§ 635b. — Capitalization of Bank; method of capital stock payments; publicdebt transactions; issuance of stock certificates.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC635b]
TITLE 12--BANKS AND BANKING
CHAPTER 6A--EXPORT-IMPORT BANK OF THE UNITED STATES
SUBCHAPTER I--GENERAL PROVISIONS
Sec. 635b. Capitalization of Bank; method of capital stock
payments; public-debt transactions; issuance of stock
certificates
The Export-Import Bank of the United States shall have a capital
stock of $1,000,000,000 subscribed by the United States. Certificates
evidencing stock ownership of the United States shall be issued by the
Bank to the President of the United States, or to such other person or
persons as the President may designate from time to time, to the extent
of payments made for the capital stock of the Bank.
(July 31, 1945, ch. 341, Sec. 4, 59 Stat. 528; Pub. L. 90-267,
Sec. 1(a), Mar. 13, 1968, 82 Stat. 47; Pub. L. 98-181, title VI,
Sec. 620(c), Nov. 30, 1983, 97 Stat. 1261; Pub. L. 102-429, title I,
Sec. 121(b), Oct. 21, 1992, 106 Stat. 2198.)
Amendments
1992--Pub. L. 102-429 inserted second sentence and struck out former
second through last sentences which read as follows: ``Payment for
$1,000,000 of such capital stock shall be made by the surrender to the
Bank for cancellation of the common stock issued prior to July 31, 1945,
by the Bank and purchased by the United States. Payment for $174,000,000
of such capital stock shall be made by the surrender to the Bank for
cancellation of the preferred stock heretofore issued by the Bank and
purchased by the Reconstruction Finance Corporation. Payment for the
$825,000,000 balance of such capital stock shall be subject to call at
any time in whole or in part by the Board of Directors of the Bank. For
the purpose of making payments of such balance, the Secretary of the
Treasury is authorized to use as a public-debt transaction the proceeds
of any securities issued after July 31, 1945, under chapter 31 of title
31, and the purposes for which securities may be issued under that
chapter are extended to include such purpose. Payment under this section
of the subscription of the United States to the Bank and repayments
thereof shall be treated as public-debt transactions of the United
States. Certificates evidencing stock ownership of the United States
shall be issued by the Bank to the President of the United States, or to
such other person or persons as the President may designate from time to
time, to the extent of the common and preferred stock surrendered and
other payments made for the capital stock of the Bank under this
section.''
1983--Pub. L. 98-181 substituted ``the President'' for ``he'' before
``may designate''.
1968--Pub. L. 90-267 changed name of ``Export-Import Bank of
Washington'' to ``Export-Import Bank of the United States''.
