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 73 S T A T. ]

299

PUBLIC LAW 86-147-AUG. 7, 1959

Public Law 86-147 AN ACT To provide for the participation of the United States in the Inter-American Development Bank. Be it enacted by the Senate an^d House of Representatives United States of America in Congress assembled,

August 7, 1959 [S. 1928]

of the

SHORT TITLE

1. This Act may be cited as the "Inter-American Development Bank Act". SECTION

ACCEPTANCE OF

I n t er-American Development Bank Act.

MEMBERSHIP

SEC. 2. The President is hereby authorized to accept membership for the United States in the Inter-American Development Bank (hereinafter referred to as the " B a n k "), provided for by the agreement establishing the bank (hereinafter referred to as the "agreement") deposited in the archives of the Organization of American States. GOVERNOR,

ALTERNATE

GOVERNOR,

AND

EXECUTIVE

DIRECTOR

SEC. 3. (a) The President, by and with the advice and consent of the Senate, shall appoint a Governor of the Bank and an alternate for the Governor. The term of office for the governor and the alternate Governor shall be five years, but each shall remain in office until a successor has been appointed. (b) The President, by and with the advice and consent of the Senate, shall appoint an Executive Director of the Bank. Except as provided for in article X V, section 3, of the agreement, the term of office for the Executive Director shall be three years, but he shall remain in office until a successor has been appointed. (c) No person shall be entitled to receive any salary or other compensation from the United States for services as a Governor, Alternate Governor, or Executive Director. N A T I O N A L ADVISORY C O U N C I L ON INTERNATIONAL MONETARY A N D F I N A N C I A L PROBLEMS

SEC. i. The provisions of section 4 of the Bretton Woods Agreements Act, as amended (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. Reports with respect to the Bank under paragraphs (5) and (6) of subsection (b) of section 4 of said Act, as amended, shall be included in the first report made thereunder after the establishment of the Bank and in each succeeding report. CERTAIN ACTS N O T TO BE T A K E N W I T H O U T AUTHORIZATION

SEC. 5. Unless Congress by law authorizes such action, neither the President nor any person or agency shall, on behalf of the United States, (a) subscribe to additional shares of stock under article II, section 3 of the agreement; (b) request or consent to any change in the quota of the United States under article IV, section 3, of the agreement; (c) accept any amendment under article X II of the agreement; or (d) make a loan or provide other financing to the Bank, except that loans or other financing may be provided to the Bank by a United States agency created pursuant to an Act of Congress which is authorized by law to make loans or provide other financing to international 32716 O-60—22

59 Stat. 512.

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