The President shall instruct the United States Federal Government representatives on the Board of Directors of the North American Development Bank to oppose any proposal where grants out of the Bank’s paid-in capital resources, except for grants from paid-in capital authorized for the community adjustment and investment program under the Bank’s charter of 1993, would—
(1)be made to a project that is not being financed, in part, by loans; or
(2)account for more than 50 percent of the financing of any individual project.
(1) General rule
The requirements of subsection (a) of this section shall not apply in cases where—
(A)the President determines there are exceptional economic circumstances for making the grant and consults with the Committee on Foreign Relations of the Senate and the Committee on Financial Services of the House of Representatives; or
(i)the grant is being made for a project that is so small that obtaining a loan is impractical; and
(ii)the grant does not exceed $250,000.
Not more than an aggregate of $5,000,000 in grants may be made under this subsection.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Description of Change
Statutes at Large
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