Source: http://www.law.cornell.edu/uscode/text/22/286nn
Timestamp: 2014-09-23 00:52:05
Document Index: 439985259

Matched Legal Cases: ['§ 286', '§ 286', '§ 286', '§ 62', '§ 1000', '§ 503', '§ 101', '§ 801', '§ 1000', '§ 503']

22 U.S. Code § 286nn - Approval of contributions for debt reductions for the poorest countries | LII / Legal Information Institute
U.S. Code › Title 22 › Chapter 7 › Subchapter XV › § 286nn 22 U.S. Code § 286nn - Approval of contributions for debt reductions for the poorest countries
to approve an arrangement whereby the Fund—
sells a quantity of its gold at prevailing market prices to a member or members in nonpublic transactions sufficient to generate 2.226 billion Special Drawing Rights in profits on such sales;
immediately after, and in conjunction with each such sale, accepts payment by such member or members of such gold to satisfy existing repurchase obligations of such member or members so that the Fund retains ownership of the gold at the conclusion of such payment; and
uses the earnings on the investment of the profits of such sales through a separate subaccount, only for the purpose of providing debt relief from the Fund under the modified Heavily Indebted Poor Countries (HIPC) Initiative (as defined in section 262p–6 of this title); and
to support a decision that shall terminate the Special Contingency Account 2 (SCA–2) of the Fund so that the funds in the SCA–2 shall be made available to the poorest countries. Any funds attributable to the United States participation in SCA–2 shall be used only for debt relief from the Fund under the modified HIPC Initiative.
(July 31, 1945, ch. 339, § 62, as added Pub. L. 106–113, div. B, § 1000(a)(5) [title V, § 503(a)], Nov. 29, 1999, 113 Stat. 1536, 1501A–316; amended Pub. L. 106–429, § 101(a) [title VIII, § 801(a)], Nov. 6, 2000, 114 Stat. 1900, 1900A–64.)
2000—Par. (1)(B), (D). Pub. L. 106–429inserted “and” at end of subpar. (B) and struck out subpar. (D) which read as follows: “shall not use more than 9/14 of the earnings on the investment of the profits of such sales; and”.
Pub. L. 106–113, div. B, § 1000(a)(5) [title V, § 503(b)], Nov. 29, 1999, 113 Stat. 1536, 1501A–316, provided that: “Within 15 days after the United States Executive Director casts the votes necessary to carry out the instruction described in section 62 of the Bretton Woods Agreements Act [22 U.S.C. 286nn], the Secretary of the Treasury shall certify to the Congress that neither the profits nor the earnings on the investment of profits from the gold sales made pursuant to the instruction or of the funds attributable to United States participation in SCA–2 will be used to augment the resources of any reserve account of the International Monetary Fund for the purpose of making loans.”