Page:United States Statutes at Large Volume 122.djvu/2788

 12 2 STA T . 2 765PUBLIC LA W 11 0– 2 89—J UL Y3 0, 2008 ofther e gula te d e n t i t y that are tran s ferred to , or p ur -c hased b y, the li m ited-life regulated entity .‘ ‘ (8)REGULATIONS . —T he A gency may promulgate such regulations as the Agency determines to be necessary or appro- priate to implement this subsection. ‘‘( 9 ) P O W E R SO F LI M ITE D -LIFE REGULATED ENTITIES.— ‘‘(A) I N GENERAL.— E ach limited-life regulated entity created under this subsection shall ha v e all corporate po w ers of, and be sub j ect to the same provisions of law as, the regulated entity in default or in danger of default to which it relates, e x cept that— ‘‘(i) the Agency may— ‘‘(I) remove the directors of a limited-life regu- lated entity ‘‘(II) fix the compensation of members of the board of directors and senior management, as determined by the Agency in its discretion, of a limited-life regulated entity; and ‘‘(III) indemnify the representatives for pur- poses of paragraph ( 1 )( B ), and the directors, offi- cers, employees, and agents of a limited-life regu- lated entity on such terms as the Agency deter- mines to be appropriate; and ‘‘(ii) the board of directors of a limited-life regu- lated entity— ‘‘(I) shall elect a chairperson who may also serve in the position of chief executive officer, except that such person shall not serve either as chairperson or as chief executive officer without the prior approval of the Agency; and ‘‘(II) may appoint a chief executive officer who is not also the chairperson, except that such person shall not serve as chief executive officer without the prior approval of the Agency. ‘‘(B) S TA Y OF J UDI C IAL ACTION.—Any judicial action to which a limited-life regulated entity becomes a party by virtue of its ac q uisition of any assets or assumption of any liabilities of a regulated entity in default shall be stayed from further proceedings for a period of not longer than 45 days, at the request of the limited-life regulated entity. Such period may be modified upon the consent of all parties. ‘‘(1 0 ) N O FEDERAL STATUS.— ‘‘(A) AGENCY STATUS.—A limited-life regulated entity is not an agency, establishment, or instrumentality of the U nited States. ‘‘(B) EM P LOYEE STATUS.—Representatives for purposes of paragraph (1)(B), interim directors, directors, officers, employees, or agents of a limited-life regulated entity are not, solely by virtue of service in any such capacity, officers or employees of the United States. Any employee of the Agency or of any F ederal instrumentality who serves at the request of the Agency as a representative for purposes of paragraph (1)(B), interim director, director, officer, employee, or agent of a limited-life regulated entity shall not—

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