1. U.S. Code
  2. title 22
  3. chapter 7
  4. subchapter XXIV
  5. § 290i-5

Collapse to view only § 290i-5. Federal Reserve banks as depositories

§ 290i. Acceptance of membership

The President is hereby authorized to accept membership for the United States in the African Development Bank (hereinafter in this subchapter referred to as the “Bank”) provided for by the agreement establishing the Bank (hereinafter in this subchapter referred to as the “agreement”) deposited in the archives of the United Nations.

(Pub. L. 97–35, title XIII, § 1332, Aug. 13, 1981, 95 Stat. 741.)

CITE AS: 22 USC 290i

§ 290i–1. Governor and Alternate Governor
(a) Appointment
The President shall appoint a Governor and an Alternate Governor of the Bank—
(1) by and with the advice and consent of the Senate; or
(2) from among individuals serving as officials required by law to be appointed by and with the advice and consent of the Senate.
(b) Term; termination and reappointment
(c) Compensation and expenses
(d) Voting
(Pub. L. 97–35, title XIII, § 1333, Aug. 13, 1981, 95 Stat. 741; Pub. L. 101–513, title V, § 562(b)(3), Nov. 5, 1990, 104 Stat. 2034; Pub. L. 112–166, § 2(z)(1), Aug. 10, 2012, 126 Stat. 1289.)

CITE AS: 22 USC 290i-1

§ 290i–2. Director or Alternate Director; allowances
(a) The President, by and with the advice and consent of the Senate, shall appoint a Director of the Bank.
(b) The Director or Alternate Director representing the United States, if citizens of the United States, may, in the discretion of the President, receive such compensation, allowances, and other benefits as, together with those received from the Bank and from the African Development Fund, may not exceed those authorized for a chief of mission under the Foreign Service Act of 1980 [22 U.S.C. 3901 et seq.].
(Pub. L. 97–35, title XIII, § 1334, Aug. 13, 1981, 95 Stat. 741; Pub. L. 112–166, § 2(z)(2), Aug. 10, 2012, 126 Stat. 1289.)

CITE AS: 22 USC 290i-2

§ 290i–3. Applicability of Bretton Woods Agreements Act

The provisions of section 4 of the Bretton Woods Agreements Act (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.

(Pub. L. 97–35, title XIII, § 1335, Aug. 13, 1981, 95 Stat. 741; Pub. L. 101–240, title V, § 541(e)(7), Dec. 19, 1989, 103 Stat. 2519.)

CITE AS: 22 USC 290i-3

§ 290i–4. Restrictions
(a)1
1 So in original. No subsec. (b) has been enacted.
Unless authorized by law, neither the President, nor any person or agency, shall, on behalf of the United States—
(1) subscribe to additional shares of stock of the Bank;
(2) vote for or agree to any amendment of the agreement which increases the obligations of the United States, or which changes the purpose or functions of the Bank; or
(3) make a loan or provide other financing to the Bank, except that funds for technical assistance may be provided to the Bank by a United States agency created pursuant to an Act of Congress which is authorized by law to provide funds to international organizations.
(Pub. L. 97–35, title XIII, § 1336, Aug. 13, 1981, 95 Stat. 742.)

CITE AS: 22 USC 290i-4

§ 290i–5. Federal Reserve banks as depositories

Any Federal Reserve bank which is requested to do so by the Bank shall act as its depository or as its fiscal agent, and the Board of Governors of the Federal Reserve System shall supervise and direct the carrying out of these functions by the Federal Reserve banks.

(Pub. L. 97–35, title XIII, § 1337, Aug. 13, 1981, 95 Stat. 742.)

CITE AS: 22 USC 290i-5

§ 290i–6. Subscription to stock
(a) Authorization of United States subscription to stock
(b) Authorization of appropriations
(c) Distributions by Bank
(Pub. L. 97–35, title XIII, § 1338, Aug. 13, 1981, 95 Stat. 742.)

CITE AS: 22 USC 290i-6

§ 290i–7. Jurisdiction of United States courts

For the purposes of any civil action which may be brought within the United States, its territories or possessions, or the Commonwealth of Puerto Rico, by or against the Bank in accordance with the agreement, the Bank shall be deemed to be an inhabitant of the Federal judicial district in which its principal office within the United States or its agent appointed for the purpose of accepting service or notice of service is located, and any such action to which the Bank shall be a party shall be deemed to arise under the laws of the United States, and the district courts of the United States, including the courts enumerated in section 460 of title 28, shall have original jurisdiction of any such action. When the Bank is defendant in any action in a State court, it may at any time before the trial thereof remove the action into the appropriate district court of the United States by following the procedure for removal provided in section 1446 of title 28.

(Pub. L. 97–35, title XIII, § 1339, Aug. 13, 1981, 95 Stat. 742.)

CITE AS: 22 USC 290i-7

§ 290i–8. Force and effect of agreement

Paragraph 5 of article 49, articles 50 through 59, and the other provisions of the agreement shall have full force and effect in the United States, its territories and possessions, and the Commonwealth of Puerto Rico, upon acceptance of membership by the United States in the Bank. The President, at the time of deposit of the instrument of acceptance of membership by the United States in the Bank, shall also deposit a declaration as provided in article 64, paragraph 3, of the agreement that the United States retains for itself and its political subdivisions the right to tax salaries and emoluments paid by the Bank to United States citizens or nationals.

(Pub. L. 97–35, title XIII, § 1340, Aug. 13, 1981

CITE AS: 22 USC 290i-8

§ 290i–9. Securities issued by Bank; Securities and Exchange Commission oversight
(a) Treatment as exempt securities; reports to Securities and Exchange Commission
(b) Suspension of provisions; reports to Congress
(Pub. L. 97–35, title XIII, § 1341, Aug. 13, 1981, 95 Stat. 743.)

CITE AS: 22 USC 290i-9

§ 290i–10. Authorization of United States subscription to stock; authorization of appropriations
(a) The United States Governor of the Bank is authorized to agree to subscribe on behalf of the United States to fifty-nine thousand, six hundred and thirty-two shares of the capital stock of the Bank, except that the subscription shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.
(b) In order to pay for the United States subscription authorized in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $719,370,633, for payment by the Secretary of the Treasury.
(Pub. L. 97–35, title XIII, § 1343, as added Pub. L. 100–202, § 101(e) [title I], Dec. 22, 1987, 101 Stat. 1329–131, 1329–134.)

CITE AS: 22 USC 290i-10

§ 290i–11. Sixth capital increase
(a) Subscription authorized
(1) The United States Governor of the Bank may subscribe on behalf of the United States to 289,391 additional shares of the capital stock of the Bank.
(2) Any subscription by the United States to the capital stock of the Bank shall be effective only to such extent and in such amounts as are provided in advance in appropriations Acts.
(b) Limitations on authorization of appropriations
(1) In order to pay for the increase in the United States subscription to the Bank under subsection (a), there are authorized to be appropriated, without fiscal year limitation, $4,322,228,221 for payment by the Secretary of the Treasury.
(2) Of the amount authorized to be appropriated under paragraph (1)—
(A) $259,341,759 shall be for paid in shares of the Bank; and
(B) $4,062,886,462 shall be for callable shares of the Bank.
(Pub. L. 97–35, title XIII, § 1344, as added Pub. L. 112–74, div. I, title VII, § 7081(d), Dec. 23, 2011, 125 Stat. 1260.)

CITE AS: 22 USC 290i-11

§ 290i–12. Seventh capital increase
(a) Subscription authorized
(1) In general
(2) Limitation
(b) Authorization of appropriations
(1) In general
(2) Share types
Of the amount authorized to be appropriated under paragraph (1)—
(A) $437,190,016 shall be for paid in shares of the Bank; and
(B) $6,849,396,992 shall be for callable shares of the Bank.
(Pub. L. 97–35, title XIII, § 1345, as added Pub. L. 116–136, div. B, title XI, § 21012(b)(3), Mar. 27, 2020, 134 Stat. 594.)

CITE AS: 22 USC 290i-12