African Development Fund Act

Summary

African Development Fund Act - Authorizes the President to accept participation for the United States in the African Development Fund of the United Nations. Directs the President by and with the advice and consent of the Senate, to appoint a Governor, Alternate Governor, Director, and Alternate Director of the Fund. Authorizes to be appropriated without fiscal year limitation, as the United States subscription, $15,000,000 to be paid by the Secretary of the Treasury to the Fund in three annual installments of $5,000,000 each. States that the agreement shall have full force and effect in the United States. Provides that the President shall instruct the United States Director to vote against any utilization of funds of the Fund for the benefit of any country when such country; (1) has nationalized, expropriated or seized property owned by any United States citizen, corporation, partnership, or association not less than 50 percent beneficially owned by United States citizens; or (2) has taken to repudiate or nullify existing agreements with any United States citizen, corporation, partnership, or association not less than 50 percent beneficially owned by United Staes citizens; or (3) has imposed discriminatory taxes or other exactions, or restrictive maintenance or operational conditions, or has taken other actions, which have the effect of nationalizing, expropriating, or otherwise seizing ownership or control of property so owned, and has failed within a reasonable time to take appropriate steps to discharge its obligations under international law toward such citizen or entity.

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1 official file

• Introduced in House

  summary · EN · 4 March 1975

  Open at official source

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