Page:United States Statutes at Large Volume 101 Part 1.djvu/616

 101 STAT. 586

PUBLIC LAW 100-86—AUG. 10, 1987 ^

"(4) EQUAL REPRESENTATION OF BANKS.—No president of a

Federal Home Loan Bank may be appointed to serve an addi'0 tional term on the Directorate until such time as the presidents ''•• of each of the other Federal Home Loan Banks have served as '^ many terms on the Directorate as the president of such bank • (before the appointment of such president to such additional ^^ term). J" "(5) CHAIRPERSON.—The Chairman of the Federal Home Loan ^ Bank Board shall select the chairperson of the Directorate from among the 3 members of the Directorate.

"(6) STAFF.—

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"(A) No PAID EMPLOYEES.—The Financing Corporation shall have no paid employees. "(B) POWERS.—The Directorate may, with the approval of the Board, authorize the officers, employees, or agents of the Federal Home Loan Banks to act for and on behalf of the Financing Corporation in such manner as may be necessary to carry out the functions of the Financing Corporation. "(7) ADMINISTRATIVE EXPENSES.—

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"(A) IN GENERAL.—All administrative expenses of the Financing Corporation shall be paid by the Federal Home Loan Banks. "(B) PRO RATA DISTRIBUTION.—The amount each Federal • Home Loan Bank shall pay shall be determined by the Board by multiplying the total administrative expenses for any period by the percentage arrived at by dividing— ,^ "(i) the aggregate amount the Board required such bank to invest in the Financing Corporation (as of the time of such determination) under paragraphs (4) and (5) of subsection (d) (as computed without regard to ^( paragraph (3) or (6) of such subsection); by ', "(ii) the aggregate amount the Board required all Federal Home Loan Banks to invest (as of the time of such determination) under such paragraphs. > ^

"(C) ADMINISTRATIVE EXPENSES DEFINED.—For purposes of

this paragraph, the term 'administrative expenses' does not include— "(i) issuance costs (as such term is defined in subsec.A; tion (g)(5)(A)); V '.%<,.... "(ii) any interest on (and any redemption premium with respect to) any obligation of the Financing Cor'- >•• poration; or "(iii) custodian fees (as such term is defined in subsection (g)(5)(B)). "(8) REGULATION BY BOARD.—The Directorate shall be subject to such regulations, orders, and directions as the Board may prescribe. ^

"(9) No COMPENSATION FROM FINANCING CORPORATION.—Mem-

bers of the Directorate shall receive no pay, allowances, or 'i benefits from the Financing Corporation by reason of their service on the Directorate. "(c) POWERS OF FINANCING CORPORATION.—The Financing Corporation shall have only the following powers, subject to the other provisions of this section and such regulations, orders, and directions as the Board may prescribe:

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