§ 285h TITLE 22—FOREIGN RELATIONS AND INTERCOURSE Page 114

ceptance of membership by the United States in,

and the establishment of, the Bank. The President, at the time of deposit of the instrument of

acceptance of membership by the United States

in the Bank, 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 Bank to its citizens

or nationals.

(Pub. L. 89–369, §9, Mar. 16, 1966, 80 Stat. 72.)

§ 285h. Securities issued by Bank as exempt securities; suspension of exemption provisions;

reports to and of Securities and Exchange

Commission

(a) Any securities issued by the Bank (including any guarantee by the Bank, whether or not

limited in scope) in connection with raising of

funds for inclusion in the Bank’s ordinary capital resources as defined in article 7 of the agreement and any securities guaranteed by the Bank

as to both principal and interest to which the

commitment in article 6, section 5, of the agreement is expressly applicable, shall be deemed to

be exempted securities within the meaning of

subsection (a)(2) of section 77c of title 15, and

subsection (a)(12) of section 78c of title 15. 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 and 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, 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 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.

(Pub. L. 89–369, §11, Mar. 16, 1966, 80 Stat. 73.)

§ 285i. Authorization for payment of United

States contribution; United States Special

Resources

(a) Subject to the provisions of this subchapter, the United States Governor of the Bank

is authorized to enter into an agreement with

the Bank providing for a United States contribution of $100,000,000 to the Bank in two annual installments of $60,000,000 and $40,000,000,

beginning in fiscal year 1972. This contribution

is referred to hereinafter in this subchapter as

the ‘‘United States Special Resources’’.

(b) The United States Special Resources shall

be made available to the Bank pursuant to the

provisions of this subchapter and article 19 of

the Articles of Agreement of the Bank, and in a

manner consistent with the Bank’s Special

Funds Rules and Regulations.

(Pub. L. 89–369, §12, as added Pub. L. 92–245, §1,

Mar. 10, 1972, 86 Stat. 57.)

§ 285j. United States Special Resources

(a) Development projects and programs

The United States Special Resources shall be

used to finance specific high priority development projects and programs in developing member countries of the Bank with emphasis on such

projects and programs in the Southeast Asia region.

(b) Authorized uses

The United States Special Resources shall be

used by the Bank only for—

(1) making development loans on terms

which may be more flexible and bear less heavily on the balance of payments than those established by the Bank for its ordinary operations; and

(2) providing technical assistance credits on

a reimbursable basis.

(c) Eligible goods and services

(1) The United States Special Resources may

be expended by the Bank only for procurement

in the United States of goods produced in, or

services supplied from the United States, except

that the United States Governor, in consultation with the National Advisory Council on

International Monetary and Financial Policies,

may allow eligibility for procurement in other

member countries from the United States Special Resources if he determines that such procurement eligibility would materially improve

the ability of the Bank to carry out the objectives of its special funds resources and would be

compatible with the international financial position of the United States.

(2) The United States Special Resources may

be used to pay for administrative expenses arising from the use of the United States Special

Resources, but only to the extent such expenses

are not covered from the Bank’s service fee or

income from use of United States Special Resources.

(d) Repayment in dollars

All financing of programs and projects by the

Bank from the United States Special Resources

shall be repayable to the Bank by the borrowers

in United States dollars.

(Pub. L. 89–369, §13, as added Pub. L. 92–245, §1,

Mar. 10, 1972, 86 Stat. 57.)

DELEGATION OF FUNCTIONS

Functions of National Advisory Council on International Monetary and Financial Problems 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.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 285l of this title.

§ 285k. Utilization of United States Special Resources

(a) The letters of credit provided for in section

285l of this title shall be issued to the Bank only

to the extent that at the time of issuance the

cumulative amount of the United States Special

Resources provided to the Bank (A) constitute a

minority of all special funds contributions to