§ 290m. North American Development Bank

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. 1993

   North American Free Trade Agreement Implementation Act

   Pub. L. 103–182 title V § 541 · 107 Stat. 2057

   Enacted · 22 U.S.C. § 290m

   Pub. L. 103–182, title V, § 541, Dec. 8, 1993, 107 Stat. 2165

   Source evidence

   Code source credit
   Pub. L. 103–182, title V, § 541, Dec. 8, 1993, 107 Stat. 2165

   Enacted provision · exact public law section
   SEC. 541. NORTH AMERICAN DEVELOPMENT BANK (a) Acceptance of Membership.— The President is herebv authorized to accept membership for the United States in the North American Development Bank (hereafter in this part referred to as the “Bank”) provided for in Chapter II of the Border Environment Cooperation Agreement (hereafter in this part referred to as the “Cooperation Agreement”). (b) Subscription of Stock.— (1) Subscription authority.— (A) In general.— The Secretary of the Treasury may subscribe on behalf of the United States up to 150,000 shares of the capital stock of the Bank. (B) Effectiveness of subscription.— Except as provided in paragraph (3), any such subscription shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts. (2) Limitations on authorization of appropriations.— For payment by the Secretary of the Treasury of the subscrip-tion of the United States for shares described in paragraph (1), there are authorized to be appropriated $1,500,000,000 ($225,000,000 of which may be used for paid-in capital and $1,275,000,000 of which may be used for callable capital) without fiscal year limitation. (3) Funding; limitation on callable capital subscriptions.— (A) Funding.— For fiscal year 1995, the Secretary of the Treasury shall pay to the Bank out of any sums in the Treasury not otherwise appropriated the sum of $56,250,000 for the paid-in portion of the United States share of the capital stock of the Bank, 10 percent of which may be transferred by the Bank to the President pursuant to section 543 to pay for the cost of direct and guaranteed Federal loans. (B) Limitation on callable capital subscriptions.— For fiscal year 1995, the Secretary of the Treasury shall subscribe to the callable capital portion of the United States share of the capital stock of the Bank in an amount not to exceed $318,750,000. (4) Disposition of net income distributed by the facility.— Any payment made to the United States by the Bank as a distribution of net income shall be covered into the Treasury as a miscellaneous receipt. (c) Compensation of Board Members.— No person shall be entitled to receive any salary or other compensation from the Bank or the United States for services as a Board member. (d) Applicability of Bretton Woods Agreements Act.— The provisions of section 4 of the Bretton Woods Agreements Act shall apply with respect to the Bank to the same extent as with respect to the International Bank for Reconstruction and Development and the International Monetary Fund. (e) Restrictions.— Unless authorized by law, neither the President nor any person or agency shall, on behalf of the United States— (1) subscribe to additional shares of stock of the Bank; (2) vote for or agree to any amendment of the Cooperation Agreement which increases the obligations of the United States, or which changes the purpose or functions of the Bank; or (3) make a loan or provide other financing to the Bank. (f) Federal Reserve Banks as Depositories.— Any Federal Reserve bank that is requested to do so by the Bank 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. (g) Jurisdiction of United States Courts and Enforcement of Arbitral Awards.— For the purpose of any civil action which may be brought within the United States, its territories or possessions, or the Commonwealth of Puerto Rico, by or against the Bank in accordance with the Cooperation Agreement, including an action brought to enforce an arbitral award against the Bank, the Bank shall be deemed to be an inhabitant of the Federal judicial district in which its principal office within the United States or its agency appointed for the purpose of accepting service or notice of service is located, and any such action to which the Bank shall be a party shall be deemed to arise under the laws of the United States, and the district courts of the United States, including the courts enumerated in section 460 of title 28, United States Code, shall have original jurisdiction of any such action. When the Bank is a defendant in any action in a State court, it may at any time before trial remove the action into the appropriate district court of the United States by following the procedure for removal provided in section 1446 of title 28, United States Code. (h) Exemption From Securities Laws for Certain Securities Issued by the Bank; Reports Required.— (1) Exemptions from limitations and restrictions on the power of national banking associations to deal in and underwrite investment securities of the bank.— The seventh sentence of the seventh undesignated paragraph of section 5136 of the Revised Statutes of the United States (12 U.S.C. 24), is amended by inserting “the North American Development Bank,” after “Inter-American Development Bank,”. (2) Exemption from securities laws for certain securities issued by the bank; reports required.— Any securities issued by the Bank (including any guarantee by the Bank, whether or not limited in scope) in connection with the raising of funds for inclusion in the Bank’s capital resources as defined in Section 4 of Article II of Chapter II of the Cooperation Agreement, and any securities guaranteed by the Bank as to both the principal and interest to which the commitment in Section 3(d) of Article II of Chapter II of the Cooperation Agreement is expressly applicable, shall be deemed to be exempted securities within the meaning of section 3(a)(2) of the Securities Act of 1933 (15 U.S.C. 77c), and section 3(a)(12) of the Securities Exchange Act of 1934 (15 U.S.C. 78c). The Reports. Bank shall file with the Securities and Exchange Commission such annual and other reports with regard to such securities as the Commission shall determine to be appropriate in view of the special character of the Bank and its operations and necessary in the public interest or for the protection of investors. (3) Authority of securities and exchange commission to suspend exemption; reports to the congress.— The Securities and Exchange Commission, acting in consultation with the National Advisory Council on International Monetary and Financial Problems, is authorized to suspend the provisions of paragraph (2) at any time as to any or all securities issued or guaranteed by the Bank during the period of such suspension. The Commission shall include in its annual reports to Congress such information as it shall deem advisable with regard to the operations and effect of this subsection and in connection therewith shall include any views submitted for such purpose by any association of dealers registered with the Commission.

2. 2020

   United States-Mexico-Canada Agreement Implementation Act

   Pub. L. 116–113 § 601 · 134 Stat. 11

   Repealed · 22 U.S.C. § 290m

   Pub. L. 116–113, § 601, which repealed this section effective on the date the USMCA entered into force (July 1, 2020), was made inapplicable to this section by section 601(a)(1), (2) of Pub. L. 116–260

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 116–113, § 601, which repealed this section effective on the date the USMCA entered into force (July 1, 2020), was made inapplicable to this section by section 601(a)(1), (2) of Pub. L. 116–260.

   Enacted provision · exact public law section
   * * Note: Classifications for Section 601: 15 USC 1052 note; 19 USC 58c notes, 1304 note, 1313 note, 1499 note, 1593a note, 1677l, 2101 note, 2112 note, 2271 note, 2511 note, 2707 note, 3301 and note, 3311 and note, 3312–3317, 3331 and note, 3332–3335, 3351 and note, 3352–3358, 3381,   3382, 3391,   3401 note,   3411, 3421, 3431   note, 3451,   3461 and   note, 3462,   3463,   3471–3473; 22 USC 290m—290m–5, 290m–7; 26 USC 3306 notes, 6103 notes, 6302 notes, 9505 note; 28 USC 1581 note. SEC. 601. REPEAL OF NORTH AMERICAN FREE TRADE AGREEMENT IMPLEMENTATION ACT.   The North American Free Trade Agreement Implementation Act (Public Law 103–182; 19 U.S.C. 3301 et seq.) is repealed, effective on the date on which the USMCA enters into force.

3. 2020

   Financial Services and General Government Appropriations Act, 2021

   Pub. L. 116–260 § 601(a)(1) · 134 Stat. 1182

   Changed · 22 U.S.C. § 290m

   Pub. L. 116–260, § 601(a)(1), (2), provided that section 601 of Pub. L. 116–113 does not apply to this section and revived the provisions of this section as if such section 601 had not been enacted. See below

   Source evidence

   Code amendment note
   Pub. L. 116–260, § 601(a)(1), (2), provided that section 601 of Pub. L. 116–113 does not apply to this section and revived the provisions of this section as if such section 601 had not been enacted. See below.

   Enacted provision · exact public law section
   Sec. 601. (including rescission of funds) None of the funds in this Act shall be used for the planning or execution of any program to pay the expenses of, or otherwise compensate, non-Federal parties intervening in regulatory or adjudicatory proceedings funded in this Act.

   Effective date note
   Amendment by Pub. L. 116–260 effective July 1, 2020, see section 601(h) of div. O of Pub. L. 116–260, set out as a note under section 81c of Title 19, Customs Duties.

3 of 3 references resolved to an enrolled provision