§ 1727d. Local currency accounts
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/usc/title-7/section-1727dA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Retention of proceeds To the extent determined to be appropriate by the Administrator, revenues generated from the sale, under section 1727c(2) of this title, of agricultural commodities provided under this subchapter shall be deposited into a separate account (that may be interest bearing) in the recipient country to be disbursed for the benefit of such country in accordance with local currency agreements entered into between the recipient country and the Administrator. The Administrator may determine not to deposit such revenues in a separate account if—
(1)local currencies are to be programmed for specific economic development purposes listed in section 1727e(a) of this title; and
(2)the recipient country programs an equivalent amount of money for such purposes as specified in an agreement entered into by the Administrator and the recipient country.
(b)Ownership and programming of accounts The proceeds of sales pursuant to section 1727c(2) of this title shall be the property of the recipient country or the United States, as specified in the applicable agreement. Such proceeds shall be utilized for the benefit of the recipient country, shall be jointly programmed by the Administrator and the government of the recipient country, and shall be disbursed for the benefit of such country in accordance with local currency agreements between the Administrator and that government.
(c)Overall development strategy The Administrator shall consider the local currency proceeds as an integral part of the overall development strategy of the Agency for International Development and the recipient country.
(July 10, 1954, ch. 469, title III, § 305, as added Pub. L. 95–88, title II, § 211(a)(2), Aug. 3, 1977, 91 Stat. 550; amended Pub. L. 95–424, title II, § 203, Oct. 6, 1978, 92 Stat. 955; Pub. L. 96–53, title II, §§ 204(b), 206, Aug. 14, 1979, 93 Stat. 369; Pub. L. 101–624, title XV, § 1512, Nov. 28, 1990, 104 Stat. 3643.)
Connections7 cite this · traces to 5
Cited by 7 sections · top 6
statutes-at-large
- Public Law 96–53To authorize appropriations for fiscal year 1980 for international development and economic assistance programs and for the Peace Corps, and for other purposes
- Public Law 95–88To amend the Foreign Assistance Act of 1961 to authorize development assistance programs for fiscal year 1978, to amend the Agricultural Trade Development and Assistance Act of 1954 to make certain changes in the authorities of that Act. and for other purposes
- Public Law 95–424To amend the Foreign Assistance Act of 196i to authorize development and economic assistance programs for fiscal year 1979, to make certain changes in the authorities of that Act and the Agricultural Trade Development and Assistance Act of 1954, to improve the coordination and administration of Unit
- Public Law 101–624To extend and revise agricultural price support and related programs, to provide for agricultural export, resource conservation, farm credit, and agricultural research and related programs, to ensure consumers an abundance of food and fiber at reasonable prices, and for other purposes
statute-compilations
23 references not yet in our index
- July 10, 1954, ch. 469
- Pub. L. 95–88, title II, § 211(a)(2)
- 91 Stat. 550
- Pub. L. 95–424, title II, § 203
- 92 Stat. 955
- Pub. L. 96–53, title II
- 93 Stat. 369
- Pub. L. 101–624, title XV, § 1512
- 104 Stat. 3643
- act July 10, 1954, ch. 469, title III
- 68 Stat. 459
- section 1694 of this title
- Pub. L. 89–808, § 2(D)
- 80 Stat. 1535
- Pub. L. 101–624
- Pub. L. 96–53, § 206
- Pub. L. 96–53, § 204(b)
- Pub. L. 95–424
- section 1513 of Pub. L. 101–624
- Pub. L. 96–53
- section 512(a) of Pub. L. 96–53
- section 605 of Pub. L. 95–424
- section 215 of Pub. L. 95–88
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cites case law
§ 1727d
Local currency accounts
Stat.×5
Stat. Comp.×1
U.S.C.×1
ActJuly 10, 1954, ch. 469
Pub. L.Pub. L. 95–88, title II, § 211(a)(2)
Stat.91 Stat. 550
Pub. L.Pub. L. 95–424, title II, § 203
Stat.92 Stat. 955
Cites 28 · showing 10Cited by 7 across 3 sources