Sec. 15.18. **[**[22 U.S.C. 286k–1](/us/usc/t22/s286k–1)**]**
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## Sec. 15.18 **[**[22 U.S.C. 286k–1](/us/usc/t22/s286k–1)**]** ###
(a)Any securities issued by International Bank for Reconstruction and Development (including any guaranty by the Bank, whether or not limited in scope), and any securities guaranteed by the Bank as to both principal and interest, shall be deemed to be exempted securities within the meaning of paragraph (A)(2) of section 3 of the Act of May 27, 1933, as amended (U.S.C., title 15, sec. 77c), and paragraph (a)(12) of section 3 of the Act of June 6, 1934, as amended (U.S.C., title 15, sec. 78c). 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 for the protection of investors. 18Sec. 15 was added by sec. 2 of Public Law 81–142 (63 Stat. 298–299). Sec. 1 of that Act provided as follows: ``That paragraph Seventh or section 8 of the National Bank Act, as amended (U.S.C., title 12, sec. 24), is amended by adding to the end thereof the following new sentence: “The limitations and restrictions herein contained as to dealing in and underwriting investment securities shall not apply to obligations issued by the International Bank for Reconstruction and Development which are at the time eligible for purchase by a national bank for its own account:* Provided,* That no association shall hold obligations issued by said bank as a result of underwriting, dealing, or purchasing for its own account (and for this purpose obligations as to which it is under commitment shall be deemed to be held by it) in a total amount exceeding at any one time 10 per centum of its capital stock actually paid in and unimpaired and 10 per centum of its unimpaired surplus fund”.''. Sec. 3 of Public Law 81–142 also provided as follows: ``suspension of right of international bank to issue securities under section 286k–1: report of securities and exchange commission **[**[22 U.S.C. 286k–2](/us/usc/t22/s286k–2). Heading inserted by United States Code.**]**. ``Sec. 3. 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 section 15(a) of the Bretton Woods Agreements Act at any time as to any or all securities issued or guaranteed by the Bank 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 Act and in connection therewith shall include any views submitted for such purpose by an association of dealers registered with the Commission.''. ### (b)19 * * * **[**Repealed—1989**]** 19Sec. 541 of the International Development and Finance Act of 1989 (Public Law 101–240; 103 Stat. 2518) consolidated several reporting requirements into new secs. 1701–1703 and titles XVIII and XIX of the International Financial Institutions Act and repealed duplicative requirements in other legislation. Sec. 541(d)(1) of the International Development and Finance Act of 1989 (Public Law 101–240; 103 Stat. 2518) repealed sec. 15(b), which read as follows: ``The reports of the National Advisory Council provided for in section 4(a)(6) of the Bretton Woods Agreements Act shall also cover and include the effectiveness of the provisions of section 15(a) of this Act and the exemption for securities issued by the Bank provided by Section 8 of the National Bank Act in facilitating the operations of the Bank and the extent to which the operations of the Bank may assist in financing European recovery and the reconstruction and development of the economic resources of member countries of the Bank and the recommendations of the Council as to any modifications it may deem desirable in the provisions of this Act.''.
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- 22 USC 286k–1
- Pub. L. 81-142
- 63 Stat. 298
- 22 USC 286k–2
- Pub. L. 101-240
- 103 Stat. 2518
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Sec. 15.18
**[**[22 U.S.C. 286k–1](/us/usc/t22/s286k–1)**]**
Cite22 USC 286k–1
Pub. L.Pub. L. 81-142
Stat.63 Stat. 298
Cite22 USC 286k–2
Pub. L.Pub. L. 101-240
Cites 6 · showing 5Cited by 0 across 0 sources