§ 283gg TITLE 22—FOREIGN RELATIONS AND INTERCOURSE Page 108

§ 283gg. Jurisdiction of United States courts

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, 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.

(Pub. L. 98–473, title I, §101(1) [title I], Oct. 12,

1984, 98 Stat. 1884, 1885.)

CODIFICATION

Section is based on section 208 of title II of S. 2416,

Ninety-eighth Congress, as introduced Mar. 13, 1984,

and enacted into law by Pub. L. 98–473.

§ 283hh. Effectiveness of agreement

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.

(Pub. L. 98–473, title I, §101(1) [title I], Oct. 12,

1984, 98 Stat. 1884, 1885.)

CODIFICATION

Section is based on section 209 of title II of S. 2416,

Ninety-eighth Congress, as introduced Mar. 13, 1984,

and enacted into law by Pub. L. 98–473.

§ 283ii. Securities issued by the Corporation

(a) Exempted securities

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

77c(a)(2) of title 15 and section 78c(a)(12) of title

15. 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) Suspension by Securities and Exchange Commission

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) of this

section 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.

(Pub. L. 98–473, title I, §101(1) [title I], Oct. 12,

1984, 98 Stat. 1884, 1885.)

CODIFICATION

Section is based on section 210 of title II of S. 2416,

Ninety-eighth Congress, as introduced Mar. 13, 1984,

and enacted into law by Pub. L. 98–473.

DELEGATION OF FUNCTIONS

Section 2 of Ex. Ord. No. 12567, Oct. 2, 1986, 51 F.R.

35495, provided that: ‘‘The functions vested in the President by Section 210 of the Inter-American Investment

Corporation Act [this section] are hereby delegated to

the Secretary of the Treasury.’’

SUBCHAPTER XIII—INTERNATIONAL

DEVELOPMENT ASSOCIATION

§ 284. Acceptance of membership by United

States in International Development Association

The President is hereby authorized to accept

membership for the United States in the International Development Association (hereinafter

referred to as the ‘‘Association’’), provided for

by the Articles of Agreement (hereinafter referred to as the ‘‘Articles’’) of the Association

deposited in the archives of the International

Bank for Reconstruction and Development.

(Pub. L. 86–565, §2, June 30, 1960, 74 Stat. 293.)

SHORT TITLE

Section 1 of Pub. L. 86–565 provided that: ‘‘This Act

[enacting this subchapter] may be cited as the ‘International Development Association Act’.’’

PAR VALUE MODIFICATION

For Congressional direction that the Secretary of the

Treasury maintain the value in terms of gold of the

International Development Association’s holdings of

United States dollars following the establishment of a

par value of the dollar at $38 for a fine troy ounce of

gold pursuant to the Par Value Modification Act and

for the authorization of the appropriations necessary to

provide such maintenance of value, see section 5152 of

Title 31, Money and Finance.

CROSS REFERENCES

Advancement of human rights through United States

assistance policies with international financial institutions, see section 262d of this title.

§ 284a. Governor, executive director, and alternates of Association

The Governor and Executive Director of the

International Bank for Reconstruction and De-