or vale a Jaroration provided insurance, reinsur mes ir innng under this title before the date rect. 1 his subsection and which is in the Corpora A BAD-Whoever knowingly makes any rear or wilfully_overvalues any land, propthe purpose of influencing in any way the acwith respect to any insurance, reinsurance, scure mestzzent, or other activity of the Cory change or extension of any such arte, loan, equity investment, or acrement of action or otherwise, or the accepton of security therefor, shall be fined not 0 12 be imprisoned not more than 30 years, or RRENCIES.-Direct loans or investments e value of funds received in inconvertCorporation as a result of activities on 234(a) shall not be considered in deoration has made or has outstanding ee extent of any limitation on obligations sed by or pursuant to this title. The of the Federal Credit Reform Act of art can obligations made with funds de Behitus-As used in this title ener Nation" includes, but is not limited to Station, or impairment by a foreign gov exterset with an investor with respect to PANO? Arstion, repudiation, or impairment i esar's own fault or misconduct, and ma • We continued operation of the project De vestor" means: (1) United States citie in **!2rtnerships, or other associations Vicons, created under the laws of th Sater territory thereof, or the District Ome artially beneficially owned by Unite oren corporations, partnerships, * owned by one or more such Unite thug tot of 1992 (Public Law 102-549; 106 Stat. 365 g here kraf 1992 (Public Law 102-549; 106 Stat. 365 106 of the FA Act of 1969. w wwe 2 sec. 7 of the OPIC Amendments Act of 199 A was added by sec. 17(a) of the OPIC Amendmen ミ States citizens, corporations, partnerships, or other associations: Provided however, That the eligibility of such foreign corporation shall be determined without regard to any shares, in aggregate less than 5 per centum of the total issued and subscribed share capital,269 held by other than the United States owners: Provided further, That in the case of any loan investment a final determination of eligibility may be made at the time the insurance or guaranty is issued; in all other cases, the investor must be eligible at the time a claim arises as well as the time the insurance or guaranty is issued; 270 (d) 270 the term "noncredit account revolving fund" means the account in which funds under section 236 and all funds from noncredit activities are held; and 271 (e) 270 the term "noncredit activities" means all activities of the Corporation other than its loan guarantee program under section 234(b) and its direct loan program under section 234(c); 271 (f) 270 the term "predecessor guaranty authority" means prior guaranty authorities (other than housing guaranty authorities) repealed by the Foreign Assistance Act of 1969, section 202(b) and 413(b) of the Mutual Security Act of 1954, as amended, and section 111(b)(3) of the Economic Cooperation Act of 1948, as amended (exclusive of authority relating to informational media guaranties). Sec. 239.272 General Provisions and Powers.-(a) The Corporation shall have its principal office in the District of Columbia and shall be deemed, for purposes of venue in civil actions, to be resident thereof. (b) The President shall transfer to the Corporation, at such time as he may determine, all obligations, assets and related rights and responsibilities arising out of, or related to, predecessor programs and authorities similar to those provided for in section 234 (a), (b), and (d). Until such transfer, the agency heretofore responsible for such predecessor programs shall continue to administer such assets and obligations, and such programs and activities authorized under this title as may be determined by the President. 273, 274 (c) 275 (1) The Corporation shall be subject to the applicable provisions of chapter 91 of title 31, United States Code, except as othervise provided in this title. (2) An independent certified public accountant shall perform a fiancial and compliance audit of the financial statements of the Corporation at least once every three years, in accordance with The words required by Law to be", which appeared at this point were struck out by sec. a of the FA Act of 1971 Sec. 106 of the Jobs Through Exports Act of 1992 (Public Law 102-549, 106 Stat. 3653): struck out "and" at the end of subsec. (c); (2) redesignated subsec. (d) as subsec. (f); and (3) itted new subsecs. (d) and (e). So in original 22US.C. 2199. Sec. 239 was added by sec. 105 of the FA Act of 1969. A Presidential Determination of Dec. 30, 1969 (35 F.R. 43; January 3, 1970), provided for Dadmonstration until transfer to the Overseas Private Investment Corporation. 24 Sec. 71) of Public Law 96-268 (92 Stat. 215) struck out a paragraph previously appearing subsec. by which had directed OPIC to cease operating the programs authorized by sec. 234 rough e) and sec. 240 on Dec. 31, 1979. Sen 11 of the OPIC Amendments Act of 1985 (Public Law 99-204), substituted the text frisece, in lieu of The Corporation shall be subject to the applicable provisions of the Government Corporation tri Act, except as otherwise provided in this title.". generally accepted Government auditing standards for a financial and compliance audit, as issued by the Comptroller General. The independent certified public accountant shall report the results of such audit to the Board. The financial statements of the Corporation shall be presented in accordance with generally accepted accounting principles. These financial statements and the report of the accountant shall be included in a report which contains, to the extent applicable, the information identified in section 9106 of title 31, United States Code, and which the Corporation shall submit to the Congress not later than six and one-half months after the end of the last fiscal year covered by the audit. The General Accounting Office may review the audit conducted by the accountant and the report to the Congress in the manner and at such times as the General Accounting Office considers necessary. (3) In lieu of the financial and compliance audit required by paragraph (2), the General Accounting Office shall, if the Office considers it necessary or upon the request of the Congress, audit the financial statements of the Corporation in the manner provided in paragraph (2). The Corporation shall reimburse the General Accounting Office for the full cost of any audit conducted under this paragraph. (4) All books, accounts, financial records, reports, files, workpapers, and property belonging to or in use by the Corporation and the accountant who conducts the audit under paragraph (2), which are necessary for purposes of this subsection, shall be made available to the representatives of the General Accounting Office. (d) To carry out the purposes of this title, the Corporation is authorized to adopt and use a corporate seal, which shall be judicially noticed; to sue and be sued in its corporate name; to adopt, amend, and repeal bylaws governing the conduct of its business and the performance of the powers and duties granted to or imposed upon it by law; to acquire, hold or dispose of, upon such terms and conditions as the Corporation may determine, any property, real, personal, or mixed, tangible or intangible, or any interest therein; to vest finds derived from fees and other revenues in obligations of The United States and to use the proceeds therefrom, including warnings and profits, as it shall deem appropriate; to indemnify diwwws, officers, employees and agents of the Corporation for liabilWies and expenses incurred in connection with their Corporation avvivities, to require bonds of officers, employees, and agents and pay the premiums therefor; notwithstanding any other provision of law, to represent itself or to contract for representation in all legal and artitial proceedings; to enter into limited-term contracts with Watnals of the United States for personal services to carry out acFivities in the United States and abroad under subsections (d) and e) of section 234; 276 to purchase, discount, rediscount, sell, and negotiate, with or without its endorsement or guaranty, and guaranfee notes, participation certificates, and other evidence of indebtedHess provided that the Corporation shall not issue its own securiFres, except participation certificates for the purpose of carrying out •*reate of the Jobs Through Exports Act of 1992 (Public Law 102-549; 106 Stat. 3654) mental Walter into limited-term contracts with nationals of the United States for personal out activities in the United States and abroad under subsections (d) and (e) y de arter "legal and arbitral proceedings;". section 231(c) or participation certificates as evidence of indebtedness held by the Corporation in connection with settlement of claims under section 237(i)); 277 to make and carry out such contracts and agreements as are necessary and advisable in the conduct of its business; to exercise the priority of the Government of the United States in collecting debts from bankrupt, insolvent, or decedents' estates; to determine the character of and the necessity for its obligations and expenditures, and the manner in which they shall be incurred, allowed, and paid, subject to provisions of law specifically applicable to Government corporations; to collect or compromise any obligations assigned to or held by the Corporation, including any legal or equitable rights accruing to the Corporation; 278 and to take such actions as may be necessary_or_appropriate to carry out the powers herein or hereafter specifically conferred upon it. (e) The Inspector General 279 of the Agency for International Development (1) may conduct 280 reviews, investigations, and inspections of all phases of the Corporation's operations and activities and (2) shall conduct all security activities of the Corporation relating to personnel and the control of classified material. With respect to his responsibilities under this subsection, the Inspector General 279 shall report to the Board. The agency primarily responsible for administering part I shall be reimbursed by the Corporation for all expenses incurred by the Inspector General 279 in connection with his responsibilities under this subsection. (f) 281, 282 Except for the provisions of this title, no other provision of this or any other law shall be construed to prohibit the operation in Yugoslavia, Poland, Hungary, 283 or any other East European country,2 or the People's Republic of China, or Pakistan 285 of the 284 277 The words to this point beginning with "or participation certificates * * sec. 7(2) of Public Law 95-268 (92 Stat. 215). * were added by was added by sec. 8(1) of the 278 This phrase beginning with "to collect or compromise OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1024). 279 Reference to the Inspector General was inserted in lieu of a reference to the Auditor-General by sec. 8(2)(A) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1024). 280 The words "may conduct" were inserted in lieu of "shall have the responsibility for planning and directing the execution of audits," by sec. 8(2)(B) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1024). 281 Sec. 8(3) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1024) struck out subsecs. (f), (j), and (k) (subsecs. (j) and (k) added by sec. 7(3) of Public Law 95-268), and redesignated existing subsecs. (g), (h), (i), and (1) as subsecs. (f), (g), (h), and (i), respectively. Old subsec. (f) authorized the establishment of an Advisory Board in order to further the purposes of OPIC; old subsec. (j) blocked OPIC support for copper exploration or mining projects begun after Jan. 1, 1981, and projects for the production of copper beginning after this date if the project would cause injury to the primary U.S. copper industry; and old subsec. (k) blocked OPIC support for any project to establish or expand production of processing of palm oil, sugar, or citrus crops for export. 282 Subsec. (f) was originally added as subsec. (g) by sec. 104(b) of the FA Act of 1971. Reference in the subsection to the People's Republic of China was added by Public Law 96-327 (94 Stat. 1026). Reference to Romania was struck out by sec. 108 of the OPIC Amendments Act of 1988, S. 2757, enacted into law by reference in the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1989 (Public Law 100-461; 102 Stat. 2268). 283 Section 302(a) of the Support for East European Democracy (SEED) Act of 1989 (Public Law 101-179; 103 Stat. 1311) inserted reference to Hungary and Poland at this point. 234 Sec. 576(a) of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1991 (Public Law 101-513; 104 Stat. 2044), inserted "or any other East European country". 285 Sec. 579(a) of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1998 (Public Law 105-118; 111 Stat. 2435), inserted ", or Pakistan" after "China". Sec. 579b) of that Act, furthermore, provided the following: b) TRADE AND DEVELOPMENT.-It is the sense of Congress that the Director of the Trade and Development Agency should use funds made available to carry out the provisions of section 661 Continued |