§ 290i-9. — Securities issued by Bank; Securities and Exchange Commission oversight.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC290i-9]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
SUBCHAPTER XXIV--AFRICAN DEVELOPMENT BANK
Sec. 290i-9. Securities issued by Bank; Securities and Exchange
Commission oversight
(a) Treatment as exempt securities; reports to Securities and Exchange
Commission
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 ordinary capital resources as defined
in article 9 of the agreement and any securities guaranteed by the Bank
as to both principal and interest to which the commitment in article 7,
paragraph 4(a), of the agreement is expressly applicable, shall be
deemed to be exempted securities within the meaning of sections
77c(a)(2) and 78c(a)(12) of title 15. The 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 as necessary in the public interest or for the protection of
investors.
(b) Suspension of provisions; reports to Congress
The Securities and Exchange Commission, acting in consultation with
such agency or officer as the President shall designate, is authorized
to suspend the provisions of subsection (a) of this section 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 section and in connection
therewith shall include any views submitted for such purpose by any
association of dealers registered with the Commission.
(Pub. L. 97-35, title XIII, Sec. 1341, Aug. 13, 1981, 95 Stat. 743.)
References in Text
The agreement, referred to in subsec. (a), is the agreement
establishing the African Development Bank. See section 290i of this
title.
Delegation of Functions
Functions of President under subsec. (b) delegated to Secretary of
the Treasury, see Ex. Ord. No. 12403, Feb. 8, 1983, 48 F.R. 6087.
