Page:United States Statutes at Large Volume 103 Part 1.djvu/393

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 365 "(5) POWERS. —The Oversight Board shall be a body corporate that shall have the power to— "(A) adopt, alter, and use a corporate seal; "(B) provide for a principal or executive officer and such other officers and employees as may be necessary to per- form the functions of the Oversight Board, define their duties, and require surety bonds or make other provisions against losses occasioned by acts of such persons; "(C) fix the compensation and number of, and appoint, employees for any position established by the Oversight Board; "(D) set and adjust rates of basic pay for employees of the Oversight Board without regard to the provisions of chapter 51 or subchapter III of chapter 53 of title 5, United States Code; "(E) provide additional compensation and benefits to employees of the Oversight Board if the same type of compensation or benefits are then being provided by any other Federal bank regulatory agency or, if not then being provided, could be provided by such an agency under ap- plicable provisions of law, rule, or regulation; in setting and adjusting the total amount of compensation and benefits for employees of the Oversight Board, the Oversight Board v shall consult with and seek to maintain comparability with the other Federal bank regulatory agencies, except that the Oversight Board shall not in any event exceed the com- pensation and benefits provided by the Federal Deposit Insurance (Corporation with respect to any comparable position; "(F) with the consent of any executive agency, depart- ment, or independent agency utilize the information, serv- ices, staff, and facilities of such department or agency, on a reimbursable (or other) basis, in carrying out this section; "(G) prescribe bylaws that are consistent with law to ^ provide for the manner in which— "(i) its officers and employees are selected, and "(ii) its general operations are to be conducted; "(H) enter into contracts and modify or consent to the modification of any contract or agreement; "(I) sue and be sued in courts of competent jurisdiction; and "(J) exercise any and all powers established under this section and such incidental powers as are necessary to carry out its powers, duties, and functions under this Act. "(6) OVERSIGHT BOARD DUTIES AND AUTHORITIES. —The Over- sight Board shall have the following duties and authorities with respect to the Corporation: "(A) To develop and establish overall strategies, policies, and goals for the Corporation's activities in consultation with the Corporation, including such items as— "(i) general policies and procedures for case resolu- tions, the mansigement and disposition of assets, the use of private contractors, and the use of notes, guaran- tees or other obligations by the Corporation; "(ii) overall financial goals, plans, and budgets; and "(iii) restructuring agreements described in subsec- tion (b)(ll)(B).

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