Page:United States Statutes at Large Volume 112 Part 1.djvu/935

 PUBLIC LAW 105-216—JULY 29, 1998 112 STAT. 909 (b) DISPOSITION OF AFFAIRS.— (1) POWER OF CHAIRPERSON.— Effective on the date of enactment of this Act, the Chairperson of the Oversight Board (or the designee of the Chairperson) may exercise on behalf of the Oversight Board any power of the Oversight Board necessary to settle and conclude the affairs of the 0>versight Board. (2) AVAILABILITY OF FUNDS.— Funds available to the Oversight Board shall be available to the Chairperson of the Oversight Board to pay expenses incurred in carrying out paragraph (1). (c) SAVINGS PROVISION.— (1) EXISTING RIGHTS, DUTIES, AND OBLIGATIONS NOT AFFECTED.— No provision of this section shall be construed as affecting the validity of any right, duty, or obligation of the United States, the (Oversight Board, the Resolution Trust Corporation, or any other person that— (A) arises under or pursuant to the Federal Home Loan Bank Act, or any other provision of law applicable with respect to the Oversight Board; and (B) existed on the day before the abolishment of the Oversight Board in accordance with subsection (a). (2) CONTINUATION OF SUITS.— No action or other proceeding commenced by or against the Oversight Board with respect to any function of the Oversight Board shall abate by reason of the enactment of this section. (3) LL^BILITIES.- (A) IN GENERAL. —All liabihties arising out of the operation of the Oversight Board during the period beginning on August 9, 1989, and the date uiat is 3 months after the date of enactment of this Act shall remain the direct liabilities of the United States. (B) No SUBSTITUTION. —The Secretary of the Treasury shall not be substituted for the Oversight Board as a party to any action or proceeding referred to in subparagraph (A). (4) CONTINUATIONS OF ORDERS, RESOLUTIONS, DETERMINA- TIONS, AND REGULATIONS PERTAINING TO THE RESOLUTION FUND- ING CORPORATION.— (A) IN GENERAL. —All orders, resolutions, determinations, and regulations regarding the Resolution Funding Corporation shall continue in effect according to the terms of such orders, resolutions, determinations, and regulations until modified, terminated, set aside, or superseded in accordance witii applicable law if such orders, resolutions, determinations, or regulations— (i) have been issued, made, and prescribed, or allowed to become effective by the Oversight Board, or by a court of competent jurisdiction, in the performance of functions transferred by this section; and (ii) are in effect at the end of the 3-month period beginning on the date of enactment of this section. (B) ENFORCEABILITY OF ORDERS, RESOLUTIONS, DETER- MINATIONS, AND REGULATIONS BEFORE TRANSFER. —Before the effective date of the transfer of the auHiority and duties of tihe Resolution Funding Corporation to the Secretary of the Treasury under subsection (d), all orders, resolutions, determinations, and regulations pertaining to 12 USC 1441a note. Effective date. 12 USC 1441a note.

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