PUBLIC LAW 350 - 84TH CONGRESS CHAPTER 788 - 1ST SESSION S. 1894 AN ACT

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP59-00224A000100340003-5
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• Document Creation Date: November 11, 2016
• Document Release Date: January 19, 1999
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Public Law 350 - 84th Congress
Chapter 788 - 1st Session
S. 1894
All 69 Stet. 669.
To provide for the participation of the United States in the International Finance
Corporation.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. This Act may be cited as the "International Finance
Corporation Act".
SEC. 2. The President is hereby authorized to accept membership
for the United States in the International Finance Corporation (here-
inafter referred to as the "Corporation"), provided for by the Articles
of Agreement of the Corporation deposited in the archives of the
International Bank for Reconstruction and Development.
GOVERNOR, EXECUTIVE DIRECTOR, AND ALTERNATES
SEC. 3. The governor and executive director of the International
Bank for Reconstruction and Development, and the alternate for each
of them, appointed under section 3 of.the Bretton Woods Agreements
Act, as amended (22 U. S. C. 286a), shall serve as governor, director
and alternates, respectively, of the Corporation.
NATIONAL ADVISORY COUNCIL ON INTERNATIONAL MONETARY AND
FINANCIAL PROBLEMS
SEC. 4. The provisions of section 4 of the Bretton Woods Agreements
Act, as amended (22 U. S. C. 286b), shall apply with respect to the
Corporation to the same extent as with respect to the International
Bank for Reconstruction and Development. Reports with respect to
the Corporation under paragraphs. 5 and 6 of subsection (b) of section
4 of said Act, as amended, shall be included in the first report made
thereunder after the establishment of the Corporation and in each
succeeding report.
SEC. 5. Unless Congress by law authorizes such action, neither the
President nor any person or agency shall on behalf of the United
States (a) subscribe to additional shares of stock under article II,
section 3, of the Articles of Agreement of the Corporation; (b) accept
any amendment under article VII of the Articles of Agreement of
the Corporation; (c) make any loan to the Corporation. Unless
Congress by law authorizes such action, no governor or alternate
representing the United States shall vote for an increase of capital
stock of the Corporation under article II, section 2 (c) (ii), of the
Articles of Agreement of the Corporation.
SEC. 6. Any Federal Reserve bank which is requested to do_ so by
the Corporation 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.
International
Finance Corpo-
ration Act.
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Pub. Law 350 -2-
All 69 Stat. 670.
PAYMENT OF SUBSCRIPTIONS
SEC. 7. (a) The Secretary of the Treasury is authorized to pay the
subscription of the United States to the Corporation and for this
purpose is authorized to use as a public-debt transaction not to exceed
$35,168,000 of the proceeds of any securities hereafter issued under the
Second Liberty Bond Act, as amended, and the purposes for which
securities may be issued under that Act are extended to include such
purpose. Payment under this subsection of the subscription of the
United States to the Corporation and any repayment thereof shall be
treated as public-debt transactions of the United States.
(b) Any payment of dividends made to the United States by the
Corporation shall be covered into the Treasury as a miscellaneous
receipt.
JURISDICTION AND VENUE OF ACTIONS
SEC. S. For the purpose of any action which may be brought within
the United States or its Territories or possessions by or against the
Corporation in accordance with the Articles of Agreement of the
Corporation, the Corporation shall be deemed to be an inhabitant of
the Federal judicial district in which its principal office in the United
States is located, and any such action at law or in equity to which the
Corporation shall be a party shall be deemed to arise under the laws
of the United States, and the district courts of the United States
shall have original jurisdiction of any such action. When the Corpo-
ration is a defendant in any such action, it may, at any time before the
trial thereof, remove such action from a State court into the district
court of the United States for the proper district by following the
procedure for removal of causes otherwise provided by law.
STATUS, IMMUNITIES AND PRIVILEGES
SEC. 9. The provisions of article V, section 5 (d), and article VI,
sections 2 to 9, both inclusive, of the Articles of Agreement of the
Corporation shall have full force and effect in the United States and
its Territories and possessions upon acceptance of membership by the
United States in, and the establishment of, the Corporation.
.Approved August 11, 1955.
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