Page 95 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 282e

§ 281l. Omitted

CODIFICATION

Section, act Aug. 5, 1947, ch. 498, §13, 61 Stat. 783, provided that Institute of Inter-American Affairs be subject to provisions of the Government Corporation Control Act. See Codification note set out under section 281

of this title.

SUBCHAPTER XI—INTERNATIONAL

FINANCE CORPORATION

§ 282. Acceptance of membership by United

States in International Finance Corporation

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.

(Aug. 11, 1955, ch. 788, §2, 69 Stat. 669.)

SHORT TITLE

Section 1 of act Aug. 11, 1955, provided that: ‘‘This

Act [enacting this subchapter] may be cited as the

‘International Finance Corporation Act’.’’

CROSS REFERENCES

Advancement of human rights through United States

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

§ 282a. Governor, executive director, and alternates of Corporation

The governor and executive director of the

International Bank for Reconstruction and Development, and the alternate for each of them,

appointed under section 286a of this title, shall

serve as governor, director and alternates, respectively, of the Corporation.

(Aug. 11, 1955, ch. 788, §3, 69 Stat. 669.)

§ 282b. Applicability of National Advisory Council on International Monetary and Financial

Problems

The provisions of section 286b of this title,

shall apply with respect to the Corporation to

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

(Aug. 11, 1955, ch. 788, §4, 69 Stat. 669; Pub. L.

101–240, title V, §541(e)(1), Dec. 19, 1989, 103 Stat.

2518.)

AMENDMENTS

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

respect to the Corporation 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 Corporation 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.

§ 282c. 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, 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.

(Aug. 11, 1955, ch. 788, §5, 69 Stat. 669; Pub. L.

87–185, Aug. 30, 1961, 75 Stat. 413.)

AMENDMENTS

1961—Pub. L. 87–185 authorized acceptance of an

amendment to the articles of agreement of the Corporation to permit investment in capital stock and to

limit the exercise of voting rights.

§ 282d. Federal Reserve banks as depositories

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.

(Aug. 11, 1955, ch. 788, §6, 69 Stat. 669.)

§ 282e. Payment of subscriptions to Corporation

by United States; dividends covered into

Treasury

(a) Authority of Secretary of the Treasury

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 chapter 31 of title 31, and the

purposes for which securities may be issued

under that chapter 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) Dividends treated as miscellaneous receipts

Any payment of dividends made to the United

States by the Corporation shall be covered into

the Treasury as a miscellaneous receipt.

(Aug. 11, 1955, ch. 788, §7, 69 Stat. 670.)

CODIFICATION

In subsec. (a), ‘‘chapter 31 of title 31’’ and ‘‘that chapter’’ substituted for ‘‘the Second Liberty Bond Act, as