22 USC 282l – Capital stock increase
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(a) Subscription authorized
(1) In general
The United States Governor of the Corporation may—
(A) vote for an increase of 1,000,000 shares in the authorized capital stock of the Corporation; and
(B) subscribe on behalf of the United States to 250,000 additional shares of the capital stock of the Corporation.
(2) Prior appropriation required
The subscription authority provided in paragraph (1) shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.
(b) Limitations on authorization of appropriations
In order to pay for the subscription authorized in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $50,000,000 for payment by the Secretary of the Treasury.
Terms Used In 22 USC 282l
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- subscription: includes a mark when the person making the same intended it as such. See 1 USC 1