§ 635d. Issuance of debentures, bonds, etc.; obligations redeemable; payment of interest; obligations purchasable by Secretary of the Treasury; public-debt transactions

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1945

   Export-Import Bank Act of 1945

   Pub. L. 79–341 § 5 · 59 Stat. 526

   Enacted · 12 U.S.C. § 635d

   July 31, 1945, ch. 341, § 5, formerly § 6, 59 Stat. 528

   Source evidence

   Code source credit
   July 31, 1945, ch. 341, § 5, formerly § 6, 59 Stat. 528

   Enacted provision · exact public law section
   Sec. 5. (a) The Secretary of the Treasury shall pay to the Reconstruction Finance Corporation the par value of the preferred stock upon its surrender to the Bank for cancellation. For the purpose of making such payments to the Reconstruction Finance Corporation the Secretary of the Treasury is authorized to use as a public-debt transaction 40 Stat. 288. 31 U. S. C. § 774(2); Supp. IV, § 754a et seq. Ante, pp. 47, 48. 59, 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 to the Reconstruction Finance Corporation shall be treated as public-debt transactions of the United States. (b) Dividends. Any dividends on the preferred stock accumulated and unpaid to the date of its surrender for cancellation shall be paid to the Reconstruction Finance Corporation by the Bank.

2. 1958

   Pub. L. 85–424 § 1(1) · 72 Stat. 133

   Substituted · 12 U.S.C. § 635d

   Pub. L. 85–424 substituted “$6,000,000,000” for “$4,000,000,000”

   Source evidence

   Code amendment note
   Pub. L. 85–424 substituted “$6,000,000,000” for “$4,000,000,000”.

   Enacted provision · exact public law section
   (1) by striking out “$4,000,000,000.” from section 6 and inserting in lieu thereof “$6,000,000,000.”; and

3. 1968

   Pub. L. 90–267 § 1(a) · 82 Stat. 47

   Changed · 12 U.S.C. § 635d

   Pub. L. 90–267 changed name of “Export-Import Bank of Washington” to “Export-Import Bank of the United States”

   Source evidence

   Code amendment note
   Pub. L. 90–267 changed name of “Export-Import Bank of Washington” to “Export-Import Bank of the United States”.

   Enacted provision · exact public law section
   (a) By changing “Export-Import Bank of Washington”, wherever that name refers to the legal entity created by the Export-Import Bank Act of 1945, to “Export-Import Bank of the United States”.

4. 1975

   Pub. L. 93–646 § 7 · 88 Stat. 2333

   Substituted · 12 U.S.C. § 635d

   Pub. L. 93–646 substituted provision making mandatory that each Bank obligation bear interest at a rate not less than the current average yield on outstanding obligations of comparable maturity, for provision requiring that only the current average rate be taken into consideration

   Source evidence

   Code amendment note
   Pub. L. 93–646 substituted provision making mandatory that each Bank obligation bear interest at a rate not less than the current average yield on outstanding obligations of comparable maturity, for provision requiring that only the current average rate be taken into consideration.

   Enacted provision · exact public law section
   Sec. 7. interest rate on obligations of the bank Section 6 of the Export-Import Bank Act of 1945 is amended by striking the third sentence and inserting in lieu thereof the following new sentence: “Each such Bank obligation issued to the Treasury after the enactment of the Export-Import Bank Amendments of 1974 shall bear interest at a rate not less than the current average yield on outstanding marketable obligations of the United States of comparable maturity during the month preceding the issuance of the obligation of the Bank as determined by the Secretary of the Treasury.”.

4 of 4 references resolved to an enrolled provision