Page:United States Statutes at Large Volume 108 Part 3.djvu/417

 PUBLIC LAW 103-325—SEPT. 23, 1994 108 STAT. 2169 "(B) the Community Development Financial Institutions Fund;". (f) GOVERNMENT CORPORATION CONTROL ACT EXEMPTION.— Section 9107(b) of title 31, United States Code, shall not apply to deposits of the Fund made pursuant to section 108. (g) LIMITATION OF FUND AND FEDERAL LIABILITY.— The liability of the Fund and the United States Government arising out of any investment in a community development financial institution in accordance with this subtitle shall be limited to the amount of the investment. The Fund shall be exempt from giny assessments and other liabilities that may be imposed on controlling or principal shareholders by any Federal law or the law of any State, Territory, or the District of Columbia. Nothing in this subsection shall affect the application of any Federal tax law. (h) PROHIBITION ON ISSUANCE OF SECURITIES. — The Fund may not issue stock, bonds, debentures, notes, or other securities. (i) COMPENSATION.—Title 5, United States Code, is amended in section 5313, by adding at the end the following: "Administrator of the Community Development Financial Institutions Fund.". (j) ASSISTED INSTITUTIONS NOT UNITED STATES INSTRUMENTAL- ITIES.— ^A community development financial institution or other organization that receives assistance pursuant to this subtitle shall not be deemed to be an agency, department, or instrumentality of the United States. (k) TRANSITION PERIOD.— (1) IN GENERAL.— During the transition period, the Secretary of the Treasury may— (A) assist in the establishment of the administrative functions of the Fund listed in paragraph (2); and (B) hire not more than 6 individuals to serve as employ- ees of the Fund during the transition period. (2) CONTINUED SERVICE.— Individuals hired in accordance with paragraph (1)(B) may continue to serve as employees of the Fund after the transition period. (3) ADMINISTRATIVE FUNCTIONS. —The administrative functions referred to in paragraph (1)(A) shall be limited to— (A) establishing accounting, information, and recordkeeping systems for the Fund; and (B) procuring office space, equipment, and supplies. (4) EXPEDITED HIRING. —During the transition period, the Secretary of the Treasury may— (A) appoint and terminate the individuals referred to in paragraph (1)(B) without regard to the civil service laws and regulations; and (B) fix the compensation of the individuals referred to in paragraph (1)(B) without regard to the provisions of chapter 51 and subchapter III of chapter 53 of title 5, United States Code, relating to classification of positions and General Schedule pay rates, except that the rate of pay for such individuals may not exceed the rate payable for level V of the Executive Schedule under section 5316 of such title. (5) CERTAIN EMPLOYEES.— During the transition period, employees of the Department of the Treasury may only comprise less than one-half of the total number of individuals hired in accordance with paragraph (1)(B). 79-194 O—95—14: QL 3 Part 3

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