PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 395 "(1) DIRECTORATE. — The Funding Corporation shall be under the management of a Directorate composed of 3 members as follows: "(A) The director of the Office of Finance of the Federal Home Loan Banks (or the head of any successor office). "(B) 2 members selected by the Oversight Board from among the presidents of the Federal Home Loan Banks. "(2) TERMS.—Of the 2 members appointed under paragraph (I)(B), 1 shall be appointed for an initial term of 2 years and 1 shall be appointed for an initial term of 3 years. Thereafter, such members shall be appointed for a term of 3 years. "(3) VACANCY. — If any member leaves the office in which such member was serving when appointed to the Directorate— "(A) such member's service on the Directorate shall terminate on the date such member leaves such office; and "(B) the successor to the office of such member shall serve the remainder of such member's term. " (4) EQUAL REPRESENTATION OF BANKS. —No president of a Federal Home Loan Bank may be appointed to serve an addi- tional term on the Directorate until such time as the presidents of each of the other Federal Home Loan Banks have served as many terms as the president of such bank. "(5) CHAIRPERSON.—The Oversight Board shall select the chairperson of the Directorate from among the 3 members of the Directorate. "(6) STAFF.— "(A) No PAID EMPLOYEES. —The Funding Corporation shall have no paid employees. "(B) POWERS.— The Directorate may, with the approval of the Federal Housing Finance Board authorize the officers, employees, or agents of the Federal Home Loan Banks to act for and on behalf of the Funding Corporation in such manner as may be necessary to carry out the functions of the Funding Corporation. "(7) ADMINISTRATIVE EXPENSES. — "(A) IN GENERAL. —All administrative expenses of the Funding Corporation, including custodian fees, shall be paid by the Federal Home Loan Banks. "(B) PRO RATA DISTRIBUTION. — The amount each Federal Home Loan Bank shall pay under subparagraph (A) shall be determined by the Oversight Board by multiplying the total administrative expenses for any period by the percent- age arrived at by dividing— "(i) the aggregate amount the Oversight Board re- quired such bank to invest in the Funding Corporation (as of the time of such determination) under para- graphs (4) and (5) of subsection (e) (computed without regard to paragraphs (3) or (6) of such subsection); by (ii) the aggregate amount the Oversight Board re- quired all Federal Home Loan Banks to invest (as of the time of such determination) under such para- graphs. "(8) REGULATION BY OVERSIGHT BOARD.— The Directorate of the Funding Corporation shall be subject to such regulations, orders, and directions as the Oversight Board may prescribe. "(9) NO COMPENSATION FROM FUNDING CORPORATION. — Mem- bers of the Directorate of the Funding Corporation shall receive
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