Page:United States Statutes at Large Volume 122.djvu/2786

 12 2 STA T . 2 763PUBLIC LA W 11 0– 2 89—J UL Y 30, 2008 ‘ ‘ (E)BYLAWS.—Theboard o f d i re ct or s ofa l i m ited - life re gu lated e n tit y shall ado p t such byla w sasmaybe appro v ed by the A gency. ‘‘( 3 ) C A PIT AL ST OCK .— ‘‘(A) N OA GEN CY R E QU IRE M ENT.—The Agency is not re q uired to pay capital stoc k into a limited-life regu- lated entity or to issue any capital stock on behalf of a limited-life regulated entity established under this subsection. ‘‘(B) AUT H ORITY.— I f the D irector determines that such action is advisable , the Agency may cause capital stock or other securities of a limited-life regulated entity established with respect to an enterprise to be issued and offered for sale, in such amounts and on such terms and conditions as the Director may deter- mine, in the discretion of the Director. ‘‘( 4 )IN V ESTMENTS.— F unds of a limited-life regulated entity shall be kept on hand in cash, invested in obligations of the U nited S tates or obligations guaranteed as to principal and interest by the United States, or deposited with the Agency, or any Federal reserve bank. ‘‘( 5 )E X EMPT TAX STATUS.—Notwithstanding any other provision of Federal or State law, a limited-life regulated entity, its franchise, property, and income shall be e x empt from all taxation now or hereafter imposed by the United States, by any territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority. ‘‘( 6 ) W IN D ING UP.— ‘‘(A) IN GENERAL.—Sub j ect to subparagraphs (B) and (C), not later than 2 years after the date of its organi z ation, the Agency shall wind up the affairs of a limited-life regu- lated entity. ‘‘(B) EXTENSION.—The Director may, in the discretion of the Director, extend the status of a limited-life regulated entity for 3 additional 1 -year periods. ‘‘(C) TERMINATION O F STATUS AS LIMITED-LIFE REGU- LATED ENTITY.— ‘‘(i) IN GENERAL.—Upon the sale by the Agency of 80 percent or more of the capital stock of a limited- life regulated entity, as defined in clause (iv), to 1 or more persons (other than the Agency)— ‘‘(I) the status of the limited-life regulated entity as such shall terminate and ‘‘(II) the entity shall cease to be a limited- life regulated entity for purposes of this subsection. ‘‘(ii) DIVESTITURE OF REMAINING STOCK, IF ANY.— ‘‘(I) IN GENERAL.—Not later than 1 year after the date on which the status of a limited-life regu- lated entity is terminated pursuant to clause (i), the Agency shall sell to 1 or more persons (other than the Agency) any remaining capital stock of the former limited-life regulated entity. ‘‘(II) EXTENSION AUTHORI Z ED.—The Director may extend the period referred to in subclause (I) for not longer than an additional 2 years, if the Director determines that such action would be in the public interest. Deadlin e . Deadline.

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