Page:United States Statutes at Large Volume 107 Part 3.djvu/229

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PUBLIC LAW 103-182—DEC. 8, 1993 107 STAT. 2167 including the courts enmnerated in section 460 of title 28, United States Code, shall have original jurisdiction of any such action. When the Bank is a defendant in any action in a State court, it may at any time before trial remove the action into the appropriate district court of the United States by following the proceaure for removal provided in section 1446 of title 28, United States Code. (h) ExEMPnoN FROM SECURITIES LAWS FOR CERTAIN SECURI- TIES ISSUED BY THE BANK; REPORTS REQUIRED. — (1) EXEMPTIONS FROM LIMITATIONS AND RESTRICTIONS ON THE POWER OF NATIONAL BANKING ASSOCIATIONS TO DEAL IN AND UNDERWRITE IN^/ESTMENT SECURITIES OF THE BANK.— The seventh sentence of the seventh undesignated paragraph of section 5136 of the Revised Statutes of the United States (12 U.S.C. 24), is amended by inserting "the North American Development Bank," after "Inter-American Development Bank,". (2) EXEMPTION FROM SECURITIES LAWS FOR CERTAIN SECURI- TIES ISSUED BY THE BANK; REPORTS REQUIRED. —Any securities issued by the Bank (including any guarantee by the Bank, whether or not limited in scope) in connection with the raising of funds for inclusion in the Bank's capital resources as defined in Section 4 of Article II of Chapter II of the Cooperation Agreement, and any securities guaranteed by the Bank as to both the principal and interest to which the commitment in Section 3(d) of Article II of Chapter II of the Cooperation Agreement is exprcissly applicable, shall be deemea to be exempted securities within the meaning of section 3(a)(2) of the Securities Act of 1933 (15 U.S.C. 77c), and section 3(a)(12) of the Securities Exchange Act of 1934 (15 U.S.C. 78c). The Reports. Bank shall file 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. (3) AUTHORITY OP SECURITIES AND EXCHANGE COMMISSION TO SUSPEND EXEMPTION; REPORTS TO THE CONGRESS. — The Securities and Exchemge Commission, acting in consultetion with the National Advisory Council on International Monetery and Financial Problems, is authorized to suspend the provisions of paragraph (2) 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 ite annual reports to Congress such infoirmation as it shall deem advisable with regard to the operations and effect of this subsection and in connection therewith shall include any views submitted for such purpose by any association of dealers registered with the Commission. SEC. 542. STATUS, IMMUNITIES, AND PRIVILEGES. Article VIII of Chapter II of the Cooperation Agreement shall have full force and effect in the United States, its territories and possessions, and the Commonwealth of Puerto Rico, upon entry into force of the Cooperation Agreement. SEC. S4S. COMMUNITY ADJUSTMENT AND INVESTMENT PROGRAM. (a) THE PRESIDENT.—(1) The President may enter into an agreement with the Bank that facilitotes implementetion by the Presi- 22 USC 290m-l. 22 USC 290m-2.