22 USC 282p – Capital increases and amendment to the Articles of Agreement
(a) Votes authorized
The United States Governor of the Corporation is authorized to vote in favor of—
(1) a resolution to increase the authorized capital stock of the Corporation by 16,999,998 shares, to implement the conversion of a portion of the retained earnings of the Corporation into paid-in capital, which will result in the United States being issued an additional 3,771,899 shares of capital stock, without any cash contribution;
(2) a resolution to increase the authorized capital stock of the Corporation on a general basis by 4,579,995 shares; and
(3) a resolution to increase the authorized capital stock of the Corporation on a selective basis by 919,998 shares.
(b) Amendment of the Articles of Agreement
Terms Used In 22 USC 282p
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
The United States Governor of the Corporation is authorized to agree to and accept an amendment to article II, section 2(c)(ii) of the Articles of Agreement of the Corporation that would increase the vote by which the Board of Governors of the Corporation may increase the capital stock of the Corporation from a four-fifths majority to an eighty-five percent majority.