2015 US Code
Title 22 - Foreign Relations and Intercourse (Sections 1 - 9141)
Chapter 7 - International Bureaus, Congresses, Etc. (Sections 261 - 290q)
Subchapter XXVIII - North American Development Bank and Related Provisions (Sections 290m - 290m-6)
Sec. 290m-5 - Grants out of paid-in capital resources
| Publication Title | United States Code, 2012 Edition, Supplement 3, Title 22 - FOREIGN RELATIONS AND INTERCOURSE |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 22 - FOREIGN RELATIONS AND INTERCOURSE CHAPTER 7 - INTERNATIONAL BUREAUS, CONGRESSES, ETC. SUBCHAPTER XXVIII - NORTH AMERICAN DEVELOPMENT BANK AND RELATED PROVISIONS Sec. 290m-5 - Grants out of paid-in capital resources |
| Contains | section 290m-5 |
| Date | 2015 |
| Laws In Effect As Of Date | January 3, 2016 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 103-182, title V, §546, as added Pub. L. 108-215, §1(b), Apr. 5, 2004, 118 Stat. 579. |
| Statutes at Large Reference | 118 Stat. 579 |
| Public and Private Law | Public Law 103-182, Public Law 108-215 |
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The President shall instruct the United States Federal Government representatives on the Board of Directors of the North American Development Bank to oppose any proposal where grants out of the Bank's paid-in capital resources, except for grants from paid-in capital authorized for the community adjustment and investment program under the Bank's charter of 1993, would—
(1) be made to a project that is not being financed, in part, by loans; or
(2) account for more than 50 percent of the financing of any individual project.
(b) Exception(1) General ruleThe requirements of subsection (a) of this section shall not apply in cases where—
(A) the President determines there are exceptional economic circumstances for making the grant and consults with the Committee on Foreign Relations of the Senate and the Committee on Financial Services of the House of Representatives; or
(B)(i) the grant is being made for a project that is so small that obtaining a loan is impractical; and
(ii) the grant does not exceed $250,000.
(2) LimitationNot more than an aggregate of $5,000,000 in grants may be made under this subsection.
(Pub. L. 103–182, title V, §546, as added Pub. L. 108–215, §1(b), Apr. 5, 2004, 118 Stat. 579.)
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