Page:Emergency Economic Stabilization Act of 2008.djvu/30

 O:kiYOkiYO08C04.xml 30 1 (1) encourage implementation by the loan 2 seMcers of loan modifications developed under sub- 3 section (b); and 4 (2) assist in facilitating any such modifications, 5 to the extent possible. 6 (d) LMT_a_TON.--The requirements of this section 7 shall not supersede any other duty or requirement imposed 8 on the Federal property managers under otherarise appli- 9 cable law. 10 SEC. lll. EXECUTIVE COMPENSATION AND CORPORATE 1 1 GOVERNANCE. 12 (a) APPLICABILITY.--Ay financial institution that 13 sells troubled assets to the SecretaT under this Act shall 14 be subject to the executive compensation requirements of' 15 subsections (b) and (c) and the provisions under the Inter- 16 nal Revenue Code of' 1986, as provided under the amend- 17 ment by section 302, as applicable. 18 (b) DmECT PUrCHaSES. 19 (1) IN GENE.m. Where the SecretaT deter- 20 mines that the purposes of' this Act are best met 21 through direct purchases of' troubled assets from an 22 individual financial institution where no bidding 23 process or market prices are available, and the Sec- 24 retmT receives a meaningShi equity or debt position 25 in the financial institution as a result of the trans-

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