§ 284j. — Expropriation of United States property; loan restrictions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC284j]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
SUBCHAPTER XIII--INTERNATIONAL DEVELOPMENT ASSOCIATION
Sec. 284j. Expropriation of United States property; loan
restrictions
The President shall instruct the United States Executive Directors
of the International Bank for Reconstruction and Development and the
International Development Association to vote against any loan or other
utilization of the funds of the Bank and the Association for the benefit
of any country which has--
(1) nationalized or expropriated or seized ownership or control
of property owned by any United States citizen or by any
corporation, partnership, or association not less than 50 per centum
of which is beneficially owned by the United States citizens;
(2) taken steps to repudiate or nullify existing contracts or
agreements with any United States citizen or any corporation,
partnership, or association not less than 50 per centum of which is
beneficially owned by United States citizens; or
(3) imposed or enforced discriminatory taxes or other exactions,
or restrictive maintenance or operational conditions, or has taken
other actions, which have the effect of nationalizing,
expropriating, or otherwise seizing ownership or control of property
so owned;
unless the President determines that (A) an arrangement for prompt,
adequate, and effective compensation has been made, (B) the parties have
submitted the dispute to arbitration under the rules of the Convention
for the Settlement of Investment Disputes, or (C) good faith
negotiations are in progress aimed at providing prompt, adequate, and
effective compensation under the applicable principles of international
law.
(Pub. L. 86-565, Sec. 12, as added Pub. L. 92-247, Sec. 1, Mar. 10,
1972, 86 Stat. 60.)
