12 2 STA T . 2 76 2 PUBLIC LA W 11 0– 2 89—J UL Y3 0 , 2008 operati o n o fl a w an d i m mediatel yu pon it s or g ani z a - tion —‘ ‘ (I) su c ceed to t h e charter of the F ederal N ational M ortgage A ssociation , as set forth in the Federal National Mortgage Association C harter Act
and ‘‘(II) thereafter operate in accordance with, and su bj ect to, such charter, this Act, and any other pro v ision of law to which the Federal National Mortgage Association is subject, e x cept as other- wise provided in this subsection . ‘‘(ii) F RED D I E MAC .—If the Agency is appointed as receiver for the Federal H ome L oan Mortgage Corpora- tion, the limited-life regulated entity established under this subsection with respect to such enterprise shall, by operation of law and immediately upon its organiza- tion— ‘‘(I) succeed to the charter of the Federal Home Loan Mortgage Corporation, as set forth in the Federal Home Loan Mortgage Corporation Charter Act; and ‘‘(II) thereafter operate in accordance with, and subject to, such charter, this Act, and any other provision of law to which the Federal Home Loan Mortgage Corporation is subject, except as other- wise provided in this subsection. ‘‘( B )I NT ERE S TS IN AND ASSETS AND OBL I G ATIONS O F REG U LATED ENTIT Y IN DEFAULT.—Notwithstanding subpara- graph (A) or any other provision of law— ‘‘(i) a limited-life regulated entity shall assume, ac q uire, or succeed to the assets or liabilities of a regulated entity only to the extent that such assets or liabilities are transferred by the Agency to the lim- ited-life regulated entity in accordance with, and sub- ject to the restrictions set forth in, paragraph ( 1 )(B); ‘‘(ii) a limited-life regulated entity shall not assume, acquire, or succeed to any obligation that a regulated entity for which a receiver has been appointed may have to any shareholder of the regu- lated entity that arises as a result of the status of that person as a shareholder of the regulated entity; and ‘‘(iii) no shareholder or creditor of a regulated entity shall have any right or claim against the charter of the regulated entity once the Agency has been appointed receiver for the regulated entity and a lim- ited-life regulated entity succeeds to the charter pursu- ant to subparagraph (A). ‘‘(C) LIMITED-LIFE REGULATED ENTITY TREATED AS BEING IN DEFAULT FOR CERTAIN P URPOSES.—A limited-life regulated entity shall be treated as a regulated entity in default at such times and for such purposes as the Agency may, in its discretion, determine. ‘‘( D ) MANAGEMENT.— U pon its establishment, a limited- life regulated entity shall be under the management of a board of directors consisting of not fewer than 5 nor more than 1 0 members appointed by the Agency.
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