Public Law 92–268

Section 1.

This Act may be cited as the “Par Value Modification Act”.

Sec. 2.

The Secretary of the Treasury is hereby authorized and directed to take the steps necessary to establish a new par value of the dollar of $1 equals one thirty-eighth of a fine troy ounce of gold. When established such par value shall be the legal standard for defining the relationship of the dollar to gold for the purpose of issuing gold certificates pursuant to section 14(c) of the Gold Reserve Act of 1934 (31 U.S.C. 405b).

48 Stat. 343; 82 Stat. 51.

Maintenance.

Sec. 3.

The Secretary of the Treasury is authorized and directed to maintain the value in terms of gold of the holdings of United States dollars of the International Monetary Fund, the International Bank for Reconstruction and Development, the Inter-American Development Bank, the International Development Association, and the Asian Development Bank to the extent provided in the articles of agreement of such institutions. There is hereby authorized to be appropriated, to

Appropriation.

remain available until expended, such amounts as may be necessary to provide for such maintenance of value.

Sec. 4.

The increase in the value of the gold held by the United

Increment disposition.

States (including the gold held as security for gold certificates) resulting from the change in the par value of the dollar authorized by section 2 of this Act shall be covered into the Treasury as a miscellaneous receipt.