After the Board has been duly constituted, subject to the other provisions of this subchapter and other commitments and requirements established pursuant to law, the Corporation may provide guarantees on terms and conditions determined by the Corporation of securities issued on the security of, or in participation in, pooled interests in qualified loans.
The Board shall-
The persons elected or appointed under paragraph (1)(B) shall be the executive officers of the Corporation and shall discharge the executive functions, powers, and duties of the Corporation.
The Corporation shall be a body corporate and shall have the following powers:
The Federal Reserve banks shall act as depositories for, and as fiscal agents or custodians of, the Corporation.
The Corporation shall have access to the book-entry system of the Federal Reserve System.
12 U.S.C. § 2279aa-3
EDITORIAL NOTES
AMENDMENTS1996-Subsec. (c)(13) to (15). Pub. L. 104-105, §104, added par. (13) and redesignated former pars. (13) and (14) as (14) and (15), respectively.Subsec. (d). Pub. L. 104-105, §105(1), which directed the amendment of subsec. (d) by substituting "shall act as depositories for, and" for "may act as depositories for, or", was executed by making the substitution for "may act as depositaries for, or" to reflect the probable intent of Congress.Subsec. (e). Pub. L. 104-105, §105(2), substituted "Corporation shall have access to" for "Secretary of the Treasury may authorize the Corporation to use". 1992-Subsec. (c)(13). Pub. L. 102-552 substituted "2279aa-11(e)" for "2279aa-11(g)".1991-Subsec. (c)(13), (14). Pub. L. 102-237 added par. (13) and redesignated former par. (13) as (14).1988-Subsec. (c)(4). Pub. L. 100-399 substituted "such persons" for "the persons".
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 1988 AMENDMENT Amendment by Pub. L. 100-399 effective as if enacted immediately after enactment of Pub. L. 100-233 which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100-399 set out as a note under section 2002 of this title.
- State
- The term "State" means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands or any federally recognized Indian tribe, as defined by the Secretary of the Interior under section 5131(a) of title 25.
- credit
- The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.