§ 285o. — Expropriation of United States property; loan restrictions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC285o]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
SUBCHAPTER XIV--ASIAN DEVELOPMENT BANK
Sec. 285o. Expropriation of United States property; loan
restrictions
The President shall instruct the United States Executive Director of
the Asian Development Bank to vote against any loan or other utilization
of the funds of the Bank for the benefit of any country which has--
(1) nationalized or expropriated or seized ownership or control
of property owned by any United States citizen or by any
corporation, partnership, or association not less than 50 per centum
of which is beneficially owned by United States citizens;
(2) taken steps to repudiate or nullify existing contracts or
agreements with any United States citizen or any corporation,
partnership, or association not less than 50 per centum of which is
beneficially owned by United States citizens; or
(3) imposed or enforced discriminatory taxes or other exaction,
or restrictive maintenance or operational conditions, or has taken
other actions, which have the effect of nationalizing,
expropriating, or otherwise seizing ownership or control of property
so owned;
unless the President determines that (A) an arrangement for prompt,
adequate, and effective compensation has been made, (B) the parties have
submitted the dispute to arbitration under the rules of the Convention
for the Settlement of Investment Disputes, or (C) good faith
negotiations are in progress aimed at providing prompt, adequate, and
effective compensation under the applicable principles of international
law.
(Pub. L. 89-369, Sec. 18, as added Pub. L. 92-245, Sec. 1, Mar. 10,
1972, 86 Stat. 58.)
