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 Untied 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 benefically owned by United States citizens, or (2) has taken steps to repudiate or nullify existing agreements with any United States citizen, corporation, partnership, or association not less than 50 percent benefically owned by United States citizens, or (3) has imposed discriminatory taxes or other exactions, or restrictive maintence 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 (4) fails within a reasonable time to take appropriate steps to discharge its obligations under international law toward such citizen or entity.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 3 August 1973

  Open at official source

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