§ 282c. — Congressional authorization needed for certain actions.
[Laws in effect as of January 7, 2003]
[Document not affected by Public Laws enacted between
January 7, 2003 and December 19, 2003]
[CITE: 22USC282c]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
SUBCHAPTER XI--INTERNATIONAL FINANCE CORPORATION
Sec. 282c. Congressional authorization needed for certain
actions
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. The United States Governor of the
Corporation is authorized to agree to an amendment to article III of the
articles of agreement of the Corporation to authorize the Corporation to
make investments of its funds in capital stock and to limit the exercise
of voting rights by the Corporation unless exercise of such rights is
deemed necessary by the Corporation to protect its interests, as
proposed in the resolution submitted by the Board of Directors on
February 20, 1961. 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.
(Aug. 11, 1955, ch. 788, Sec. 5, 69 Stat. 669; Pub. L. 87-185, Aug. 30,
1961, 75 Stat. 413.)
Amendments
1961--Pub. L. 87-185 authorized acceptance of an amendment to the
articles of agreement of the Corporation to permit investment in capital
stock and to limit the exercise of voting rights.
