Page:United States Statutes at Large Volume 103 Part 1.djvu/398

 103 STAT. 370 PUBLIC LAW 101-73 —AUG. 9, 1989 "(iii) makes efficient use of funds obtained from the Funding Corporation or from the Treasury; "(iv) minimizes the amount of any loss realized in the resolution of cases; and "(v) maximizes the preservation of the availability and affordability of residential real property for low- and moderate-income individuals. "(D) To perform any other function authorized under this section. "(4) CONSERVATORSHIP, RECEIVERSHIP, AND ASSISTANCE POWERS. — Except as provided in paragraph (5) and in addition to any other provision of this section, the Corporation shall have the same powers and rights to carry out its duties with respect to institutions described in paragraph (3)(A) as the Federal Deposit Insurance Corporation has under sections 11, 12, and 13 of the Federal Deposit Insurance Act with respect to insured depository institutions (as defined in section 3 of the Federal Deposit Insurance Act). "(5) LIMITATION ON PARAGRAPH (4) POWERS.— The Corpora- tion— "(A) may not obligate the Federal Deposit Insurance Corporation or any funds of the Federal Deposit Insurance Corporation; and "(B) in connection with providing assistance to an institu- tion under this subsection, shall be subject to the limita- tions contained in section 13(c)(4) of the Federal Deposit 1 Insurance Act. "(6) SUCCESSOR TO FSLIC AS CONSERVATOR OR RECEIVER. —As of the date of enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the Corporation shall succeed the Federal Savings and Loan Insurance Corporation as conservator or receiver with respect to any institution for which the Federal Savings and Loan Insurance Corporation was ap- pointed conservator or receiver during the period beginning on January 1, 1989 and ending on such date of enactment. "(7) OBLIGATIONS AND GUARANTEES. —The Corporation's authority to issue obligations and guarantees shall be subject to general supervision by the Oversight Board under subsection (a) and shall be consistent with subsection (j). "(8) BOARD OF DIRECTORS. — "(A) IN GENERAL.— Except as provided in subsection (m), the Board of Directors of the Federal Deposit Insurance Corporation shall serve as the Board of Directors of the Corporation. "(B) CHAIRPERSON. —Except as provided in subsection (m), the Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation shall serve as the Chair- person of the Board of Directors of the Corporation. "(C) COMPENSATION.— Members of the Board of Directors of the Corporation shall receive no pay, allowances, or benefits from the Corporation by reason of their service on the Board of Directors, but shall receive allowances in accordance with subchapter I of chapter 57 of title 5, United States Code, for necessary expenses of travel, lodging, and subsistence incurred in attending meetings and other activities of the Board of Directors, as set forth in the bylaws issued by the Board of Directors.

�