§ 286e. Payment of subscriptions to Fund and Bank by United States; issuance of special notes; income covered into Treasury
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The Secretary of the Treasury is authorized to pay the balance of the subscription of the United States to the Fund not provided for in subsection
(a)and to pay the subscription of the United States to the Bank from time to time when payments are required to be made to the Bank. For the purpose of making these payments, the Secretary of the Treasury is authorized to use as a public-debt transaction $8,675,000,000 of the proceeds of any securities hereafter issued under chapter 31 of title 31, and the purposes for which securities may be issued under that chapter are extended to include such purpose. Payment under this paragraph of the subscription of the United States to the Fund or the Bank and repayments thereof shall be treated as public-debt transactions of the United States.
For the purpose of keeping to a minimum the cost to the United States of participation in the Fund and the Bank, the Secretary of the Treasury, after paying the subscription of the United States to the Fund, and any part of the subscription of the United States to the Bank required to be made under article II, section 7(i), of the Articles of Agreement of the Bank, is authorized and directed to issue special notes of the United States from time to time at par and to deliver such notes to the Fund and the Bank in exchange for dollars to the extent permitted by the respective Articles of Agreement.
The special notes provided for in this paragraph shall be issued under the authority and subject to the provisions of chapter 31 of title 31, and the purposes for which securities may be issued under that chapter are extended to include the purposes for which special notes are authorized and directed to be issued under this paragraph, but such notes shall bear no interest, shall be nonnegotiable, and shall be payable on demand of the Fund or the Bank, as the case may be. The face amount of special notes issued to the Fund under the authority of this paragraph and outstanding at any one time shall not exceed in the aggregate the amount of the subscription of the United States actually paid to the Fund and the dollar equivalent of currencies and gold which the United States shall have purchased from the Fund in accordance with the Articles of Agreement, and the face amount of such notes issued to the Bank and outstanding at any one time shall not exceed in the aggregate the amount of the subscription of the United States actually paid to the Bank under article II, section 7(i) of the Articles of Agreement of the Bank.
Any payment made to the United States by the Fund or the Bank as a distribution of net income shall be covered into the Treasury as a miscellaneous receipt.
(July 31, 1945, ch. 339, § 7(b)–(d), 59 Stat. 514; Pub. L. 86–48, § 2, June 17, 1959, 73 Stat. 80; Pub. L. 87–490, § 2, June 19, 1962, 76 Stat. 105.)
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- July 31, 1945, ch. 339, § 7(b)
- 59 Stat. 514
- Pub. L. 86–48, § 2
- 73 Stat. 80
- Pub. L. 87–490, § 2
- 76 Stat. 105
- act July 31, 1945, ch. 339
- Pub. L. 97–258, § 4(a)
- 96 Stat. 1067
- Pub. L. 97–258, § 4(b)
- Pub. L. 87–490
- Pub. L. 86–48
- Pub. L. 96–544
- 94 Stat. 3213
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§ 286e
Payment of subscriptions to Fund and Bank by United States; issuance of special notes; income covered into Treasury
U.S.C.×7
Stat.×5
Stat. Comp.×1
ActJuly 31, 1945, ch. 339, § 7(b)
Stat.59 Stat. 514
Pub. L.Pub. L. 86–48, § 2
Stat.73 Stat. 80
Pub. L.Pub. L. 87–490, § 2
Cites 15 · showing 6Cited by 13 across 3 sources