Volume 74 · 294
Public Law 86–565
To provide for the participation of the United States in the International Development Association.
Approved June 30, 1960
Statutory text
AN ACT
To provide for the participation of the United States in the International Development Association.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
Section 1. short title
This Act may be cited as the “International Development
International Development Association Act.
Association Act”.
Sec. 2. acceptance of membership
The President is hereby authorized to accept membership for the United States in the International Development Association (Herein after referred to as the “Association”), provided for by the Articles of Agreement (hereinafter referred to as the “Articles”) of the Association deposited in the archives of the International Bank for Reconstruction and Development.
Sec. 3. governor, executive director, and alternates
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, Executive
Director and alternates, respectively, of the Association.
Sec. 4. national advisory council on international monetary and financial problems
The provisions of section 4 of the Bretton Woods Agreements
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 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 Association and in each succeeding report.
Sec. 5. certain acts not to be taken without authorization
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 Hinds under article III, section 1, of the articles; (b) accept any amendment under article IX of the articles; or (c) make a loan or provide other financing to the Association.
Sec. 6. depositories
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.
Sec. 7. payment of subscriptions
There is hereby authorized to be appropriated, without fiscal year limitation, for the subscription of the United States to the Association, $320,290,000.
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
Act, as amended, 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.
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.
Sec. 8. jurisdiction and venue of actions
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 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 jurisdiction 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.
Sec. 9. status, immunities, and privileges
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.