Page 191 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 290i–9

1So in original. No subsec. (b) has been enacted.

tion 4 of that Act shall be included in the first and subsequent reports made thereunder after the United

States accepts membership in the Bank.’’

§ 290i–4. Restrictions

(a) 1 Unless authorized by law, neither the

President, nor any person or agency, shall, on

behalf of the United States—

(1) subscribe to additional shares of stock of

the Bank;

(2) vote for or agree to any amendment of

the agreement which increases the obligations

of the United States, or which changes the

purpose or functions of the Bank; or

(3) make a loan or provide other financing to

the Bank, except that funds for technical assistance may be provided to the Bank by a

United States agency created pursuant to an

Act of Congress which is authorized by law to

provide funds to international organizations.

(Pub. L. 97–35, title XIII, §1336, Aug. 13, 1981, 95

Stat. 742.)

§ 290i–5. 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. 97–35, title XIII, §1337, Aug. 13, 1981, 95

Stat. 742.)

§ 290i–6. Subscription to stock

(a) Authorization of United States subscription

to stock

The President is authorized to agree to subscribe on behalf of the United States to twentynine thousand eight hundred and twenty shares

of the capital stock of the Bank: Provided, however, That the subscription shall be effective

only to such extent or in such amounts as are

provided in advance in appropriations Acts.

(b) Authorization of appropriations

There is authorized to be appropriated, without fiscal year limitation, for payment by the

Secretary of the Treasury of the initial United

States subscription to twenty-nine thousand

eight hundred and twenty shares of the capital

stock of the Bank, $359,733,570: Provided, however,

That not more than $17,986,679 of such sum may

be made available for paid in subscriptions to

the Bank for each of the fiscal years 1982, 1983,

and 1984.

(c) Distributions by Bank

Any payment or distributions of moneys from

the Bank to the United States shall be covered

into the Treasury as a miscellaneous receipt.

(Pub. L. 97–35, title XIII, §1338, Aug. 13, 1981, 95

Stat. 742.)

DELEGATION OF FUNCTIONS

Functions of President under subsec. (a) delegated to

Secretary of the Treasury, see Ex. Ord. No. 12403, Feb.

8, 1983, 48 F.R. 6087.

§ 290i–7. 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 Bank in accordance with the agreement, the Bank 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

Bank 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 Bank is 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. 97–35, title XIII, §1339, Aug. 13, 1981, 95

Stat. 742.)

§ 290i–8. Force and effect of agreement

Paragraph 5 of article 49, articles 50 through

59, and the other provisions 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

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 as provided in article 64, paragraph 3, of the agreement that the United States

retains for itself and its political subdivisions

the right to tax salaries and emoluments paid

by the Bank to United States citizens or nationals.

(Pub. L. 97–35, title XIII, §1340, Aug. 13, 1981, 95

Stat. 743.)

REFERENCES IN TEXT

The agreement, referred to in text, is the agreement

establishing the African Development Bank. See section 290i of this title.

§ 290i–9. Securities issued by Bank; Securities

and Exchange Commission oversight

(a) Treatment as exempt securities; reports to

Securities and Exchange Commission

Any securities issued by the Bank (including

any guarantee by the Bank, whether or not limited in scope) in connection with the raising of

funds for inclusion in the Bank’s ordinary capital resources as defined in article 9 of the agreement and any securities guaranteed by the Bank

as to both principal and interest to which the

commitment in article 7, paragraph 4(a), of the

agreement is expressly applicable, shall be

deemed to be exempted securities within the

meaning of sections 77c(a)(2) and 78c(a)(12) 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