22-U.S.C.-290M-5
§290M-5 – §290M-5. Grants Out of Paid-In Capital Resources
Pathway
Title 22 > Chapter 7 > Subchapter XXVIII > Section 290m-5
Details
- Reference: Section 290m-5
- Legend: §290M-5 – §290M-5. Grants Out of Paid-In Capital Resources
- USCode Year: 2013
Provision Content
(a) In general
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 Banks paid-in capital resources, except for grants from paid-in capital authorized for the community adjustment and investment program under the Banks 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 rule
The 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) Limitation
Not 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.)
U.S. Encyclopedia of Law Coverage
Subchapter XXVII – European Bank For Reconstruction and Development in the Legal Encyclopedia: Foreign Relations
In this entry about Subchapter XXVII – European Bank For Reconstruction and Development, find legal reference material, bibliographies and premiere content related to foreign relations in the American Encyclopedia of Law, presenting a comprehensive view of the United States foreign relations-specific issues, written by authorities in the field.
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