PUBLIC LAW 104-208—SEPT. 30, 1996 110 STAT. 3009-290
(f) RIGHT TO E>fFORCE. —The Secretary of Education or the 20 USC 1087-2
Secretary of the Treasury, as appropriate, may request that the note.
Attorney General bring an action in the United States District
Court for the District of Columbia for the enforcement of any
provision of subsection (e), or may, under the direction or control
of the Attorney General, bring such an action. Such court shall
have jurisdiction and power to order and require compliance with
subsection (e).
SEC. 603. CONNIE LEE PRIVATIZATION.
20 USC
1132f—10
(a) STATUS OF THE CORPORATION AND CORPORATE POWERS;
OBLIGATIONS NOT FEDERALLY GUARANTEED.—
(1) STATUS OF THE CORPORATION.— The Corporation shall
not be an agency, instrumentality, or establishment of the
United States Government, nor a Government corporation, nor
a Government controlled corporation, as such terms are defined
in section 103 of title 5, United States Code. No action under
section 1491 of title 28, United States Code (commonly known
as the Tucker Act) shall be allowable against the United States
based on the actions of the Corporation.
(2) CORPORATE POWERS. — The Corporation shall be subject
to the provisions of this section, and, to the extent not inconsistent with this section, to the District of Columbia Business
Corporation Act (or the comparable law of another State, if
applicable). The Corporation shall have the powers conferred
upon a corporation by the District of Columbia Business Corporation Act (or such other applicable State law) as from time
to time in effect in order to conduct the Corporation's affairs
as a private, for-profit corporation and to carry out the Corporation's purposes and activities incidental thereto. The Corporation shall have the power to enter into contracts, to execute
instruments, to incur liabilities, to provide products and services, and to do all things as are necessary or incidental to
the proper management of the Corporation's affairs and the
efficient operation of a private, for-profit business.
(3) LIMITATION ON OWNERSHIP OF STOCK.—
(A) STUDENT LOAN MARKETING ASSOCIATION.— The Student Loan Marketing Association shall not increase its
share of the ownership of the Corporation in excess of
42 percent of the shares of stock of the Corporation
outstanding on the date of enactment of this Act. The
Student Loan Marketing Association shall not control the
operation of the Corporation, except that the Student Loan
Marketing Association may participate in the election of
directors as a shareholder, and may continue to exercise
the Student Loan Marketing Association's right to appoint
directors under section 754 of the Higher Education Act
of 1965 (20 U.S.C. 1132f-3) as long as that section is
in effect.
(B) PROHIBITION.—Until such time as the Secretary
of the Treasury sells the stock of the Corporation owned
by the Secretary of Education pursuant to subsection (c),
the Student Loan Marketing Association shall not provide
financial support or guarantees to the Corporation.
(C) FINANCLVL SUPPORT OR GUARANTEES.— After the
Secretary of the Treasury sells the stock of the Corporation
owned by the Secretary of Education pursuant to subsection
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