§ 283b TITLE 22—FOREIGN RELATIONS AND INTERCOURSE Page 98

the Bank and an alternate for the governor. The

term of office for the governor and the alternate

governor shall be five years, but each shall remain in office until a successor has been appointed.

(b) Executive director and alternate executive

director

The President, by and with the advice and consent of the Senate, shall appoint an executive

director of the Bank and an alternate Executive

Director. Except as provided for in article XV,

section 3, of the agreement, the term of office

for the executive director shall be three years,

but he shall remain in office until a successor

has been appointed.

(c) Compensation

No person shall be entitled to receive any salary or other compensation from the United

States for services as a governor, alternate governor, or executive director.

(Pub. L. 86–147, §3, Aug. 7, 1959, 73 Stat. 299; Pub.

L. 91–599, ch. 2, §21(b), Dec. 30, 1970, 84 Stat. 1658.)

AMENDMENTS

1970—Subsec. (b). Pub. L. 91–599 authorized appointment of an alternate Executive Director.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 283bb of this

title.

§ 283b. National Advisory Council on International Monetary and Financial Problems

The provisions of section 286b of this title

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.

(Pub. L. 86–147, §4, Aug. 7, 1959, 73 Stat. 299; Pub.

L. 101–240, title V, §541(e)(2), Dec. 19, 1989, 103

Stat. 2518.)

AMENDMENTS

1989—Pub. L. 101–240 struck out at end ‘‘Reports with

respect to the Bank under paragraphs (5) and (6) of subsection (b) of section 286b of this title shall be included

in the first report made thereunder after the establishment of the Bank and in each succeeding report.’’

DELEGATION OF FUNCTIONS

Functions of National Advisory Council on International Monetary and Financial Problems under this

section delegated to National Advisory Council on

International Monetary and Financial Policies, see section 2(a) of Ex. Ord. No. 11269, Feb. 14, 1966, 31 F.R. 2813,

set out as a note under section 286b of this title.

§ 283c. Congressional authorization needed for

certain actions

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, or article IIA, section 2, of the

agreement; (b) request or consent to any change

in the quota of the United States under article

IV, section 3, of the agreement; (c) accept any

amendment under article XII of the agreement;

or (d) make a loan or provide other financing to

the Bank, except that loans or other financing

may be provided to the Bank by a United States

agency created pursuant to an Act of Congress

which is authorized by law to make loans or provide other financing to international organizations. Unless Congress by law authorizes such

actions, no governor or alternate appointed to

represent the United States shall vote for any

increase of capital stock of the Bank under article II, section 2, or article IIA, section 1, of the

agreement or any increase in the resources of

the Fund for Special Operations under article

IV, section 3(g) thereof.

(Pub. L. 86–147, §5, Aug. 7, 1959, 73 Stat. 299; Pub.

L. 94–302, title I, §103(a)(2), May 31, 1976, 90 Stat.

593.)

AMENDMENTS

1976—Pub. L. 94–302 inserted ‘‘, or article IIA, section

2,’’ after ‘‘article II, section 3’’ and ‘‘or article IIA, section 1,’’ after ‘‘article II, section 2,’’.

EFFECTIVE DATE OF 1976 AMENDMENT

Section 103(b) of Pub. L. 94–302 provided that: ‘‘The

amendments made by paragraphs (2) and (3) of this section [amending this section and section 283h of this

title] shall become effective upon approval by the

Board of Governors of the Bank of the resolutions referred to in section 23 of the Inter-American Development Bank Act (22 U.S.C. 283 et seq.).’’

§ 283d. Federal Reserve banks as depositories

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 Reserve banks.

(Pub. L. 86–147, §6, Aug. 7, 1959, 73 Stat. 300.)

§ 283e. Payment of subscription to Bank and

Fund by United States

(a) Authorization of appropriations

There is hereby authorized to be appropriated,

without fiscal year limitation, for the purchase

of thirty-five thousand shares of capital stock in

the Bank, $350 million. In addition, there is authorized to be appropriated, without fiscal year

limitation, for payment of the subscription of

the United States to the Fund for Special Operations, $100 million.

(b) Issuance of special notes

For the purpose of keeping to a minimum the

cost to the United States of participation in the

Bank, the Secretary of the Treasury, after paying the requisite part of the subscription and

quota of the United States in the Bank required

to be made under article II, section 4, and article IV, section 3, respectively, of the agreement,

is authorized and directed to issue special notes

of the United States from time to time, at par,

and to deliver such notes to the Bank in exchange for dollars to the extent permitted by

the agreement. The special notes provided for in

this subsection shall be issued under the authority and subject to the provisions of chapter 31 of

title 31, and the purposes for which securities

may be issued under that chapter are extended

to include the purposes for which special notes

are authorized and directed to be issued under

this subsection, but such notes shall bear no in-