Page:United States Statutes at Large Volume 110 Part 2.djvu/484

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110 STAT. 1321-337 PUBLIC LAW 104-134—APR. 26, 1996 State of incorporation of the private corporation, as if the Corporation were incorporated thereunder). (b) BOARD DETERMINATION. —The Board, with the approval of the Secretary of the Treasury, shall select the method of transfer and establish terms and conditions for the transfer that will provide the maximum proceeds to the Treasury of the United States and will provide for the long-term viability of the private corporation, the continued operation of the gaseous diffusion plants, and the public interest in maintaining reliable and economical domestic uranium mining and enrichment industries. (c) ADEQUATE PROCEEDS.— The Secretary of the Treasury shall not allow the privatization of the Corporation unless before the sale date the Secretary of the Treasury determines that the method of transfer will provide the maximum proceeds to the Treasury consistent with the principles set forth in section 3103(a). (d) APPLICATION OF SECURITIES LAWS.— Any offering or sale of securities by the private corporation shall be subject to the Securities Act of 1933 (15 U.S.C. 77a et seq.), the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.), and the provisions of the Constitution and laws of any State, territory, or possession of the United States relating to transactions in securities. (e) EXPENSES. —Expenses of privatization shall be paid from Corporation revenue accounts in the United States Treasury. 42 USC 2297h-3. SEC. 3105. ESTABLISHMENT OF PRIVATE CORPORATION. (a) INCORPORATION. —(1) The directors of the Corporation shall establish a private for-profit corporation under the laws of a State for the purpose of receiving the assets and obligations of the Corporation at privatization and continuing the business operations of the Corporation following privatization. (2) The directors of the Corporation may serve as incorporators of the private corporation and shall take all steps necessary to establish the private corporation, including the filing of articles of incorporation consistent with the provisions of this subchapter. (3) Employees and officers of the Corporation (including members of the Board of Directors) acting in accordance with this section on behalf of the private corporation shall be deemed to be acting in their official capacities as employees or officers of the Corporation for purposes of section 205 of title 18, United States Code. (b) STATUS OF THE PRIVATE CORPORATION. — (1) The private corporation shall not be an agency, instrumentality, or establishment of the United States, a Government corporation, or a Government-controlled corporation. (2) Except as otherwise provided by this subchapter, financial obligations of the private corporation shall not be obligations of, or guaranteed as to principal or interest by, the Corporation or the United States, and the obligations shall so plainly state. (3) No action under section 1491 of title 28, United States Code, shall be allowable against the United States based on actions of the private corporation. (c) APPLICATION OF POST-GOVERNMENT EMPLOYMENT RESTRIC- TIONS. —Beginning on the privatization date, the restrictions stated in section 207(a), (b), (c), and (d) of title 18, United States Code, shall not apply to the acts of an individual done in carrying out official duties as a director, officer, or employee of the private corporation, if the individual was an officer or employee of the