An Act to provide for the participation of the United States in the international Development Association
PL 86-565 (H.R.11001), enacted 06/30/1960

74 STAT.] 
PUBLIC L
A
W 86-666-JUNE 30, 1960 
293 
"(E) the pulverization of talc, the burning of magnesite, 
the sintering and nodulizing of phosphate rock, and the 
furnacing of quicksilver ores; 
"(F) m the case of calcium carbonates and other minerals 
when used in making cement—all processes (other than pre-
heating of the kiln feed) applied prior to the introduction of 
the kiln feed into the kiln, but not including any subsequent 
process; 
"(G) in the case of clay to which paragraph (5) (B) of 
subsection (b) applies—crushing, grinding, and separating 
the mineral irom waste, but not including any subsequent 
process; and 
" (H) any other treatment process j)rovided for by regula-
tions prescribed by the Secretary or his delegate which, with 
respect to the particular ore or mineral, is not inconsistent 
with the precedmg provisions of this paragraph. 
" (5) TREATMENT PROCESSES NOT coNsroERED AS MINING.—Unless 
such processes are otherwise provided for in paragraph (4) (or 
are necessary or incidental to processes so provided for), the fol-
lowing treatment processes shall not be considered as 'mining': 
electrolytic deposition, roasting, calcining, thermal or electric 
smelting, refining, polishing, fine pulverization, blending with 
other materials, treatment effecting a chemical change, thermal 
action, and molding or shaping." 
(c) EFFECTIVE DATE.—The amendments made by subsections (a) 
and (b) shall be applicable only with respect to taxable years beginning 
after December 31,1960. 
Approved June 30, 1960. 
Public Law 86-565 
AN A C T 
Tune 30, I960 
To provide far the participation of the United States in the International 
[H. R. i 
oi] 
Development Association. 
Be it enacted hy the Senate and House of Representatives of the 
United States of America in Congress assenribled^ 
SHORT T I T L E 
International De-
eloptnent 
Association Act". 
' 
" 
'^^^^^^ A'^*-
ACCEPTANCE OF MEMBERSHIP 
SECTION 1. This Act may be cited as the "International Development veiopm"n"°A% SO-
SEC. 2. The President is hereby authorized to accept membership for 
the United States in the International Development Association (here-
inafter referred to as the "Association"), provided for by the Articles 
of Agreement (hereinafter referred to as the "Articles") of the Asso-
ciation deposited in the archives of the International Bank for Recon-
struction and Development. 
GOVERNOR, EXECUTIVE DIRECTOR, AND ALTERNATES 
SEC. 3. The Governor and Executive Director of the International 
Bank for Reconstruction and Development, and the alternate for each 
of them, appointed under section 3 or the Bretton Woods Agreements 
Act, as amended (22 U.S.C. 286a), shall serve as Governor, Executive 
Director and alternates, respectively, of the Association. 
59 Stat. 5 12. 
2M 
PUBLIC LAW 86-565-JUNE 30, 1960 
[74 STAT. 
NATIONAL ADVISORY COUNCIL ON INTERNATIONAL MONETARY AND 
FINANCIAL PROBLEMS 
SEC. 4. The provisions of section 4 of the Bretton Woods Agree-
59 Stat. 512. 
ments Act, as amended (22 U.S.C. 286b), shall apply with respect to 
the Association to the same extent as with respect to the International 
Bank for Reconstruction and Development and the International 
Monetary Fund. 
Reports with respect to the Association under para-
graphs (5) and (6) of subsection (b) of section 4 of said Act, as 
amended, shall be included in the first report made thereunder after 
the establishment of the Association and in each succeeding report. 
CERTAIN ACTS NOT TO BE TAKEN WirHOUT AUTHORIZATION 
SEC. 5. 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 lunds under article I I I , section 1, 
of the articles; (b) accept any amendment under article I X of the 
articles; or (c) make a loan or provide other financing to the Asso-
ciation. 
DEPOSITORIES 
SEC. 6. Any Federal Reserve bank which is requested to do so by 
the Association 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. 
PAYMENT o r SUBSCRIPTIONS 
SEC. 7. (a) There is hereby authorized to be appropriated, without 
fiscal year limitation, for the subscription of the United States to the 
Association, $320,290,000. 
(b) For the purpose of keeping to a minimum the cost to the 
United States of participation in the Association, the Secretary of the 
Treasury, after paying the requisite part of the subscription of the 
United States in the Association required to be made under the articles, 
is authorized and directed to issue special notes of the United States 
from time to time, at par, and to deliver such notes to the Association 
in exchange for dollars to the extent permitted by the articles. 
The 
special notes provided for in this subsection shall be issued under the 
authority and subject to the provisions of the Second Liberty Bond 
t° fian nnl('y\ ^^^-t ^^ amcudcd, and the purposes for which securities may be issued 
under that Act are extended to include the purposes for which special 
notes are authorized and directed to be issued under this subsection, 
but such notes shall bear no interest, shall be nonnegotiable, and shall 
be payable on demand of the Association. 
The face amount of special 
notes issued to the Association under the authority of this subsection 
and outstanding at any one time shall not exceed, in the aggregate, 
the amount of the subscription of the United States actually paid to 
the Association under the articles. 
(c) Any payment made to the United States by the Association as 
a distribution of net income shall be covered into the Treasury as a 
miscellaneous receipt. 
JURISDICTION AND VENUE OF ACTIONS 
SEC. 8. For the purpose of any action which may be brought within 
the United States, its possessions, or the Commonwealth of Puerto 
Rico, by or against the Association in accordance with the articles, the 
31 u s e 774(2). 
74 STAT.] 
PUBLIC L
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295 
Association shall be deemed to be an inhabitant of the Federal judicial 
district in which its principal office in the United States is located, 
and any such action at law or in equity to which the Association shall 
be a party shall be deemed to arise under the laws of the United States, 
and the district courts of the United States shall have original juris-
diction of any such action. When the Association is a defendant in 
any such action, it may, at any time before the trial thereof, remove 
such action from a State court into the district court of the United 
States for the proper district by following the procedure for removal 
of causes otherwise provided by law. 
STATUS, IMMUNrnES, AND PRIVILEGES 
SEC. 9. The provisions of article VII, section 5(d), and article VIII 
sections 2 to 9, both inclusive, of the articles shall have full force and 
effect in the United States, its possessions, and the Commonwealth of 
Puerto Rico, upon acceptance of membership by the United States in, 
and the establishment of, the Association. 
Approved June 30, 1960. 
Public Law 86-566 
AN ACT 
June 30, I960 
To extend the minimum national marketing quota for extra long staple cotton 
[H. R. 12115]— 
to the 1961 crop. 
Be it enacted hy the Senate and Hoiise of Representatives of the 
United States of America in Congress assemMed^ That section 347(b) coftonr^°"^^*°^^* 
of the Agricultural Adjustment Act of 1938, as amended, is amended 
lj^^^^\^ij' 
by amending the proviso in the last sentence to read as follows: "Fro-
vided^ however^ That the national marketing quota for 1960 and 1961 
crops of such cotton shall be not less than 90 per centum of the 1959 
marketing quota for such cotton.". 
Approved June 30, 1960. 
Public Law 86-567 
AN ACT 
To amend section 14(b) of the Federal Reserve Act, as amended, to extend for 
[h- R. i23""46] 
two years the authority of Federal Reserve banks to purchase United States 
obligations directly from the Treasury. 
Jj^y 1'. .1960. 
Federal Reserve 
Be it enacted hy the Senate and House of Representatives of the 
United States of America in Congress assembled,Thsi,tsGctmJil4:{h) of ^^^ amendment 
the Federal Reserve Act, as amended (12 U.S.C. 355) is amended by 
*
3
8 sT^u T^i'n 
striking out "July 1,1960" and inserting in lieu thereof "July 1,1962" ^*°*' isl-
and by striking out "June 30, 1960" and inserting in lieu thereof 
"June 30, 1962". 
Approved July 1, 1960.