Deputies and Chamber of Senators of the Mexican Congress for discussion of common problems in the interests of relations between the United States and Mexico. Of the Members of the Congress to be appointed for the purposes of this section (hereinafter designated as the United States group) half shall be appointed by the Speaker of the House from Members of the House (not less than four of whom shall be from the Foreign Affairs Committee), and half shall be appointed by the President of the Senate from Members of the Senate (not less than four of whom shall be from the Foreign Relations Committee). Such appointments shall be for the period of each meeting of the MexicoUnited States Interparliamentary group except for the four members of the Foreign Affairs Committee, and the four members of the Foreign Relations Committee, whose appointments shall be for the duration of each Congress. (Pub. L. 86-420, § 1, Apr. 9, 1960, 74 Stat. 40.)

§ 276i. Appropriations; disbursements.

An appropriation of $30,000 annually is authorized, $15,000 of which shall be for the House delegation and $15,000 for the Senate delegation, or so much thereof as may be necessary, to assist in meeting the expenses of the United States group of the Mexico-United States Interparliamentary group for each fiscal year for which an appropriation is made, the House and Senate portions of such appropriation to be disbursed on vouchers to be approved by the Chairman of the House delegation and the Chairman of the Senate delegation, respectively. (Pub. L. 86-420, § 2, Apr. 9, 1960, 74 Stat. 40.)

CROSS REFERENCES

Reports of expenditures by members of United States group, and by employees of the Senate or House of Representatives, see section 276c-1 of this title.

§ 276j. Report to Congress.

The United States group of the Mexico-United States Interparliamentary group shall submit to the Congress a report for each fiscal year for which an appropriation is made including its expenditures under such appropriation. (Pub. L. 86-420, § 3, Apr. 9, 1960, 74 Stat. 40.)

§ 276k. Auditing of accounts.

The certificate of the Chairman of the House delegation or the Senate delegation of the MexicoUnited States Interparliamentary group shall hereafter be final and conclusive upon the accounting officers in the auditing of the accounts of the United States group of the Mexico-United States Interparliamentary group. (Pub. L. 86-420, § 4, Apr. 9, 1960, 74 Stat. 40.)

INTERNATIONAL BOUNDARY COMMISSION § 277. International Boundary Commission, United States and Mexico; study of boundary waters. ANNUAL APPROPRIATIONS

Pub. L. 86-84, title I, § 101, July 13, 1959, 73 Stat. 184; Pub. L. 86-678, title I, § 101, Aug. 31, 1960, 74 Stat. 558; Pub. L. 87-264, title I. § 101, Sept. 21, 1961, 75 Stat. 547; Pub. L. 87-843, title I, § 101, Oct. 18, 1962, 76 Stat. 1082; Pub. L. 88-245, title I, § 101, Dec. 30, 1963, 77 Stat. 778.

§ 278. Gorgas Memorial Laboratory; location; acceptance of funds from Latin American countries or other sources.

There is authorized to be permanently appropriated for each year, out of any money in the Treasury not otherwise appropriated, not to exceed the sum of $250,000, to be paid to the Gorgas Memorial Institute of Tropical and Preventive Medicine, Incorporated (hereinafter referred to as the Gorgas Memorial Institute), for the maintenance and operation by it, of a laboratory to be known as the Gorgas Memorial Laboratory, upon condition (1) that the necessary building or quarters for said laboratory shall be constructed within the five years next ensuing after sections 278-278b of this title shall become a law, either upon the site offered by the Republic of Panama therefor, at, or adjacent to, the city of Panama, or upon a site in the Canal Zone to be provided by the United States; and (2) that the said Gorgas Memorial Institute be, and it is, authorized within its discretion, henceforth to accept from any of the Latin American Governments, or from any other sources, any funds which may be offered or given for the use of the Gorgas Memorial Institute for the maintenance and operation of the Gorgas Memorial Laboratory, and for carrying on the work of said Laboratory wherever deemed by the said Institute to be necessary or desirable. (As amended Sept. 21, 1959, Pub. L. 86296, § 1, 73 Stat. 572.)

EFFECTIVE DATE OF 1959 AMENDMENT Section 1 of Pub. L. 86-296 provided in part that amendment of this section by such act should be effective for fiscal years ending after June 30, 1960.

APPROPRIATION FOR CONSTRUCTION OF FACILITIES Section 4 of act May 7, 1928, as added by section 2 of Pub. L. 86-296, and amended Pub. L. 86-617, July 12, 1960, 74 Stat. 396, provided that: "There are hereby authorized to be appropriated not to exceed $500,000 for construction and equipment of facilities for the Gorgas Memorial Laboratory, including preparation of plans and specifications, acquisition, alteration, expansion, and remodeling of buildings, and site improvements; but excluding the cost of the acquisition of land."

UNITED NATIONS FOOD AND AGRICULTURAL ORGANIZATION

§ 279a. Appropriations for payment of United States expenses in Organization; limitation of contributions.

There is authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, such sums as may be required for expenditure under the direction of the Secretary of State, for the payment by the United States of its proportionate share in the expenses of the Organization: Provided, That the percentage contribution of the United States to the total annual budget of the Organiza(As tion shall not exceed 33.33 per centum. amended Sept. 4, 1961, Pub. L. 87-195, pt. IV, § 709, 75 Stat. 465.)

AMENDMENTS 1961-Pub. L. 87-195 eliminated provisions which limited the annual appropriations to not more than $3,000,000.

REPEALS

Section 709 of Pub. L. 87-195, which amended this section, was repealed by section 401 of Pub. L. 87-565, pt. IV, Aug. 1, 1962, 76 Stat. 263, except insofar as section 709 affected this section.

SOUTH PACIFIC COMMISSION

§ 280b. Appropriations.

There is authorized to be appropriated to the Department of State, out of any money in the Treasury not otherwise appropriated—

(a) Not more than $100,000 annually for the payment by the United States of its proportionate share of the expenses of the Commission and its auxiliary and subsidiary bodies, as set forth in article XIV of the Agreement Establishing the South Pacific Commission:

(As amended May 14, 1960, Pub. L. 86-472, ch. VI, § 603, 74 Stat. 141.)

AMENDMENTS

1960 Subsec. (a). Pub. L. 86-472 substituted "8100,000" for "$75,000."

ANNUAL APPROPRIATIONS

Pub. L. 86-84, title I, § 101, July 13, 1959, 73 Stat. 183; Pub. L. 86-678, title I, § 101, Aug. 31, 1960, 74 Stat. 557; Pub. L. 87-264, title I, § 101, Sept. 21, 1961, 75 Stat. 546; Pub. L. 87-843, title I, § 101, Oct. 18, 1962, 76 Stat. 1081; Pub. L. 88-245, title I, § 101, Dec. 30, 1963, 77 Stat. 777.

CARIBBEAN COMMISSION

§ 280h. Representation in Caribbean Commission; appointment of commissioners and alternates. ACCEPTANCE OF CARIBBEAN ORGANIZATION AGREEMENT Pub. L. 87-78, June 30, 1961, 75 Stat. 194, provided: "That the President is hereby authorized to accept on behalf of the Government of the United States of America the 'Agreement for the Establishment of the Caribbean Organization' signed at Washington on June 21, 1960, by representatives of the Governments of the Republic of France, the Kingdom of the Netherlands, the United Kingdom of Great Britain and Northern Ireland, and the United States of America; that the participation of the Commonwealth of Puerto Rico and the Virgin Islands of the United States in the Caribbean Organization is hereby authorized; that the Caribbean Organization shall, upon promulgation by the President of an Executive order to this effect, be entitled to the privileges, exemptions, and immunities conferred by the International Organizations Immunities Act (59 Stat. 669; 22 U.S.C. 288 [section 288 et seq. of this title]); and that the Secretary of State is hereby authorized to appoint or designate a United States observer to the Caribbean Organization."

TERMINATION OF CARIBBEAN COMMISSION

Article III of the Agreement of the Establishment of the Caribbean Organization provides that "On the termination of the Agreement for the establishment of the Caribbean Commission, signed at Washington on October 30, 1946, the assets of the Caribbean Commission shall be and are by virtue of this Agreement transferred to and vested in the Caribbean Organization. The Caribbean Organization is hereby authorized to assume at the same time the liabilities of the Caribbean Commission and shall be regarded as the successor body to the Caribbean Commission."

Article IV of such Agreement provides that "The Agreement for the establishment of the Caribbean Commission shall terminate at the end of the first meeting of the Caribbean Council provided for in the Statute annexed to this Agreement."

§ 280i. Appropriations.

ANNUAL APPROPRIATIONS

Pub. L. 86-84, title I, § 101, July 13, 1959, 73 Stat. 183; Pub. L. 86-678, title I, § 101, Aug. 31, 1960, 74 Stat. 557; Pub. L. 87-264, title I, § 101, Sept. 21, 1961, 75 Stat. 546; Pub. L. 87-843, title I, § 101, Oct. 18, 1962, 76 Stat. 1081; Pub. L. 88-245, title I, § 101, Dec. 30, 1963, 77 Stat. 777. INTERNATIONAL FINANCE CORPORATION

§ 282c. Congressional authorization needed for certain actions.

Unless Congress by law authorizes such action, neither the President nor any person or agency shall on behalf of the United States (a) subscribe to additional shares of stock under article II, section 3, of the Articles of Agreement of the Corporation; (b) accept any amendment under article VII of the Articles of Agreement of the Corporation; (c) make any loan to the Corporation. The United States Governor of the Corporation is authorized to agree to an amendment to article III of the articles of agreement of the Corporation to authorize the Corporation to make investments of its funds in capital stock and to limit the exercise of voting rights by the Corporation unless exercise of such rights is deemed necessary by the Corporation to protect its interests, as proposed in the resolution submitted by the Board of Directors on February 20, 1961. Unless Congress by law authorizes such action, no governor or alternate representing the United States shall vote for an increase of capital stock of the Corporation under article II, section 2(c) (ii), of the Articles of Agreement of the Corporation. amended Aug. 30, 1961, Pub. L. 87-185, 75 Stat. 413.)

AMENDMENTS

(As

1961-Pub. L. 87-185 authorized acceptance of an amendment to the articles of agreement of the Corporation to permit investment in capital stock and to limit the exercise of voting rights.

INTER-AMERICAN DEVELOPMENT BANK [New]

§ 283. Acceptance of membership by United States in Inter-American Development Bank.

The President is authorized to accept membership for the United States in the Inter-American Development Bank (hereinafter referred to as the "Bank”), provided for by the agreement establishing the bank (hereinafter referred to as the "agreement") deposited in the archives of the Organization of American States. (Pub. L. 86-147, § 2, Aug. 7, 1959, 73 Stat. 299.)

SHORT TITLE

Section 1 of Pub. L. 86-147 provided that: "This Act [enacting sections 283-2831 of this title and amending section 24 of Title 12, Banks and Banking] may be cited as the 'Inter-American Development Bank Act'."

§ 283a. Appointment of governor, alternate governor and executive director; term of office; salary. (a) The President, by and with the advice and consent of the Senate, shall appoint a governor of the Bank and an alternate for the governor. The term of office for the governor and the alternate governor shall be five years, but each shall remain in office until a successor has been appointed.

(b) The President, by and with the advice and consent of the Senate, shall appoint an executive director of the Bank. Except as provided for in

article XV, section 3, of the agreement, the term of office for the executive director shall be three years, but he shall remain in office until a successor has been appointed.

(c) No person shall be entitled to receive any salary or other compensation from the United States for services as a governor, alternate governor, or executive director. (Pub. L. 86-147, § 3, Aug. 7, 1959, 73 Stat. 299.)

§ 283b. National Advisory Council on International Monetary and Financial Problems; reports.

The provisions of section 286b of this title shall apply with respect to the Bank to the same extent as with respect to the International Bank for Reconstruction and Development and the International Monetary Fund. Reports with respect to the Bank under paragraphs (5) and (6) of subsection (b) of section 286b of this title shall be included in the first report made thereunder after the establishment of the Bank and in each succeeding report. (Pub. L. 86-147, § 4, Aug. 7, 1959, 73 Stat. 299.)

§ 283c. Congressional authorization needed for certain actions.

Unless Congress by law authorizes such action, neither the President nor any person or agency shall, on behalf of the United States, (a) subscribe to additional shares of stock under article II, section 3 of the agreement; (b) request or consent to any change in the quota of the United States under article IV, section 3, of the agreement; (c) accept any amendment under article XII of the agreement; or (d) make a loan or provide other financing to the Bank, except that loans or other financing may be provided to the Bank by a United States agency created pursuant to an Act of Congress which is authorized by law to make loans or provide other financing to international organizations. Unless Congress by law authorizes such action, no governor or alternate appointed to represent the United States shall vote for any increase of capital stock of the Bank under article II, section 2, of the agreement or any increase in the resources of the Fund for Special Operations under article IV, section 3(g) thereof. (Pub. L. 86-147, § 5, Aug. 7, 1959, 73 Stat. 299.)

§ 283d. Federal Reserve banks as depositories.

Any Federal Reserve bank which is requested to do so by the Bank shall act as its depository or as its fiscal agent and the Board of Governors of the Federal Reserve System shall supervise and direct the carrying out of these functions by the Federal Reserve banks. (Pub. L. 86-147, § 6, Aug. 7, 1959, 73 Stat. 300.)

§ 283e. Payment of subscription to Bank and Fund by United States; issuance of special notes; income covered into Treasury.

(a) There is authorized to be appropriated, without fiscal year limitation, for the purchase of thirtyfive thousand shares of capital stock in the Bank, $350 million. In addition, there is authorized to be appropriated, without fiscal year limitation, for payment of the subscription of the United States to the Fund for Special Operations, $100 million.

(b) For the purpose of keeping to a minimum the cost to the United States of participation in the

Bank, the Secretary of the Treasury, after paying the requisite part of the subscription and quota of the United States in the Bank required to be made under article II, section 4, and article IV, section 3, respectively, of the agreement, is authorized and directed to issue special notes of the United States from time to time, at par, and to deliver such notes to the Bank in exchange for dollars to the extent permitted by the agreement. The special notes provided for in this subsection shall be issued under the authority and subject to the provisions of the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under that Act are extended to include the purposes for which special notes are authorized and directed to be issued under this subsection, but such notes shall bear no interest, shall be nonnegotiable, and shall be payable on demand of the Bank. The face amount of special notes issued to the Bank under the authority of this subsection and outstanding at any one time shall not exceed, in the aggregate, the amount of the subscription and quota of the United States actually paid to the Bank under article II, section 4, and article IV, section 3, respectively, of the agreement.

(c) Any payment made to the United States by the Bank as a distribution of net income shall be covered into the Treasury as a miscellaneous receipt. (Pub. L. 86-147, § 7, Aug. 7, 1959, 73 Stat. 300.)

REFERENCES IN TEXT

The Second Liberty Bond Act, as amended, referred to in subsec. (b), is classified to sections 745, 747, 752-754b, 757, 757b-758, 760, 764-766, 769, 771, 773, 774, and 801 of Title 31, Money and Finance.

That Act, referred to in subsec. (b), refers to the Second Liberty Bond Act, as amended.

§ 283f. Jurisdiction and venue of actions.

For the purpose of any action which may be brought within the United States, its Territories or possessions, or the Commonwealth of Puerto Rico by or against the Bank in accordance with the agreement, the Bank shall be deemed to be an inhabitant of the Federal judicial district in which its principal office in the United States is located, and any such action at law or in equity to which the Bank shall be a party shall be deemed to arise under the laws of the United States, and the district courts of the United States shall have original jurisdiction of any such action. When the Bank is a defendant in any such action, it may, at any time before the trial thereof, remove such action from a State court into the district court of the United States for the proper district by following the procedure for removal of causes otherwise provided by law. (Pub. L. 86-147, $ 8, Aug. 7, 1959, 73 Stat. 300.)

CROSS REFERENCES

Removal of cases from state to district courts, see chapter 89 of Title 28, Judiciary and Judicial Procedure. FEDERAL RULES OF CIVIL PROCEDURE

One form of action, see rule 2, Title 28, Appendix, Judiciary and Judicial Procedure.

§ 283g. Status, privileges, and immunities of the United States.

The provisions of article X, section 4(c), and article XI, sections 2 to 9, both inclusive, of the

agreement shall have full force and effect in the United States, its Territories and possessions, and the Commonwealth of Puerto Rico, upon acceptance of membership by the United States in, and the establishment of, the Bank. (Pub. L. 86-147, § 9, Aug. 7, 1959, 73 Stat. 301.)

§ 283h. Securities issued by Bank as exempt securities; suspension of exemption provisions; reports to and of Securities and Exchange Commission. (a) Any securities issued by the Bank (including any guarantee by the Bank, whether or not limited in scope) in connection with raising of funds for including in the Bank's ordinary capital resources as defined in article II, section 5, of the agreement, and any securities guaranteed by the Bank as to both principal and interest to which the commitment in article II, section 4(a) (ii), of the agreement is expressly applicable, shall be deemed to be exempted securities within the meaning of subsection (a) (2) of section 77c of Title 15 and subsection (a) (12) of section 78c of Title 15. The Bank shall fille with the Securities and Exchange Commission such annual and other reports with regard to such securities as the Commission shall determine to be appropriate in view of the special character of the Bank and its operations and necessary in the public interest or for the protection of investors.

(b) The Securities and Exchange Commission, acting in consultation with the National Advisory Council on International Monetary and Financial Problems, is authorized to suspend the provisions of subsection (a) of this section at any time as to any or all securities issued or guaranteed by the Bank during the period of such suspension. The Commission shall include in its annual reports to Congress such information as it shall deem advisable with regard to the operations and effect of this section and in connection therewith shall include any views submitted for such purpose by any association of dealers registered with the Commission. (Pub. L. 86-147, § 11, Aug. 7, 1959, 73 Stat. 301.)

§ 2831. Certain reports required.

The reports of the National Advisory Council on International Monetary and Financial Problems provided for in section 286b (b) (6) of this title (and referred to in section 283b of this title) shall also cover and include the effectiveness of the provisions of section 283h of this title and the exemption for securities issued by the Bank provided by section 24 of Title 12 in facilitating the operations of the Bank and the development of the economic resources of member countries of the Bank and the recommendations of the Council as to any modifications it may deem desirable in the provisions of sections 283-2831 of this title. (Pub. L. 86-147, § 12, Aug. 7, 1959, 73 Stat. 301.)

INTERNATIONAL DEVELOPMENT

ASSOCIATION

§ 284. Acceptance of membership by United States in International Development Association.

The President is authorized to accept membership for the United States in the International Development Association (hereinafter referred to as the "Association"), provided for by the Articles of

Agreement (hereinafter referred to as the "Articles") of the Association deposited in the archives of the International Bank for Reconstruction and Development. (Pub. L. 86–565, § 2, June 30, 1960,

74 Stat. 293.)

SHORT TITLE

Section 1 of Pub. L. 86-565 provided that Pub. L. 86-565, which added sections 284-284g of this title, may be cited as the "International Development Association Act." § 284a. Governor, executive director, and alternates of Association.

The Governor and Executive Director of the International Bank for Reconstruction and Development, and the alternate for each of them, appointed under section 286a of this title, shall serve as Governor, Executive Director and alternates, respectively, of the Association. (Pub. L. 86-565, § 3, June 30, 1960, 74 Stat. 293.)

§ 284b. National Advisory Council on International Monetary and Financial Problems; reports.

The provisions of section 286b of this title, shall apply with respect to the Association to the same extent as with respect to the International Bank for Reconstruction and Development and the International Monetary Fund. Reports with respect to the Association under paragraphs (5) and (6) of subsection (b) of section 286b of this title, shall be included in the first report made thereunder after the establishment of the Association and in each succeeding report. (Pub. L. 86-565, § 4, June 30, 1960, 74 Stat. 294.)

§ 284c. Congressional authorization needed for certain actions.

Unless Congress by law authorizes such action, neither the President nor any person or agency shall, on behalf of the United States, (a) subscribe to additional funds under article III, section 1, of the articles; (b) accept any amendment under article IX of the articles; or (c) make a loan or provide other financing to the Association. (Pub. L. 86-565, § 5, June 30, 1960, 74 Stat. 294.)

§ 284d. Federal Reserve banks as depositories.

Any Federal Reserve bank which is requested to do so by the Association shall act as its depository or as its fiscal agent, and the Board of Governors of the Federal Reserve System shall supervise and direct the carrying out of these functions by the Federal Reserve banks. (Pub. L. 86-565, § 6, June 30, 1960, 74 Stat. 294.)

§ 284e. Payment of subscription to Association by United States; issuance of special notes; income covered into Treasury.

(a) There is authorized to be appropriated, without fiscal year limitation, for the subscription of the United States to the Association, $320,290,000. (b) For the purpose of keeping to a minimum the cost to the United States of participation in the Association, the Secretary of the Treasury, after paying the requisite part of the subscription of the United States in the Association required to be made under the articles, is authorized and directed to issue special notes of the United States from time to time, at par, and to deliver such notes to the Association in exchange for dollars to the extent

permitted by the articles. The special notes provided for in this subsection shall be issued under the authority and subject to the provisions of the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under that Act are extended to include the purposes for which special notes are authorized and directed to be issued under this subsection, but such notes shall bear no interest, shall be nonnegotiable, and shall be payable on demand of the Association. The face amount of special notes issued to the Association under the authority of this subsection and outstanding at any one time shall not exceed, in the aggregate, the amount of the subscription of the United States actually paid to the Association under the articles.

(c) Any payment made to the United States by the Association as a distribution of net income shall be covered into the Treasury as a miscellaneous receipt. (Pub. L. 86-565, § 7, June 30, 1960, 74 Stat. 294.)

REFERENCES IN TEXT

The Second Liberty Bond Act, as amended, referred to in subsec. (b), is classified to sections 745, 747, 752— 754b, 757, 757b-758, 760, 764-766, 769, 771, 773, 774, and 801 of Title 31, Money and Finance.

That Act, referred to in subsec. (b), refers to the Second Liberty Bond Act, as amended.

§ 284f. Jurisdiction and venue of actions.

For the purpose of any action which may be brought within the United States, its possessions, or the Commonwealth of Puerto Rico, by or against the Association in accordance with the articles, the Association shall be deemed to be an inhabitant of the Federal judicial district in which its principal office in the United States is located, and any such action at law or in equity to which the Association shall be a party shall be deemed to arise under the laws of the United States, and the district courts of the United States shall have original jurisdiction of any such action. When the Association is a defendant in any such action, it may, at any time before the trial thereof, remove such action from a State court into the district court of the United States for the proper district by following the procedure for removal of causes otherwise provided by law. (Pub. L. 86-565, § 8, June 30, 1960, 74 Stat. 294.)

CROSS REFERENCES

Removal of cases from State to district courts, see chapter 89 of Title 28, Judiciary and Judicial Procedure. FEDERAL RULES OF CIVIL PROCEDURE

One form of action, see rule 2, Title 28, Appendix.

§ 284g. Status, privileges, and immunities of the United States.

The provisions of article VII, section 5(d), and article VIII sections 2 to 9, both inclusive, of the articles shall have full force and effect in the United States, its possessions, and the Commonwealth of Puerto Rico, upon acceptance of membership by the United States in, and the establishment of, the Association. (Pub. L. 86-565, § 9, June 30, 1960, 74 Stat. 295.)

INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION AND DEVELOPMENT

§ 286b. National Advisory Council on International Monetary and Financial Problems; composition; duties; reports by Council; reports to Council.

CONSULTATION WITH COUNCIL

Secretary of State directed to consult with Council with respect to such matters within cognizance of Council pursuant to this section, see section 101(b) of Ex. Ord. No. 10893, Nov. 8, 1960, 25 F.R. 10731, set out as a note under section 1781 of this title.

CROSS REFERENCES

Inter-American Development Bank, applicability of provisions, see sections 283b and 2831 of this title.

§ 286e. Payment of subscriptions to Fund and Bank by United States; issuance of special notes; income covered into Treasury.

The Secretary of the Treasury is authorized to pay the balance of the subscription of the United States to the Fund not provided for in section 822a of Title 31 and to pay the subscription of the United States to the Bank from time to time when payments are required to be made to the Bank. For the purpose of making these payments, the Secretary of the Treasury is authorized to use as a publicdebt transaction $8,675,000,000 of the proceeds of any securities hereafter issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under that Act are extended to include such purpose. Payment under this paragraph of the subscription of the United States to the Fund or the Bank and repayments thereof shall be treated as public-debt transactions of the United States.

For the purpose of keeping to a minimum the cost to the United States of participation in the Fund and the Bank, the Secretary of the Treasury, after paying the subscription of the United States to the Fund, and any part of the subscription of the United States to the Bank required to be made under article II, section 7(i), of the Articles of Agreement of the Bank, is authorized and directed to issue special notes of the United States from time to time at par and to deliver such notes to the Fund and the Bank in exchange for dollars to the extent permitted by the respective Articles of Agreement. The special notes provided for in this paragraph shall be issued under the authority and subject to the provisions of the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under that Act are extended to include the purposes for which special notes are authorized and directed to be issued under this paragraph, but such notes shall bear no interest, shall be nonnegotiable, and shall be payable on demand of "the Fund or the Bank, as the case may be. The face amount of special notes issued to the Fund under the authority of this paragraph and outstanding at any one time shall not exceed in the aggregate the amount of the subscription of the United States actually paid to the Fund and the dollar equivalent of currencies and gold which the United States shall have purchased from the Fund in accordance with the Articles of Agreement, and the face amount of such notes issued to the Bank and outstanding at