Page 133 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 286p

its opinion the prevailing conditions of international

exchange justify such reconsideration, with a view to

agreeing upon modifications for presentation to their

respective legislatures.

Signed in duplicate at Washington, District of Columbia this 6th day of December, 1945.

For the Government of the United States of America:

FRED M. VINSON,

Secretary of the Treasury

of the United States of America.

For the Government of the United Kingdom of Great

Britain and Northern Ireland:

HALIFAX.

§ 286m. Amount of loan; public-debt transaction;

disposition of interest payments

For the purpose of carrying out the agreement

dated December 6, 1945, between the United

States and the United Kingdom, the Secretary

of the Treasury is authorized to use as a publicdebt transaction not to exceed $3,750,000,000 of

the proceeds of any securities issued after July

15, 1946, under chapter 31 of title 31, and the purposes for which securities may be issued under

that chapter are extended to include such purpose. Payments to the United Kingdom under

this section and section 286l of this title and pursuant to the agreement and repayments thereof

shall be treated as public-debt transactions of

the United States. Payments of interest to the

United States under the agreement shall be covered into the Treasury as miscellaneous receipts.

(July 15, 1946, ch. 577, §2, 60 Stat. 535.)

REFERENCES IN TEXT

Agreement dated December 6, 1945, between the

United States and the United Kingdom, referred to in

text, is set out as a note under section 286l of this title.

CODIFICATION

‘‘Chapter 31 of title 31’’ and ‘‘that chapter’’ substituted in text for ‘‘the Second Liberty Bond Act, as

amended’’ and ‘‘that Act’’, respectively, on authority of

Pub. L. 97–258, §4(b), Sept. 13, 1982, 96 Stat. 1067, the

first section of which enacted Title 31, Money and Finance.

Section was not enacted as a part of act July 31, 1945,

ch. 339, 59 Stat. 512, known as the Bretton Woods Agreement Act, which comprises this subchapter.

§ 286n. Special Drawing Rights

The President is hereby authorized (a) to accept the amendment to the articles of agreement of the International Monetary Fund (hereinafter referred to as the ‘‘Fund’’), attached to

the April 1968 report by the Executive Directors

to the Board of Governors of the Fund, for the

purpose of (i) establishing a facility based on

Special Drawing Rights in the Fund and (ii) giving effect to certain modifications in the present

rules and practices of the Fund, and (b) to participate in the special drawing account established by the amendment.

(Pub. L. 90–349, §2, June 19, 1968, 82 Stat. 188.)

CODIFICATION

Section was not enacted as part of act July 31, 1945,

ch. 339, 59 Stat. 512, known as the Bretton Woods Agreement Act, which comprises this subchapter.

SHORT TITLE

Section 1 of Pub. L. 90–349 provided: ‘‘That this Act

[enacting this section and sections 286o to 286r of this

title and amending sections 412, 415, 417, and 467 of Title

12, Banks and Banking] may be cited as the ‘Special

Drawing Rights Act’.’’

§ 286o. Administration as part of the Exchange

Stabilization Fund

(a) Special Drawing Rights

Special Drawing Rights allocated to the

United States pursuant to article XVIII of the

Articles of Agreement of the Fund, and Special

Drawing Rights otherwise acquired by the

United States, shall be credited to the account

of, and administered as part of, the Exchange

Stabilization Fund established by section 5302 of

title 31.

(b) Deposit in and withdrawal from Fund

The proceeds resulting from the use of Special

Drawing Rights by the United States, and payments of interest to the United States pursuant

to article XX, article XXIV, and article XXV of

the Articles of Agreement of the Fund, shall be

deposited in the Exchange Stabilization Fund.

Currency payments by the United States in return for Special Drawing Rights, and payments

of charges or assessments pursuant to article

XX, article XXIV, and article XXV of the Articles of Agreement of the Fund, shall be made

from the resources of the Exchange Stabilization Fund.

(Pub. L. 90–349, §3, June 19, 1968, 82 Stat. 188;

Pub. L. 94–564, §5(1), (2), Oct. 19, 1976, 90 Stat.

2661.)

CODIFICATION

In subsec. (a), ‘‘section 5302 of title 31’’ substituted

for ‘‘section 10 of the Gold Reserve Act of 1934, as

amended (31 U.S.C. 822a)’’ on authority of Pub. L.

97–258, §4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance.

Section was not enacted as part of act July 31, 1945,

ch. 339, 59 Stat. 512, known as the Bretton Woods Agreement Act, which comprises this subchapter.

AMENDMENTS

1976—Subsec. (a). Pub. L. 94–564, §5(1), substituted

‘‘article XVIII’’ for ‘‘article XXIV’’.

Subsec. (b). Pub. L. 94–564, §5(2), substituted ‘‘article

XX, article XXIV, and XXV’’ for ‘‘article XXVI, article

XXX, and article XXXI’’ wherever appearing.

EFFECTIVE DATE OF 1976 AMENDMENT

Amendment effective Apr. 1, 1978, see section 9 of

Pub. L. 94–564, set out as a note under section 286a of

this title.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in title 31 section 5302.

§ 286p. Issuance, purpose, and redemption of

Special Drawing Rights certificates

(a) The Secretary of the Treasury is authorized to issue to the Federal Reserve banks, and

such banks shall purchase, Special Drawing

Right certificates in such form and in such denominations as he may determine, against any

Special Drawing Rights held to the credit of the

Exchange Stabilization Fund. Such certificates

shall be issued and remain outstanding only for

the purpose of financing the acquisition of Special Drawing Rights or for financing exchange

stabilization operations. The amount of Special