264 Managing Direc
PUBLIC LAW 85-477-JUNE 30, 1958
[72 S T A T.
u^^^ rpj^^j.^ gj^^jj ^ ^ Managing Director of the Fund who shall be the chief executive officer of the Fund, who shall be appointed by the President of the United States by and with the advice and consent of the Senate, and whose compensation shall be at a rate of $20,000 a year. There shall also be a Deputy Managing Director of the Fund, whose compensation shall be at a rate not in excess of $19,000 a year, and three other officers of the Fund, whose titles shall be determined by the Board and whose compensation shall be at a rate not in excess of $18,000 per year. Appointment to the offices provided for in the preceding sentence shall be by the Board. The Managing Director, in his capacity as chief executive officer of the Fund, the Deputy Managing Director and the other officers of the Fund shall perform such functions as the Board may designate and shall be subject to the supervision and direction of the Board. During the absence or disability of the Managing Director or in the event of a vacancy in the office of Managing Director, the Deputy Managing Director shall act as Managing Director, or, if the Deputy Managing Director is also absent or disabled or the office of Deputy Managing Director is vacant, such other officer as the Board may designate shall act as Managing Director. The offices provided for in this subsection shall be in addition to positions otherwise authorized by law." (3) Tn subsection (c): (i) Strike out all in the first sentence preceding ": enter into" and substitute "The Fund, in addition to other powers and authorities vested in or delegated or assigned to the Fund or its officers or the Board, may"; (ii) Strike out "may be deemed" in the first clause of the first sentence and substitute "it may deem"; (iii) Strike out "under this title" in the fourth clause of the first sentence and substitute "of the F u n d "; (iv) Strike out "the Manager of" in the fifth clause, both times it appears in the seventh clause, and in the last clause of the first sentence; (v) Insert after the seventh clause of the first sentence, following "collection;", the following: "adopt, alter and use a corporate seal which shall be judicially noticed; require bonds for the faithful performance of the duties of its officers, attorneys, agents and employees and pay the premiums thereon; sue and be sued in its corporate name (provided that no attachment, injunction, garnishment, or similar process, mesne or final, shall be issued against the Fund or any officer thereof, including the Board or any member thereof, in his official capacity or against property or funds owned or held by the Fund or any such officer in his official capacity); exercise, in the payment of debts out of bankrupt, insolvent or decedent's estates, the priority of the Government of the United States; purchase one passenger motor vehicle for use in the continental United States and replace such vehicle from time to time as necessary; use the United States mails in the same manner and under the same conditions as the executive departments of the Federal Government;"; (vi) Strike out all following "operation" in the last clause of the first sentence and substitute ", or m carrying out any function.". (vii) Insert the following new sentence after the first sentence of the subsection: "Nothing herein shall be construed to exempt the F u n d or its operations from the application of sections 507(b) and 62 Stat. 910,984. 2679 of title 28, United States Code or of section 367 of the Revised Statutes (5 U.S.C. 316), or to authorize the Fund to borrow any funds from any source without the express legislative permission of the Congress.".
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