First capital increase

  1. Law
  2. USC 22
  3. Foreign Relations And Intercourse
  4. INTERNATIONAL BUREAUS, CONGRESSES, ETC.
  5. NORTH AMERICAN DEVELOPMENT BANK AND RELATED PROVISIONS
  6. First capital increase

Checkout our iOS App for a better way to browser and research.

§290m–7. First capital increase

(a) Subscription authorized

(1) In general

The Secretary of the Treasury is authorized to subscribe on behalf of the United States to, and make payment for, 150,000 additional shares of the capital stock of the Bank.

(2) Limitation

Any subscription by the United States to the capital stock of the Bank shall be effective only to such extent and in such amounts as are provided in advance in appropriations Acts.

(b) Limitations on authorization of appropriations

(1) In general

In order to pay for the increase in the United States subscription to the Bank under subsection (a), there are authorized to be appropriated, without fiscal year limitation, $1,500,000,000 for payment by the Secretary of the Treasury.

(2) Allocation of funds

Of the amount authorized to be appropriated under paragraph (1)-

(A) $225,000,000 shall be for paid in shares of the Bank; and

(B) $1,275,000,000 shall be for callable shares of the Bank.

(Pub. L. 103–182, title V, §547, as added Pub. L. 116–113, title VIII, §831, Jan. 29, 2020, 134 Stat. 96 .)

Repeal of Section

Pub. L. 116–113, title VI, §601, Jan. 29, 2020, 134 Stat. 78 , repealed Pub. L. 103–182, effective on the date the USMCA entered into force (July 1, 2020). See Codification note preceding section 290m of this title.


Statutory Notes and Related Subsidiaries

Effective Date of Repeal

Repeal effective on the date the USMCA entered into force (July 1, 2020), see section 601 of Pub. L. 116–113, set out as a note under former section 3301 of Title 19, Customs Duties.


Download our app to see the most-to-date content.