Notes on 22 U.S.C. § 1942 : US Code - Notes

Search Notes on 22 U.S.C. § 1942 : US Code - Notes

(Pub. L. 86-735, Sec. 1, Sept. 8, 1960, 74 Stat. 869.)
CODIFICATION
This section was not enacted as part of the Mutual Security Act
of 1954 which comprises this chapter.
SHORT TITLE
Pub. L. 88-205, pt. IV, Sec. 401(a), Dec. 16, 1963, 77 Stat. 390,
amended Pub. L. 86-735 to provide: "That this Act [enacting this
section and sections 1943 to 1945 of this title and amending
section 1753a of this title] may be cited as the 'Latin American
Development Act'."
REVISION OF SOCIAL PROGRESS TRUST FUND AGREEMENT
Pub. L. 93-189, Sec. 36, Dec. 17, 1973, 87 Stat. 734, as amended
by Pub. L. 97-113, title VII, Sec. 734(a)(9), Dec. 29, 1981, 95
Stat. 1560, provided that:
"(a) The President or his delegate shall seek, as soon as
possible a revision of the Social Progress Trust Fund Agreement
(dated June 19, 1961) between the United States and the Inter-
American Development Bank. Such revision should provide for the -
"(1) periodic transfer of unencumbered capital resources of
such trust fund, and of any future repayments or other accruals
otherwise payable to such trust fund, to the Inter-American
Foundation, to be administered by the Foundation for purposes of
part IV of the Foreign Assistance Act of 1969 (22 U.S.C. 290f and
following);
"(2) utilization of such unencumbered capital resources, future
repayments, and other accruals by the Inter-American Development
Bank for purposes of sections 1 and 2 of the Latin American
Development Act (22 U.S.C. 1942 and 1943) in such a way that the
resources received in the currencies of the more developed member
countries are utilized to the extent possible for the benefit of
the lesser developed member countries; or
"(3) both the transfer described in paragraph (1) and the
utilization described in paragraph (2).
"(b) Any transfer or utilization under this section shall be in
such proportions as may be agreed to between the United States and
the Inter-American Development Bank.
"(c) Any transfer under subsection (a)(1) shall be in the
amounts, and in available currencies, determined in consultation
with the Inter-American Foundation, to be required for its program
purposes.
"(d) The revision of the Social Progress Trust Fund Agreement
pursuant to this section shall provide that the President or his
delegate shall specify, from time to time, after consultation with
the Inter-American Development Bank, the particular currencies to
be used in making the transfer or utilization described in this
section.
"(e) [Repealed. Pub. L. 97-113, title VII, Sec. 734(a)(9), Dec.
29, 1981, 95 Stat. 1560]."
[For amendment of provisions of section 36 of Pub. L. 93-189, set
out above, see Pub. L. 106-113, div. B, Sec. 1000(a)(2) [title V,
Sec. 586(h)(2), (j)], Nov. 29, 1999, 113 Stat. 1535, 1501A-120, set
out in an Abolition of the Inter-American Foundation note under
section 290f of this title.]
DELEGATION OF RESPONSIBILITIES RELATED TO THE LATIN AMERICAN
DEVELOPMENT ACT OF 1960
Memorandum of President of the United States, May 30, 2001, 66
F.R. 30629, provided:
Memorandum for the Secretary of State
By the authority vested in me by the Constitution and laws of the
United States of America, including section 301 of title 3 of the
United States Code, I hereby delegate to the Secretary of State the
functions conferred upon the President by the Latin American
Development Act of 1960, 22 U.S.C. 1942 et seq.
The functions delegated by this memorandum may be redelegated as
appropriate.
You are authorized and directed to publish this memorandum in the
Federal Register.
George W. Bush.