Page:United States Statutes at Large Volume 110 Part 4.djvu/343

 PUBLIC LAW 104-208—SEPT. 30, 1996 110 STAT. 3009 -180 (A) IN GENERAL.— Not more than $105,000,000 of the amounts appropriated pursuant to subsection (b) may be obligated for subscription to shares of paid-in capital stock. (B) FISCAL YEAR 1997.— Not more than $52,500,000 of the amounts appropriated pursuant to subsection (b) for fiscal year 1997 may be obligated for subscription to shares of paid-in capital stock. (2) CALLABLE CAPITAL STOCK.—Not more than $787,505,852 of the amounts appropriated pursuant to subsection (b) may be obligated for subscription to shares of callable capital stock. (d) DISPOSITION OF NET INCOME DISTRIBUTIONS BY THE BANK. — 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. SEC. 707. JURISDICTION AND VENUE OF CIVIL ACTIONS BY OR 22 USC 290o-5. AGAINST THE BANK. (a) JURISDICTION. —The United States district courts shall have original and exclusive jurisdiction of any civil action brought in the United States by or against the Bank. (b) VENUE. —For purposes of section 1391(b) of title 28, United States Code, the Bank shall be deemed to be a resident of the judicial district in which the principal office of the Bank in the United States, or its agent appointed for the purpose of accepting service or notice of service, is located. SEC. 708. EFFECTIVENESS OF AGREEMENT. 22 USC 290o-6. The Agreement shall have full force and effect in the United States, its territories and possessions, and the Commonwealth of Puerto Rico, upon acceptance of membership by the United States in the Bank and the entry into force of the A^eement. SEC. 709. EXEMPTION FROM SECURITIES LAWS FOR CERTAIN SECUM- 22 USC 290o-7. TIES ISSUED BY THE BANK; REPORTS REQUIRED. (a) EXEMPTION FROM SECURITIES LAWS; REPORTS TO SECURITIES AND EXCHANGE COMMISSION. —Any securities issued by the Bank (including any guaranty by the Bank, whether or not limited in scope) in connection with borrowing of funds, or the guarantee of securities as to both principal and interest, shall be deemed to be exempted securities within the meaning of section 3(a)(2) of the Securities Act of 1933 and section 3(a)(12) of the Securities Exchange Act of 1934. 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 specisd character of the Bank and its operations and necessary in the public interest or for the protection of investors. (b) AUTHORITY OF SECURITIES AND EXCHANGE COMMISSION TO SUSPEND EXEMPTION; REPORTS TO THE CONGRESS. —The Securities and Exchange Commission, acting in consultation with such agency or officer as the President shall designate, may suspend the provisions of subsection (a) 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 the Congress such information as it shall deem advisable with regard to the operations and effect of this section.

�