International Bank for Reconstruction and Development Securities: Hearings Before the Committee on Interstate and Foreign Commerce, House of Representative, Eightieth Congress, Second Session, on H.R. 6443, a Bill to Amend the Securities Act of 1933, the Securities Exchange Act of 1934, and the National Bank Act. June 4 and 5, 1948 |
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... Luxford , Ansel F. , assistant general counsel , International Bank for Reconstruction and Development .. 93 , 138 103 , 135 Lynch , Thomas J. , acting general counsel , Treasury Department . McConnaughey , Robert K. , Commissioner ...
... Luxford , Ansel F. , assistant general counsel , International Bank for Reconstruction and Development .. 93 , 138 103 , 135 Lynch , Thomas J. , acting general counsel , Treasury Department . McConnaughey , Robert K. , Commissioner ...
Page 49
... LUXFORD . Under the articles of agreement of the International Bank , each of these countries had to subscribbe before they could be- come members . The provision on the 80 percent of their subscription which we cannot use to loan is ...
... LUXFORD . Under the articles of agreement of the International Bank , each of these countries had to subscribbe before they could be- come members . The provision on the 80 percent of their subscription which we cannot use to loan is ...
Page 55
... LUXFORD . I am Mr. Luxford , assistant general counsel , Inter- national Bank . At the time of the Bretton Woods Agreement Act , the United States had a $ 2,000,000,000 stabilization fund . That fund , or a very sub- stantial part of it ...
... LUXFORD . I am Mr. Luxford , assistant general counsel , Inter- national Bank . At the time of the Bretton Woods Agreement Act , the United States had a $ 2,000,000,000 stabilization fund . That fund , or a very sub- stantial part of it ...
Page 56
... LUXFORD . That would constitute a default by the United States on its obligations . It is the same as though it did not meet its obliga- tions on its public debt . Mr. HINSHAW . If these other countries or a substantial number of them ...
... LUXFORD . That would constitute a default by the United States on its obligations . It is the same as though it did not meet its obliga- tions on its public debt . Mr. HINSHAW . If these other countries or a substantial number of them ...
Page 57
... LUXFORD . As far as I can recall , there have been two cases . I do not know whether either of those countries was in default . I am thinking of the Netherlands and Norway and I am doubtful that either of them was in default to the ...
... LUXFORD . As far as I can recall , there have been two cases . I do not know whether either of those countries was in default . I am thinking of the Netherlands and Norway and I am doubtful that either of them was in default to the ...
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Common terms and phrases
agency amendment American investors amount approval articles of agreement Bank bonds Bank for Reconstruction Bank securities bank's BECKWORTH BENNETT of Michigan bill BLACK borrow Bretton Woods Agreement CHAIRMAN Chase National Bank Commerce Commissioner HANRAHAN Commissioner MCCONNAUGHEY committee CONGRESS THE LIBRARY Currency default dollars DOLLIVER Exchange Commission exempt securities Export-Import Bank fact Federal Reserve System financing foreign government FULTON funds HINSHAW insurance companies interest International Bank issued or guaranteed issuer legislation lend liability LIBRARY OF CONGRESS loans LUXFORD LYNCH matter ment National Advisory Council National Bank Act NURICK obligations operations percent problem proposed prospectus protection provisions purchase question Reconstruction and Development registration statement regulations savings banks secu Securities Act Securities and Exchange securities dealers Securities Exchange Act securities issued sell sold statute tion Treasury underwriter United States Government World Bank
Popular passages
Page 139 - System, notwithstanding that such rule or regulation may, after such act or omission, be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.
Page 103 - Bank may borrow funds under (a) (ii) above or guarantee loans under (a) (iii) above only with the approval of the member in whose markets the funds are raised and the member in whose currency the loan is denominated, and only if those members agree that the proceeds may be exchanged for the currency of any other member without restriction.
Page 70 - Whenever, under the Articles of Agreement of the Fund or the Articles of Agreement of the Bank, the approval, consent or agreement of the United States is required before an act may be done by the respective institutions, the decision as to whether such approval, consent, or agreement, shall be given or refused shall (to the extent such decision is not prohibited by section 5 of this Act) be made by the Council, under the general direction of the President.
Page 12 - Commission has expressed the opinion that deposit and share accounts are subject to the anti-fraud provisions of the Securities Act of 1933 and the...
Page 55 - The Secretary of the Treasury, in his discretion, is authorized to purchase any obligations of the Corporation issued hereunder, and for such purpose the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds from the sale of any securities hereafter issued under the Second Liberty Bond Act, as amended...
Page 103 - Bank, as the case may be, 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 either the Fund or the Bank shall be a party shall be deemed to arise under the...
Page 1 - System shall, by such rules and regulations as it may deem necessary or appropriate in the public interest or for the protection of investors, exempt, either unconditionally or upon specified terms and conditions or for stated periods, from the operation of this subsection and the rules and regulations thereunder.
Page 1 - States; such securities issued or guaranteed by corporations in which the United States has a direct or indirect interest...
Page 1 - ... .The limitations and restrictions herein contained as to dealing in and underwriting investment securities shall not apply to obligations issued by the International Bank for Reconstruction and Development which are at the time eligible for purchase by a national bank for its own account...
Page 1 - exempted security" or "exempted securities" shall include securities which are direct obligations of or obligations guaranteed as to principal or interest by the United States...