Subscription of stock

Source Credit

(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
(A) In general
Not more than $105,000,000 of the amounts appropriated pursuant to subsection (b) may be obligated for subscription to shares of paid-in capital stock.
(B) Fiscal year 1997
Not more than $52,500,000 of the amounts appropriated pursuant to subsection (b) for fiscal year 1997 may be obligated for subscription to shares of paid-in capital stock.
(2) Callable capital stock
Not more than $787,505,852 of the amounts appropriated pursuant to subsection (b) may be obligated for subscription to shares of callable capital stock.
(d) Disposition of net income distributions by Bank
Any payment made to the United States by the Bank as a distribution of net income shall be covered into the Treasury as a miscellaneous receipt.

History

(Pub. L. 104–208, div. A, title I, §101(c) [title VII, §706], Sept. 30, 1996, 110 Stat. 3009–121, 3009–179.)