Page:United States Statutes at Large Volume 84 Part 2.djvu/328

 1658

PUBLIC LAW 91-599-DEC. 30, 1970

[84 STAT.

Chapter 2.—INTER-AMERICAN DEVELOPMENT BANK Sec.

21. Amendment of Inter-American Development Bank Act.

§ 21. Amendment of Inter-American Development Bank Act (a) The Inter-American Development Bank Act (22 U.S.C. 28382^staTri68!^' 283n) is amended by adding at the end thereof the following new section: "SEC. 18. (a) The United States Governor of the Bank is hereby authorized to vote in favor of the two resolutions proposed by the Governors at their annual meeting in April 1970 and now pending before the Board of Gt)vernors of the Bank, which provide for (1) an increase in the authorized capital stock to the Bank and additional subscriptions of members thereto and (2) an increase in the resources of the Fund for Special Operations and contributions thereto. Upon adoption of such resolutions the United States Governor is authorized to agree on behalf of the United States (1) to subscribe to eighty-two thousand three hundred and fifty-two shares of $10,000 par value of the increase in the authorized capital stock of the Bank of which sixty-seven thousand three hundred and fifty-two shall be callable shares and fifteen thousand shall be paid in and (2) to pay to the Fund for Special Operations an initial annual installment of $100,000,000 and, upon further authorization by the Congress, two subsequent annual installments of $450,000,000 each, in accordance with and subject to the terms and conditions of such resolutions. Appropriation. "(b) There are hereby authorized to be appropriaited, without fiscal year limitation, the amounts necessary for payment by the Secretary of the Treasury of (1) three annual nistallments of $50,000,000 each for the United States subscription to paid-in capital stock of the Bank; (2) two installments of $336,760,000 each for the United States subscription to the callable capital stock of the Bank; and (3) one installment of $100,000,000 for the United States share of the increase in the resources of the Fund for Special Operations of the Bank." (b) The first sentence of section 3(b) of the Inter-American Development Bank Act (22 U.S.C. 283a(b)) is amended by inserting immediately before the period at the end thereof the following: "and an alternate Executive Director". Chapter 3.—ANNUAL REPORT OF NATIONAL ADVISORY COUNCIL §31. Annual report The National Advisory Council on International Monetary and Financial Policies shall include in its annual report to the Congress (1) a statement with respect to each loan approved and outstanding, made by the International Bank for Reconstruction and Development, the International Development Association, the Inter-American Development Bank, and the Asian Development Bank, including an evaluation of new loans made by said organization and a progress report of the project covered by each loan, and a discussion of how each loan will benefit the people of the recipient country, and (2) a statement on steps taken jointly and individually by member countries of the Inter-American Development Bank to restrain their military expenditures, and to preserve and strengthen free and democratic institutions.

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