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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Page 16
... answer the technically difficult , but extremely important , question of how the bank was going to sell its bonds . When the bank started to operate 2 years ago , the bank's bonds were not eligible for investment in States in which the ...
... answer the technically difficult , but extremely important , question of how the bank was going to sell its bonds . When the bank started to operate 2 years ago , the bank's bonds were not eligible for investment in States in which the ...
Page 19
... answer that question in two ways . First , I would like to answer it in a practical way . One of the worries that the investors and the legislators that we have talked to have is what would happen if the amount of bonds of the ...
... answer that question in two ways . First , I would like to answer it in a practical way . One of the worries that the investors and the legislators that we have talked to have is what would happen if the amount of bonds of the ...
Page 20
... answer would be " No , " because they would know if they bought some more bonds the bonds that they now have , which are backed dollar for dollar by the United States Government would be diluted if they aided and abetted by buying more ...
... answer would be " No , " because they would know if they bought some more bonds the bonds that they now have , which are backed dollar for dollar by the United States Government would be diluted if they aided and abetted by buying more ...
Page 22
... answer . I cannot prove that to you , but that is the practical answer . Mr. BENNETT of Michigan . That is a hypothetical situation because you go along for years and sell these bonds and everything goes all right . Then you reach the ...
... answer . I cannot prove that to you , but that is the practical answer . Mr. BENNETT of Michigan . That is a hypothetical situation because you go along for years and sell these bonds and everything goes all right . Then you reach the ...
Page 23
... answer to your first question , if I may . When we reach the point where the bank might want to selĺ bonds in excess of American participation , I , as the American director , have to go to the National Advisory Council and I have to ...
... answer to your first question , if I may . When we reach the point where the bank might want to selĺ bonds in excess of American participation , I , as the American director , have to go to the National Advisory Council and I have to ...
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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...