Page:United States Statutes at Large Volume 110 Part 1.djvu/183

 PUBLIC LAW 104-104—FEB. 8, 1996 110 STAT. 159 the Corporation to assure that the corporate purposes described in subsection (a)(1)(C) are carried out; (C) that no part of the assets of the Corporation shall accrue to the benefit of any member of the Board of Directors of the Corporation, any officer or employee of the Corporation, or any other individual, except as salary or reasonable compensation for services; (D) that the Board of Directors of the Corporation will adopt policies and procedures to prevent conflicts of interest; (E) to maintain a Board of Directors of the Corporation consistent with subsection (a)(1)(B); (F) that the Corporation, and any entity receiving the assistance from the Corporation, are subject to the appropriate oversight procedures of the Congress; and (G) to comply with— (i) the audit requirements described in subsection (d); and (ii) the reporting and testimony requirements described in subsection (e). (3) CONSTRUCTION.— Nothing in this section shall be construed to establish the Corporation as an agency or independent establishment of the Federal Government, or to establish the members of the Board of Directors of the Corporation, or the officers and employees of the Corporation, as officers or employ- ees of the Federal Government. (d) AUDITS. — (1) AUDITS BY INDEPENDENT CERTIFIED PUBLIC ACCOUNT- ANTS. — (A) IN GENERAL.— The Corporation's financial statements shall be audited annually in accordance with generally accepted auditing standards by independent certified public accountants who are certified by a regulatory authority of a State or other political subdivision of the United States. The audits shall be conducted at the place or places where the accounts of the Corporation are normally kept. All books, accounts, financial records, reports, files, and all other papers, things, or property belonging to or in use by the Corporation and necessary to facilitate the audit shall be made available to the person or persons conducting the audits, and full facilities for verifying transactions with the balances or securities held by depositories, fiscal agents, and custodians shall be afforded to such person or persons. (B) REPORTING REQUIREMENTS. —The report of each annual audit described in subparagraph (A) shall be included in the annual report required by subsection (e)(1). (2) RECORDKEEPING REQUIREMENTS; AUDIT AND EXAMINA- TION OF BOOKS.— (A) RECORDKEEPING REQUIREMENTS.—The Corporation shall ensure that each recipient of assistance from the Corporation keeps— (i) separate accounts with respect to such assistance; (ii) such records as may be reasonably necessary to fully disclose— (I) the amount and the disposition by such recipient of the proceeds of such assistance;

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