§ 284e. Payment of subscription to Association by United States

Statutory text

Authorization of appropriations for subscription

There is hereby authorized to be appropriated, without fiscal year limitation, for the subscription of the United States to the Association, $320,290,000.

Increase in Association resources; contribution; authorization of appropriations

The United States Governor is hereby authorized (1) to vote for an increase in the resources of the Association and (2) to agree on behalf of the United States to contribute to the Association the sum of $312 million, both as recommended by the Executive Directors, in a report dated September 9, 1963, to the Board of Governors of the Association. There is hereby authorized to be appropriated out of funds supplied by the Nation’s taxpayers or out of funds borrowed on their credit, without fiscal year limitations, $312 million to provide the United States share of the increase in the resources of the Association.

Issuance of special notes

For the purpose of keeping to a minimum the cost to the United States of participation in the Association, the Secretary of the Treasury 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 chapter 31 of title 31, and the purposes for which securities may be issued under that chapter 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 actually paid to the Association under the articles.

Income covered into Treasury

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.

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.

1960
Pub. L. 86–565 § 7 · 74 Stat. 293
Enacted · 22 U.S.C. § 284e
Pub. L. 86–565, § 7, June 30, 1960, 74 Stat. 294
Source evidence
Code source credit
Pub. L. 86–565, § 7, June 30, 1960, 74 Stat. 294
Enacted provision · exact public law section
Sec. 7. payment of subscriptions (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 40 Stat. 288. 31 USC 774(2). 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. (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.
1964
Pub. L. 88–310 · 78 Stat. 200
1. Added · 22 U.S.C. § 284e(b)(d)
  Pub. L. 88–310 added subsec. (b)
2. Redesignated · 22 U.S.C. § 284e(b)(d)
  Pub. L. 88–310 redesignated former subsec. (b) as (c)
3. Struck · 22 U.S.C. § 284e(b)(d)
  Pub. L. 88–310 struck out “, after paying the requisite part of the subscription of the United States in the Association required to be made under the articles.” after “Secretary of the Treasury” in first sentence and “of the subscription of the United States” after “amount” in third sentence, respectively
4. Redesignated · 22 U.S.C. § 284e(b)(d)
  Pub. L. 88–310 redesignated former subsec. (c) as (d)
Source evidence
Code amendment note
Subsecs. (b) to (d). Pub. L. 88–310 added subsec. (b), redesignated former subsec. (b) as (c) and struck out “, after paying the requisite part of the subscription of the United States in the Association required to be made under the articles.” after “Secretary of the Treasury” in first sentence and “of the subscription of the United States” after “amount” in third sentence, respectively, and redesignated former subsec. (c) as (d).

1 of 5 references resolved to an enrolled provision · 4 partial

Editorial Notes

Codification

In subsec. (c), “chapter 31 of title 31” and “that chapter” substituted for “the Second Liberty Bond Act, as amended” and “that Act”, respectively, on authority of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance.

Amendments

1964—Subsecs. (b) to (d). Pub. L. 88–310 added subsec. (b), redesignated former subsec. (b) as (c) and struck out “, after paying the requisite part of the subscription of the United States in the Association required to be made under the articles.” after “Secretary of the Treasury” in first sentence and “of the subscription of the United States” after “amount” in third sentence, respectively, and redesignated former subsec. (c) as (d).

Credits

1960–1964 · 2 acts

1960Pub. L. 86–565, § 7, June 30, 1960, 74 Stat. 294
1964Pub. L. 88–310, §§ 1, 2, May 26, 1964, 78 Stat. 200.

Show as published

(Pub. L. 86–565, § 7, June 30, 1960, 74 Stat. 294; Pub. L. 88–310, §§ 1, 2, May 26, 1964, 78 Stat. 200.)