An Act to provide for the participation of the United States in the International Finance Corporation.
PL 84-350 (S.1894), enacted 08/11/1955

69 STAT.] 
PUBLIC LAW 350-AUG. 11, 1955 
669 
Public Law 350 
CHAPTER 788 
AN A C T 
August U, 1955 
To provide for the participation of the United States in the International Finance 
[S. 1894] 
Corporation. 
I n t e r n a t i onal 
Be it enacted hy the Senate and Houne of Representatives 
of the 
United States of America in Congress assembled^ 
Finance corpora-
tion Act. 
SHORT TITLE 
SECTION 1. This Act may be cited as the "International Finance 
Corporation Act". 
ACCEPTANCE OF MEMBERSHIP 
SEC. 2. The President is hereby authorized to accept membership 
for the United States in the International Finance Corporation (here-
inafter 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. 
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 of the Bretton Woods Agreements 
Act, as amended (22 U. S. C. 286a), shall serve as governor, director 
and alternates, respectively, of the Corporation. 
59 Stat. 512. 
NATIONAL ADVISORY COUNCIL ON INTERNATIONAL MONETARY AND 
FINANCIAL PROBLEMS 
SEC. 4. The provisions of section 4 of the Bretton Woods Agreements 
Act, as amended (22 U. S. C. 286b), shall apply with respect to the 
Corporation to the same extent as with respect to the International 
Bank for Reconstruction and Development. Reports with respect to 
Rep™'*'* 
the Corporation under paragraphs 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 Corporation and in each 
succeeding report. 
CERTAIN ACTS NOT TO BE TAKEN WITHOUT 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 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. 
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 I I , section 2 (c) (ii), of the 
Articles of Agreement of the Corporation. 
DEPOSITORIES 
SEC. 6. 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. 
670 
PUBLIC LAW 351-AUG. 11, 1955 
[69 S 
TAT. 
PAYMENT OF SUBSCRIPTIONS 
SEC. 7. (a) 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 the 
Second Liberty Bond Act, as amended, and the purposes for which 
securities may be issued under that Act 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) Any payment of dividends made to the United States by the 
Corporation 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 or its Territories or possessions by or against the 
Corporation in accordance with the Articles of Agreement of the 
Corporation, the Corporation 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 
Corporation 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 jurisdiction of any such action. When the Corpo-
ration 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, I M M U N I T I E S AND PRIVILEGES 
SEC. 9. The provisions of article V, section 5 (d), and article VI, 
sections 2 to 9, both inclusive, of the Articles of Agreement of the 
Corporation shall have full force and effect in the United States and 
its Territories and possessions upon acceptance of membership by the 
United States in, and the establishment of, the Corporation. 
Approved August 11, 1955. 
Public Law 351 
CHAPTER 789 
August 11, 1955 
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[S. 2295] 
rpp amend section 313 of the Agricultural Adjustment Act of 1938, with respect 
to tobacco allotments. 
Burley tobacco. 
65 Stat. 422. 
7 u s e 1313. 
Be it enacted hy th-e Senate and House of Representatives 
of the 
United States of America in Congress a.ssemhled^ That section 313 
of the Agricultural Adjustment Act of 1938, as amended, is amended 
by adding at the end thereof the following new subsection: 
"(j) In establishing farm acreage allotments for burley tobacco 
crops for the years 1956, 1957, and 1958 the acreage allotment for 
any farm which has not been retired from agricultural production 
shall not be reduced below the acreage allotment which would other-
wise be established because the harvested acreage was less than the 
allotted acreage unless the acreage harvested was less than 50 per 
centum of the allotted acreage in each of the preceding five years, 
in which event it shall not be reduced for such reason to less than 
the largest acreage harvested in any year in such five-year period." 
Approved August 11, 1955.