Page:United States Statutes at Large Volume 83.djvu/843

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[83 STAT. 815]
[83 STAT. 815]
PUBLIC LAW 91-000—MMMM. DD, 1969

83 STAT. ]

PUBLIC LAW 91-175-DEC. 30, 1969

"(c) All guaninties issued prior to July 1, 1956, all guaranties issued under sections 202(b) and 413(b) of the Mutual Security Act of 1954, as amended, all guaranties heretofore issued pursuant to prior guaranty authorities repealed by the Foreign Assistance Act of 1969, and all insurance and guaranties issued pursuant to this title shall constitute obligations, in accordance with the terms of such insurance or guaranties, of the United States of America and the full faith and credit of the United States of America is hereby pledged for the full payment and performance of such obligations. " (d) Fees shall be charged for insurance and guaranty coverage in amounts to be determined by the Corporation. I n the event fees to be charged for investment insurance or guaranties are reduced, fees to be paid under existing contracts for the same type of guaranties or insurance and for similar guaranties issued under predecessor guaranty authority may be reduced. " (e) No insurance or guaranty of any equity investment shall extend beyond twenty years from the date of issuance. "(f) No insurance or guaranty issued under this title shall exceed the dollar value, as of the date of the investment, of the investment made in the y^roject with the approval of the Corporation plus interest, earnings or profits actually accrued on said investment to the extent provided by such insurance or guaranty. " (g) No payment may be made under any guaranty issued pursuant to this title for any loss arising out of fraud or misrepresentation for which the party seeking payment is responsible. " (h) Insurance or guaranties of a loan or equity investment of an eligible investor in a foreign bank, finance company, or other credit institution shall extend only to such loan or equity investment and not to any individual loan or ecpiity investment made by such foreign bank, finance company, or other credit institution. "(i) (^laiins arising as a result of insurance or guaranty operations under this title or under predecessor guaranty authority may be settled, and disputes arising as a result thereof may be arbitrated with the consent of the Darties, on such terms and conditions as the Corporation may determine. Payment made pursuant to any such settlement, or as a result of an arbitration award, shall be final and conclusive notwithstanding any other provisi(m of law. "(j) Each guaranty contract executed by such officer or officers as may be designated by the Board shall be conclusively presumed to be issued in compliance with the requirements of this Act. " (k) I n making a determination to issue insurance or a guaranty under this title, the Corporation shall consider the possible adverse effect of the dollar investment under such insurance or guaranty upon the balance of payments of the United States. "SEC. 238. Dp:FiN'rriONS.—As used in this title— " (a) the term 'investment' includes any contribution of funds, commodities, services, patents, processes, or techniques, in the form of (1) a loan or loans to an approved project, (2) the purchase of a share of ownership in any such project, (3) participation in royalties, earnings, or profits of any such project, and (4) the furnishing of commodities or services pursuant to a lease or other contract; "(b) the term 'expro]iriation' includes, but is not limited to, any abrogation, repudiation, or impairment by a foreign government of its own contract with an investor with respect to a project, where such abrogation, repudiation, or impairment is not caused by the investor's own fault or misconduct, and materially adversely affects the continued operation of the project;

815

7 1 Stat. 357. 22 USC 1872

note.

6 8 Stat. 84(5. 22 USC 1933

note.

Insurance fees

eiaims settlement.