, approved August 11, 1955, as amended by Public Law 87-185 [H.R. 6765], 75 Stat. 413, approved August 30, 1961; Public Law 89-126 [S. 1742], 79 Stat. 519, approved August 14, 1965; Public Law 95-118 [H.R. 5262], 91 Stat. 1067 at 1068, approved October 3, 1977; Public Law 99-190 [Further Continuing Appropriations, 1986; H.J. Res. 465], 99 Stat. 1185, approved December 19, 1985; 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 the participation of the United States in the International Finance Corporation.

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 Finance Corporation Act."

ACCEPTANCE OF MEMBERSHIP

SEC. 2.1 The President is hereby authorized to accept membership for the United States in the International Finance Corporation (hereinafter referred to as the Corporation), provided for by the Articles of Agreement of the Corporation 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, director and alternates, respectively, of the Corporation.

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 Corporation to the same extent as with respect to the International Bank for Reconstruction and Development.*

1 22 U.S.C. 282.

2 22 U.S.C. 282a.

3 22 U.S.C. 282b.

* 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(e)(1) struck out the last sentence of

Continued

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.

(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

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).

722 U.S.C. 282d.

22 U.S.C. 282e.

22 U.S.C. 282f.

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.13

CAPITAL STOCK INCREASE

SEC. 12.14 (a) The United States Governor of the Corporation is authorized

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).
12 22 U.S.C. 282i. Sec. 11 was added by sec. 301 of Public Law 95-118 (91 Stat. 1068).

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 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,

(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

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); 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

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