
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 22USC290m]

 
               TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
 
           CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
 
     SUBCHAPTER XXVIII--NORTH AMERICAN DEVELOPMENT BANK AND RELATED 
                               PROVISIONS
 
Sec. 290m. North American Development Bank


(a) Acceptance of membership

    The President is hereby authorized to accept membership for the 
United States in the North American Development Bank (hereafter in this 
subchapter referred to as the ``Bank'') provided for in Chapter II of 
the Border Environment Cooperation Agreement (hereafter in this 
subchapter referred to as the ``Cooperation Agreement'').

(b) Subscription of stock

                     (1) Subscription authority

        (A) In general

            The Secretary of the Treasury may subscribe on behalf of the 
        United States up to 150,000 shares of the capital stock of the 
        Bank.

        (B) Effectiveness of subscription

            Except as provided in paragraph (3), any such subscription 
        shall be effective only to such extent or in such amounts as are 
        provided in advance in appropriations Acts.

         (2) Limitations on authorization of appropriations

        For payment by the Secretary of the Treasury of the subscription 
    of the United States for shares described in paragraph (1), there 
    are authorized to be appropriated $1,500,000,000 ($225,000,000 of 
    which may be used for paid-in capital and $1,275,000,000 of which 
    may be used for callable capital) without fiscal year limitation.

      (3) Funding; limitation on callable capital subscriptions

        (A) Funding

            For fiscal year 1995, the Secretary of the Treasury shall 
        pay to the Bank out of any sums in the Treasury not otherwise 
        appropriated the sum of $56,250,000 for the paid-in portion of 
        the United States share of the capital stock of the Bank, 10 
        percent of which may be transferred by the Bank to the President 
        pursuant to section 290m-2 of this title to pay for the cost of 
        direct and guaranteed Federal loans.

        (B) Limitation on callable capital subscriptions

            For fiscal year 1995, the Secretary of the Treasury shall 
        subscribe to the callable capital portion of the United States 
        share of the capital stock of the Bank in an amount not to 
        exceed $318,750,000.

      (4) Disposition of net income distributed by the facility

        Any payment made to the United States by the Bank as a 
    distribution of net income shall be covered into the Treasury as a 
    miscellaneous receipt.

(c) Compensation of Board members

    No person shall be entitled to receive any salary or other 
compensation from the Bank or the United States for services as a Board 
member.

(d) Applicability of Bretton Woods Agreements Act

    The provisions of section 4 of the Bretton Woods Agreements Act [22 
U.S.C. 286b] shall apply with respect to the Bank to the same extent as 
with respect to the International Bank for Reconstruction and 
Development and the International Monetary Fund.

(e) Restrictions

    Unless authorized by law, neither the President nor any person or 
agency shall, on behalf of the United States--
        (1) subscribe to additional shares of stock of the Bank;
        (2) vote for or agree to any amendment of the Cooperation 
    Agreement which increases the obligations of the United States, or 
    which changes the purpose or functions of the Bank; or
        (3) make a loan or provide other financing to the Bank.

(f) Federal Reserve banks as depositories

    Any Federal Reserve bank that is requested to do so by the Bank 
shall act as its depository or as its fiscal agent, and the Board of 
Governors of the Federal Reserve System shall supervise and direct the 
carrying out of these functions by the Federal Reserve banks.

(g) Jurisdiction of United States courts and enforcement of arbitral 
        awards

    For the purpose of any civil action which may be brought within the 
United States, its territories or possessions, or the Commonwealth of 
Puerto Rico, by or against the Bank in accordance with the Cooperation 
Agreement, including an action brought to enforce an arbitral award 
against the Bank, the Bank shall be deemed to be an inhabitant of the 
Federal judicial district in which its principal office within the 
United States or its agency appointed for the purpose of accepting 
service or notice of service is located, and any such action to which 
the Bank shall be a party shall be deemed to arise under the laws of the 
United States, and the district courts of the United States, including 
the courts enumerated in section 460 of title 28, shall have original 
jurisdiction of any such action. When the Bank is a defendant in any 
action in a State court, it may at any time before trial remove the 
action into the appropriate district court of the United States by 
following the procedure for removal provided in section 1446 of title 
28.

(h) Exemption from securities laws for certain securities issued by 
        Bank; reports required

                             (1) Omitted

     (2) Exemption from securities laws for certain securities 
                    issued by the Bank; reports required

        Any securities issued by the Bank (including any guarantee by 
    the Bank, whether or not limited in scope) in connection with the 
    raising of funds for inclusion in the Bank's capital resources as 
    defined in Section 4 of Article II of Chapter II of the Cooperation 
    Agreement, and any securities guaranteed by the Bank as to both the 
    principal and interest to which the commitment in Section 3(d) of 
    Article II of Chapter II of the Cooperation Agreement is expressly 
    applicable, shall be deemed to be exempted securities within the 
    meaning of section 77c(a)(2) of title 15, and section 78c(a)(12) of 
    title 15. The Bank shall file with the Securities and Exchange 
    Commission such annual and other reports with regard to such 
    securities as the Commission shall determine to be appropriate in 
    view of the special character of the Bank and its operations and 
    necessary in the public interest or for the protection of investors.

       (3) Authority of Securities and Exchange Commission to 
                 suspend exemption; reports to the Congress

        The Securities and Exchange Commission, acting in consultation 
    with the National Advisory Council on International Monetary and 
    Financial Problems, is authorized to suspend the provisions of 
    paragraph (2) at any time as to any or all securities issued or 
    guaranteed by the Bank during the period of such suspension. The 
    Commission shall include in its annual reports to Congress such 
    information as it shall deem advisable with regard to the operations 
    and effect of this subsection and in connection therewith shall 
    include any views submitted for such purpose by any association of 
    dealers registered with the Commission.

(Pub. L. 103-182, title V, Sec. 541, Dec. 8, 1993, 107 Stat. 2165.)

                       References in Text

    This subchapter, referred to in subsec. (a), was in the original 
``this part'' meaning part 2 of subtitle D of title V of Pub. L. 103-
182, which enacted this subchapter and amended section 24 of Title 12, 
Banks and Banking. For complete classification of part 2 to the Code, 
see Tables.

                          Codification

    Section is comprised of section 541 of Pub. L. 103-182. Subsec. 
(h)(1) of section 541 amended section 24 of Title 12, Banks and Banking.
