Page:United States Statutes at Large Volume 110 Part 4.djvu/342

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110 STAT. 300^179 PUBLIC LAW 104-208—SEPT. 30, 1996 Bank for Economic Cooperation and Development in the Middle East and North Africa Act 22 USC 290o note. 22 USC 290o. 22 USC 290O-1. TITLE VII—MIDDLE EAST DEVELOPMENT BANK SEC. 701. SHORT TITLE. This title may be cited as the "Bank for Economic Cooperation and Development in the Middle East and North Africa Act". SEC. 702. ACCEPTANCE OF MEMBERSHIP. The President is hereby authorized to accept membership for the United States in the Bank for Economic Cooperation and Development in the Middle East and North Africa (in this title referred to as the "Bank") provided for by the agreement establishing the Bank (in this title referred to as the "Agreement"), signed on May 31, 1996. SEC. 703. GOVERNOR AND ALTERNATE GOVERNOR. (a) APPOINTMENT,—At the inaugural meeting of the Board of Governors of the Bank, the Governor and the alternate for the Governor of the International Bank for Reconstruction and Development, appointed pursuant to section 3 of the Bretton Woods Agreements Act, shall serve ex-officio as a Governor and the alternate for the Governor, respectively, of the Bank. The President, by and with the advice and consent of the Senate, shall appoint a Governor of the Bank and an alternate for the Governor. (b) COMPENSATION.— Any person who serves as a governor of the Bank or as an alternate for the Governor may not receive any salary or other compensation from the United States by reason of such service. SEC. 704. APPLICABILITY OF CERTAIN PROVISIONS OF THE BRETTON WOODS AGREEMENTS ACT. Section 4 of the Bretton Woods Agreements Act shall apply to the Bank in the same manner in which such section applies to the International Bank for Reconstruction and Development and the International Monetary Fund. 22 USC 290O-3. SEC. 705. FEDERAL RESERVE BANKS AS DEPOSITORIES. Any Federal Reserve Bank which is requested to do so by the Bank may act as its depository, or as its fiscal agent, and the Board of Gfovemors of the Federal Reserve System shall exercise general supervision over the carrying out of these functions. SEC. 706. SUBSCRIPTION OF STOCK. 22 USC 290O-2. 22 USC 290O-4. (a) SUBSCRIPTION AUTHORITY.— (1) IN GENERAL.— The Secretary of the Treasury may subscribe on behalf of the United States to not more than 7,011,270 shares of the capital stock of the Bank. (2) EFFECTIVENESS OF SUBSCRIPTION COMMITMENT.Any commitment to make such subscription shall be effective only to such extent or in such amounts as are provided for in advance by appropriations Acts. (b) LIMITATIONS ON AUTHORIZATION OF APPROPRIATIONS. —For payment by the Secretary of the Treasury of the subscription of the United States for shares described in subsection (a), there are authorized to be appropriated $1,050,007,800 without fiscal year limitation. (c) LIMITATIONS ON OBLIGATION OF APPROPRIATED AMOUNTS FOR SHARES OF CAPITAL STOCK.— (1) PAID-IN CAPITAL STOCK. —