
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 22USC2199]

 
               TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
 
                     CHAPTER 32--FOREIGN ASSISTANCE
 
                 SUBCHAPTER I--INTERNATIONAL DEVELOPMENT
 
                         Part II--Other Programs
 
           subpart iv--overseas private investment corporation
 
Sec. 2199. General provisions and powers


(a) Place of residence

    The Corporation shall have its principal office in the District of 
Columbia and shall be deemed, for purposes of venue in civil actions, to 
be a resident thereof.

(b) Transfer of prior obligations, etc.; administration prior to 
        transfer

    The President shall transfer to the Corporation, at such time as he 
may determine, all obligations, assets and related rights and 
responsibilities arising out of, or related to, predecessor programs and 
authorities similar to those provided for in section 2194(a), (b), and 
(d) of this title. Until such transfer, the agency heretofore 
responsible for such predecessor programs shall continue to administer 
such assets and obligations, and such programs and activities authorized 
under this subpart as may be determined by the President.

(c) Audits of the Corporation

    (1) The Corporation shall be subject to the applicable provisions of 
chapter 91 of title 31, except as otherwise provided in this subpart.
    (2) An independent certified public accountant shall perform a 
financial and compliance audit of the financial statements of the 
Corporation at least once every three years, in accordance with 
generally accepted Government auditing standards for a financial and 
compliance audit, as issued by the Comptroller General. The independent 
certified public accountant shall report the results of such audit to 
the Board. The financial statements of the Corporation shall be 
presented in accordance with generally accepted accounting principles. 
These financial statements and the report of the accountant shall be 
included in a report which contains, to the extent applicable, the 
information identified in section 9106 of title 31, and which the 
Corporation shall submit to the Congress not later than six and one-half 
months after the end of the last fiscal year covered by the audit. The 
General Accounting Office may review the audit conducted by the 
accountant and the report to the Congress in the manner and at such 
times as the General Accounting Office considers necessary.
    (3) In lieu of the financial and compliance audit required by 
paragraph (2), the General Accounting Office shall, if the Office 
considers it necessary or upon the request of the Congress, audit the 
financial statements of the Corporation in the manner provided in 
paragraph (2). The Corporation shall reimburse the General Accounting 
Office for the full cost of any audit conducted under this paragraph.
    (4) All books, accounts, financial records, reports, files, 
workpapers, and property belonging to or in use by the Corporation and 
the accountant who conducts the audit under paragraph (2), which are 
necessary for purposes of this subsection, shall be made available to 
the representatives of the General Accounting Office.

(d) Powers of Corporation

    To carry out the purposes of this subpart, the Corporation is 
authorized to adopt and use a corporate seal, which shall be judicially 
noticed; to sue and be sued in its corporate name; to adopt, amend, and 
repeal bylaws governing the conduct of its business and the performance 
of the powers and duties granted to or imposed upon it by law; to 
acquire, hold or dispose of, upon such terms and conditions as the 
Corporation may determine, any property, real, personal, or mixed, 
tangible or intangible, or any interest therein; to invest funds derived 
from fees and other revenues in obligations of the United States and to 
use the proceeds therefrom, including earnings and profits, as it shall 
deem appropriate; to indemnify directors, officers, employees and agents 
of the Corporation for liabilities and expenses incurred in connection 
with their Corporation activities; notwithstanding any other provision 
of law, to represent itself or to contract for representation in all 
legal and arbitral proceedings; to enter into limited-term contracts 
with nationals of the United States for personal services to carry out 
activities in the United States and abroad under subsections (d) and (e) 
of section 2194 of this title; to purchase, discount, rediscount, sell, 
and negotiate, with or without its endorsement or guaranty, and 
guarantee notes, participation certificates, and other evidence of 
indebtedness (provided that the Corporation shall not issue its own 
securities, except participation certificates for the purpose of 
carrying out section 2191(c) or participation certificates as evidence 
of indebtedness held by the Corporation in connection with settlement of 
claims under section 2197(i) of this title); to make and carry out such 
contracts and agreements as are necessary and advisable in the conduct 
of its business; to exercise any priority of the Government of the 
United States in collecting debts from bankrupt, insolvent, or 
decedents' estates; to determine the character of and the necessity for 
its obligations and expenditures, and the manner in which they shall be 
incurred, allowed, and paid, subject to provisions of law specifically 
applicable to Government corporations; to collect or compromise any 
obligations assigned to or held by the Corporation, including any legal 
or equitable rights accruing to the Corporation; and to take such 
actions as may be necessary or appropriate to carry out the powers 
herein or hereafter specifically conferred upon it.

(e) Reviews, investigations, and inspections by Inspector General of 
        Agency for International Development

    The Inspector General of the Agency for International Development 
(1) may conduct reviews, investigations, and inspections of all phases 
of the Corporation's operations and activities and (2) shall conduct all 
security activities of the Corporation relating to personnel and the 
control of classified material. With respect to his responsibilities 
under this subsection, the Inspector General shall report to the Board. 
The agency primarily responsible for administering subchapter I of this 
chapter shall be reimbursed by the Corporation for all expenses incurred 
by the Inspector General in connection with his responsibilities under 
this subsection.

(f) Programs for Yugoslavia, Poland, Hungary, Romania, the People's 
        Republic of China, or Pakistan; national interest

    Except for the provisions of this subpart, no other provision of 
this chapter or any other law shall be construed to prohibit the 
operation in Yugoslavia, Poland, Hungary, or any other East European 
country, or the People's Republic of China, or Pakistan of the programs 
authorized by this subpart, if the President determines that the 
operation of such program in such country is important to the national 
interest.

(g) Environmental impact assessments

    The requirements of section 2151p(c) of this title relating to 
environmental impact statements and environmental assessments shall 
apply to any investment which the Corporation insures, reinsures, 
guarantees, or finances under this subpart in connection with a project 
in a country.

(h) Preparation, maintenance, and contents of development impact profile 
        for investment projects; development of criteria for evaluating 
        projects

    In order to carry out the policy set forth in paragraph (1) of the 
second undesignated paragraph of section 2191 of this title, the 
Corporation shall prepare and maintain for each investment project it 
insures, finances, or reinsures, a development impact profile consisting 
of data appropriate to measure the projected and actual effects of such 
project on development. Criteria for evaluating projects shall be 
developed in consultation with the Agency for International Development.

(i) Observance of and respect for human rights and fundamental freedoms 
        as considerations for conduct of assistance programs, etc.; 
        provisions applicable for determinations; exceptions

    The Corporation shall take into account in the conduct of its 
programs in a country, in consultation with the Secretary of State, all 
available information about observance of and respect for human rights 
and fundamental freedoms in such country and the effect the operation of 
such programs will have on human rights and fundamental freedoms in such 
country. The provisions of section 2151n of this title shall apply to 
any insurance, reinsurance, guaranty, or loan issued by the Corporation 
for projects in a country, except that in addition to the exception 
(with respect to benefiting needy people) set forth in subsection (a) of 
such section, the Corporation may support a project if the national 
security interest so requires.

(j) Exemption from taxation

    The Corporation, including its franchise, capital, reserves, 
surplus, advances, intangible property, and income, shall be exempt from 
all taxation at any time imposed by the United States, by any territory, 
dependency, or possession of the United States, or by any State, the 
District of Columbia, or any county, municipality, or local taxing 
authority.

(k) Publication of policy guidelines

    The Corporation shall publish, and make available to applicants for 
insurance, reinsurance, guarantees, financing, or other assistance made 
available by the Corporation under this subpart, the policy guidelines 
of the Corporation relating to its programs.

(Pub. L. 87-195, pt. I, Sec. 239, as added Pub. L. 91-175, pt. I, 
Sec. 105, Dec. 30, 1969, 83 Stat. 816; amended Pub. L. 92-226, pt. I, 
Sec. 104(b), Feb. 7, 1972, 86 Stat. 22; Pub. L. 92-310, title II, 
Sec. 227(d), June 6, 1972, 86 Stat. 207; Pub. L. 93-390, Sec. 2(5), Aug. 
27, 1974, 88 Stat. 768; Pub. L. 95-268, Secs. 7, 8, Apr. 24, 1978, 92 
Stat. 215, 216; Pub. L. 95-598, title III, Sec. 318, Nov. 6, 1978, 92 
Stat. 2678; Pub. L. 96-327, Aug. 8, 1980, 94 Stat. 1026; Pub. L. 97-65, 
Sec. 8, Oct. 16, 1981, 95 Stat. 1024; Pub. L. 97-113, title VII, 
Sec. 705(b)(2), Dec. 29, 1981, 95 Stat. 1545; Pub. L. 99-204, 
Secs. 4(c), 11-13, Dec. 23, 1985, 99 Stat. 1670, 1673, 1674; Pub. L. 
100-461, title V, Sec. 555, Oct. 1, 1988, 102 Stat. 2268-36; Pub. L. 
101-167, title V, Sec. 597(a), Nov. 21, 1989, 103 Stat. 1257; Pub. L. 
101-179, title III, Sec. 302(a), Nov. 28, 1989, 103 Stat. 1311; Pub. L. 
101-513, title V, Sec. 576(a), Nov. 5, 1990, 104 Stat. 2044; Pub. L. 
102-549, title I, Sec. 107, Oct. 28, 1992, 106 Stat. 3654; Pub. L. 105-
118, title V, Sec. 579(a), Nov. 26, 1997, 111 Stat. 2435.)


References to Subchapter I Deemed To Include Certain Parts of Subchapter 
                                   II

    References to subchapter I of this chapter are deemed to include 
parts IV (Sec. 2346 et seq.), VI (Sec. 2348 et seq.), and VIII 
(Sec. 2349aa et seq.) of subchapter II of this chapter, and references 
to subchapter II are deemed to exclude such parts. See section 202(b) of 
Pub. L. 92-226, set out as a note under section 2346 of this title, and 
sections 2348c and 2349aa-5 of this title.

                          Codification

    Amendment by Pub. L. 100-461 is based on sections 108 and 110(a)(2) 
of title I of H.R. 5263, One Hundredth Congress, as passed by the House 
of Representatives on Sept. 20, 1988, and sections 108 and 110(a)(2) of 
title I of S. 2757, One Hundredth Congress, as reported Sept. 7, 1988, 
and enacted into law by Pub. L. 100-461.


                               Amendments

    1997--Subsec. (f). Pub. L. 105-118 inserted ``, or Pakistan'' after 
``China''.
    1992--Subsec. (d). Pub. L. 102-549, after ``legal and arbitral 
proceedings;'', inserted ``to enter into limited-term contracts with 
nationals of the United States for personal services to carry out 
activities in the United States and abroad under subsections (d) and (e) 
of section 2194 of this title;''.
    1990--Subsec. (f). Pub. L. 101-513 inserted ``or any other East 
European country,'' after ``Hungary,''.
    1989--Subsec. (f). Pub. L. 101-179 inserted ``, Poland, Hungary,'' 
after ``Yugoslavia''.
    Pub. L. 101-167, which directed amendment of subsec. (f) by 
inserting ``Poland, Hungary,'' after ``Yugoslavia,'', did not take 
effect due to similar amendment by section 302(a) of Pub. L. 101-179. 
See amendment note above and section 302(c) of Pub. L. 101-179, set out 
below.
    1988--Subsec. (f). Pub. L. 100-461, which directed that ``, 
Romania,'' be struck out, was executed by striking out ``, Romania'' 
after ``Yugoslavia'', as the probable intent of Congress, because no 
comma followed ``Romania'' in original.
    Subsec. (g). Pub. L. 100-461 made technical amendment to reference 
to section 2151p(c) of this title to reflect renumbering of 
corresponding section of original act.
    1985--Subsec. (c). Pub. L. 99-204, Sec. 11, amended subsec. (c) 
generally, designating existing provisions as par. (1), substituting 
``chapter 91 of title 31'' for ``the Government Corporation Control 
Act'', and adding pars. (2) to (4).
    Subsec. (g). Pub. L. 99-204, Sec. 4(c), amended subsec. (g) 
generally. Prior to amendment, subsec. (g) read as follows: ``Within six 
months after August 27, 1974, the Corporation shall develop and 
implement specific criteria intended to minimize the potential 
environmental implications of projects undertaken by investors abroad in 
accordance with any of the programs authorized by this subpart.''
    Subsecs. (j), (k). Pub. L. 99-204, Secs. 12, 13, added subsecs. (j) 
and (k).
    1981--Subsec. (d). Pub. L. 97-65, Sec. 8(1), inserted provision 
authorizing the Corporation to collect or compromise any obligations 
assigned to or held by the Corporation, including any legal or equitable 
rights accruing to the Corporation.
    Subsec. (e). Pub. L. 97-65, Sec. 8(2)(A), and Pub. L. 97-113, 
Sec. 705(b)(2), made identical amendments by substituting references to 
Inspector General for references to Auditor-General wherever appearing.
    Pub. L. 97-65, Sec. 8(2)(B), substituted language referring to 
Inspector General's authority to reviews, investigate, and conduct 
inspections of all phases of the Corporation's operations and activities 
for provisions which had formerly placed upon that official the 
responsibility for planning and directing the execution of audits, 
reviews, investigations, and inspections of all phases of the 
Corporation's operations and activities.
    Subsecs. (f) to (l). Pub. L. 97-65, Sec. 8(3), redesignated subsecs. 
(g), (h), (i), and (l) as (f), (g), (h), and (i), respectively. Former 
subsecs. (f) providing for the establishment of an Advisory Council, (j) 
providing limits for projects involving the exploration for or the 
mining of or other extraction of copper, and (k) prohibiting the 
granting of insurance, reinsurance, guaranty, financing, or other 
financial support for projects to establish or expand production or 
processing of palm oil, sugar, or citrus crops for export, were struck 
out.
    1980--Subsec. (g). Pub. L. 96-327 substituted ``Yugoslavia, Romania 
or the People's Republic of China'' for ``Yugoslavia or Romania''.
    1978--Subsec. (b). Pub. L. 95-268, Sec. 7(1), struck out provisions 
relating to the cessation on Dec. 31, 1979, of programs operated by the 
Corporation under sections 2194(b) to (e) and 2200 of this title and 
transfer by the President of such programs and all obligations, etc., 
arising out of such programs to other agencies of the United States.
    Subsec. (d). Pub. L. 95-598 substituted ``any priority'' for ``the 
priority''.
    Pub. L. 95-268, Sec. 7(2), inserted provision relating to 
participation certificates as evidence of indebtedness held by 
Corporation for settlement of claims under section 2197(i) of this 
title.
    Subsecs. (i) to (k). Pub. L. 95-268, Sec. 7(3), added subsecs. (i) 
to (k).
    Subsec. (l). Pub. L. 95-268, Sec. 8, added subsec. (l).
    1974--Subsec. (b). Pub. L. 93-390, Sec. 2(5)(A), inserted provisions 
relating to the cessation on Dec. 31, 1979, of programs operated by the 
Corporation under sections 2194(b) to (e) and 2200 of this title and 
transfer by the President of such programs and all obligations, etc., 
arising out of such programs to other agencies of the United States.
    Subsec. (h). Pub. L. 93-390, Sec. 2(5)(B), added subsec. (h).
    1972--Subsec. (d). Pub. L. 92-310 struck out provisions which 
authorized the Corporation to require bonds of officers and employees 
and to pay premiums therefor.
    Subsec. (g). Pub. L. 92-226 added subsec. (g).


                    Effective Date of 1978 Amendment

    Amendment by Pub. L. 95-598 effective Oct. 1, 1979, see section 
402(a) of Pub. L. 95-598, set out as an Effective Date note preceding 
section 101 of Title 11, Bankruptcy.

                         Delegation of Functions

    For delegation of functions of President under this section, see Ex. 
Ord. No. 12163, Sept. 29, 1979, 44 F.R. 56673, as amended, set out as a 
note under section 2381 of this title.


                    Termination of Advisory Councils

    Advisory councils in existence on Jan. 5, 1973, to terminate not 
later than the expiration of the 2-year period following Jan. 5, 1973, 
unless, in the case of a council established by the President or an 
officer of the Federal Government, such council is renewed by 
appropriate action prior to the expiration of such 2-year period, or in 
the case of a council established by the Congress, its duration is 
otherwise provided by law. See sections 3(2) and 14 of Pub. L. 92-463, 
Oct. 6, 1972, 86 Stat. 770, 776, set out in the Appendix to Title 5, 
Government Organization and Employees.


       Enhancement of Nongovernmental Sector in Poland and Hungary

    Section 302(b) of Pub. L. 101-179 provided that: ``In accordance 
with its mandate to foster private initiative and competition and 
enhance the ability of private enterprise to make its full contribution 
to the development process, the Overseas Private Investment Corporation 
shall support projects in Poland and Hungary which will result in 
enhancement of the nongovernmental sector and reduction of state 
involvement in the economy.''


                   Avoidance of Duplicative Amendments

    Section 302(c) of Pub. L. 101-179 provided that: ``If the Foreign 
Operations, Export Financing, and Related Programs Appropriations Act, 
1990 [Pub. L. 101-167], contains the same amendment that is made by 
subsection (a) of this section [see 1989 Amendment note set out above], 
the amendment made by that Act shall not be effective.''

                  Section Referred to in Other Sections

    This section is referred to in sections 2197, 2200a of this title.
