Page:United States Statutes at Large Volume 103 Part 1.djvu/397

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 369 "(15) TERMINATION. —The Oversight Board shall terminate not later than 60 days after the Oversight Board fulfills all of its responsibilities under this Act. '(b) RESOLUTION TRUST CORPORATION ESTABLISHED.— "(1) ESTABLISHMENT. — "(A) IN GENERAL.— There is hereby established a Corpora- tion to be known as the Resolution Trust Corporation which shall be an instrumentality of the United States. "(B) STATUS.— The Corporation shall be deemed to be an agency of the United States for purposes of subchapter II of chapter 5 and chapter 7 of title 5, United States (Dode, when it is acting as a corporation. The (Dorporation, when it is acting as a conservator or receiver of an insured depository institution, shall be deemed to be an agency of the United States to the same extent as the Federal Deposit Insurance (Dorporation when it is acting as a conservator or receiver of an insured depository institution. " (C) FDIC AS EXCLUSIVE MANAGER.—Immediately upon enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the Federal Deposit Insur- ance (Dorporation shall be authorized to and shall perform all responsibilities of the (Dorporation, and shall continue to do so unless removed pursuant to subsection (m). "(2) GOVERNMENT CORPORATION.— Notwithstanding the fact that no Government funds may be invested in the Corporation, the (Dorporation shall be treated, for purposes of sections 9105, 9107, and 9108 of title 31, United States Code, as a mixed- ownership Government corporation which has capital of the Government. "(3) DUTIES.— The duties of the (Dorporation shall be to carry out a program, under the general oversight of the Oversight Board and through the Federal Deposit Insurance Corporation (or any replacement authorized pursuant to subsection (m)), including: "(A) To manage and resolve all cases involving depository institutions— "(i) the accounts of which were insured by the Fed- eral Savings and Loan Insurance Corporation before the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989; and "(ii) for which a conservator or receiver— "(I) had been appointed at any time during the period beginning on January 1, 1989, and ending on the date of the enactment of such Act (including any institution described in paragraph (6)); or "(II) is appointed within the 3-year period begin- ning on the date of the enactment of such Act. "(B) To manage the Federal Asset Disposition Associa- tion, subject to the provisions of subsection (f). "(C) To conduct the operations of the (Dorporation in a manner which— "(i) maximizes the net present value return from the sale or other disposition of institutions described in subparagraph (A) or the assets of such institutions; "(ii) minimizes the impact of such transactions on local real estate and financial markets;

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