§ 290g-8. — Presidential instructions to United States Governor of the Fund to veto any use of funds to benefit a country pursuing a detrimental economic policy against United States interests; exceptions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC290g-8]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
SUBCHAPTER XXII--AFRICAN DEVELOPMENT FUND
Sec. 290g-8. Presidential instructions to United States Governor
of the Fund to veto any use of funds to benefit a country
pursuing a detrimental economic policy against United States
interests; exceptions
The President shall instruct the United States Governor of the Fund
to cause the Executive Director representing the United States in the
Fund to cast the votes of the United States against any loan or other
utilization of the funds of the Fund 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 exactions,
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. 94-302, title II, Sec. 210, May 31, 1976, 90 Stat. 595.)
