Page:United States Statutes at Large Volume 103 Part 1.djvu/424

 103 STAT. 396 PUBLIC LAW 101-73 —AUG. 9, 1989 no pay, allowance, or benefit from the Funding Corporation for serving on the Directorate. "(d) POWERS OF THE FUNDING CORPORATION. — The Funding Cor- poration shall have only the powers described in paragraphs (1) through (9), subject to the other provisions of this section and such regulations, orders, and directions as the Oversight Board may prescribe: "(1) ISSUE STOCK.— To issue nonvoting capital stock to the Federal Home Loan Banks. "(2) PURCHASE CAPITAL STOCK; TRANSFER AMOUNTS. —To pur- chase capital certificates issued by the Resolution Trust Cor- poration under section 21A, and to transfer amounts to the Resolution Trust Corporation pursuant to subsection (e)(8) of this section. "(3) ISSUE OBLIGATIONS.— To issue debentures, bonds, or other f obligations, and to borrow, to give security for any amount borrowed, and to pay interest on (and any redemption premium with respect to) any such obligation or amount. "(4) IMPOSE ASSESSMENTS.— To impose assessments in accord- ance with subsection (e)(7). "(5) CORPORATE SEAL. —To adopt, alter, and use a corporate seal. "(6) SUCCESSION. —To have succession until dissolved. "(7) (CONTRACTS.—To enter into contracts. "(8) AUTHORITY TO SUE.— To sue and be sued in its corporate capacity, and to complain and defend in any action brought by or against the Funding Corporation in any State or Federal court of competent jurisdiction. "(9) INCIDENTAL POWERS. — To exercise such incidental powers not inconsistent with the provisions of this section and section 21A as are necessary and appropriate to carry out the provi- sions of this section. " (e) CAPITAUZATION OF FUNDING CORPORATION, ETC. — "(1) IN GENERAL. — "(A) AMOUNT REQUIRED. —The Oversight Board shall 9 ensure that the aggregate of the amounts obtained under this subsection shall be sufficient so that— "(i) the Funding (]!orporation may transfer the amounts required under paragraph (8); and "(ii) the total of the face amounts (the amount of principal payable at maturity) of noninterest bearing instruments in the Funding Corporation Principal Fund are equal to the aggregate amount of principal on the obligations of the Funding Corporation. " (B) PURCHASES OF STOCK BY FEDERAL HOME LOAN BANKS. —Each Federal Home Loan Bank shall purchase stock in the Funding (Dorporation at times and in amounts prescribed by the Oversight Board. "(2) PAR VALUE; TRANSFERABILITY. — Each share of stock issued by the Funding Corporation to a Federal Home Loan Bank shall have a par value in an amount determined by the Oversight Board and shall be transferable at not less than par value only among the Federal Home Loan Banks in the manner and to the extent prescribed by the Oversight Board. " (3) MAXIMUM INVESTMENT AMOUNT LIMITATION FOR EACH FED- ERAL HOME LOAN BANK.— The Cumulative amount of funds invested in nonvoting capital stock of the Funding Corporation

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