100 STAT. 1530
PUBLIC LAW 99-498—OCT. 17, 1986
insurance or guarantee, listed by a nationally recognized statistical rating organization at a rating below the third highest rating of such organization. "(2) At least the percentages specified in paragraph (3) of the aggregate dollar amount of the assets and obligations reinsured, insured, and guaranteed by the Corporation under this section shall be in the direct insurance and guarantee activities specified in this subsection. "(3) For the purpose of paragraph (2) of this paragraph, the percentages specified in this paragraph shall be— "(A) 10 percent for the first full year of operation of the Corporation; 'I.1B*S ^^ "(B) 30 percent for the second full year of such operation; and "(C) 50 percent for the third full year of such operation 81 i and thereafter. Securities. "(4) For the purpose of paragraph (1), the assets and obligaReal property. tions which may be directly covered by primary insurance or guarantees issued by the Corporation are— "(A) bonds, debentures, notes, evidences of debt, loans, and interests therein, the proceeds of which are to be used for an education facilities purpose; and "(B) leases of personal, real, or mixed property to be used for an education facilities purpose. "(d) NOTICE OF SERVICES.—The Corporation shall take such steps as may be necessary to publicize the availability of its insurance and reinsurance programs under this section in a manner that assures that information concerning such programs will be available to each eligible institution. "(e) NONDISCRIMINATION REQUIRED.— oau fti
20 USC 1681.
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"(1) The Corporation may not carry out any activities with respect to any educational facilities purpose of a participating institution if the institution discriminates on account of race, color, religion (subject to paragraph (2)), national origin, sex (to the extent provided in title IX of the Education Amendments of 1972), or handicapping condition. "(2) The prohibition with respect to religion shall not apply to an educational institution which is controlled by or which is closely identified with the tenets of a particular religious organization if the application of this section would not be consistent with the religious tenets of such organization. "(3) Each participating institution shall certify to the Corporation that the institution does not discriminate as required by the provisions of paragraph (1). PROCESS OF ORGANIZATION
20 USC ii32f-2.
"SEC. 753. The Secretary of the Treasury, the Secretary, and the Student Loan Marketing Association shall each appoint 2 persons to be incorporators of the Corporation. If either the Secretary of the Treasury or the Secretary fail to appoint incorporators within 90 days after the date of enactment of the Higher Education Amendments of 1986, the Student Loan Marketing Association, after consultation with the Committee on Labor and Human Resources of the Senate and the Committee on Education and Labor of the House of Representatives, shall have the authority to name the incorporators which have not been so appointed. The incorporators so appointed
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