22 USC 290m-7 – First capital increase
Terms Used In 22 USC 290m-7
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- subscription: includes a mark when the person making the same intended it as such. See 1 USC 1
(a) Subscription authorized
(1) In general
The Secretary of the Treasury is authorized to subscribe on behalf of the United States to, and make payment for, 150,000 additional shares of the capital stock of the Bank.
(2) Limitation
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 general
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, $1,500,000,000 for payment by the Secretary of the Treasury.
(2) Allocation of funds
Of the amount authorized to be appropriated under paragraph (1)—
(A) $225,000,000 shall be for paid in shares of the Bank; and
(B) $1,275,000,000 shall be for callable shares of the Bank.