§ 290m. — North American Development Bank.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC290m]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
SUBCHAPTER XXVIII--NORTH AMERICAN DEVELOPMENT BANK AND RELATED
PROVISIONS
Sec. 290m. North American Development Bank
(a) Acceptance of membership
The President is hereby authorized to accept membership for the
United States in the North American Development Bank (hereafter in this
subchapter referred to as the ``Bank'') provided for in Chapter II of
the Border Environment Cooperation Agreement (hereafter in this
subchapter 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 subscription
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 290m-2 of this title 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 [22
U.S.C. 286b] 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, 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.
(h) Exemption from securities laws for certain securities issued by
Bank; reports required
(1) Omitted
(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 77c(a)(2) of title 15, and section 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 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.
(Pub. L. 103-182, title V, Sec. 541, Dec. 8, 1993, 107 Stat. 2165.)
References in Text
This subchapter, referred to in subsec. (a), was in the original
``this part'' meaning part 2 of subtitle D of title V of Pub. L. 103-
182, which enacted this subchapter and amended section 24 of Title 12,
Banks and Banking. For complete classification of part 2 to the Code,
see Tables.
Codification
Section is comprised of section 541 of Pub. L. 103-182. Subsec.
(h)(1) of section 541 amended section 24 of Title 12, Banks and Banking.
