22 U.S.C. § 9632 — Corporate powers

Page 2280 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 9632 (2) Settlements conclusive Payment made pursuant to any settlement pursuant to paragraph (1), or as a result of an arbitration award, shall be final and conclu- sive notwithstanding any other provision of law. (c) Presumption of compliance Each contract executed by such officer or offi- cers as may be designated by the Board shall be conclusively presumed to be issued in compli- ance with the requirements of this chapter. (d) Electronic payments and documents The Corporation shall implement policies to accept electronic documents and electronic pay- ments in all of its programs. (Pub. L. 115–254, div. F, title III, § 1431, Oct. 5, 2018, 132 Stat. 3499.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in subsec. (c), was in the original ‘‘this division’’, meaning division F of Pub. L. 115–254, Oct. 5, 2018, 132 Stat. 3485, which is classified principally to this chapter. For complete classification of division F to the Code, see Short Title note set out under section 9601 of this title and Tables. § 9632. Corporate powers (a) In general The Corporation— (1) may adopt, alter, and use a seal, to in- clude an identifiable symbol of the United States; (2) may make and perform such contracts, including no-cost contracts (as defined by the Corporation), grants, and other agreements notwithstanding division C of subtitle I of title 41, with any person or government how- ever designated and wherever situated, as may be necessary for carrying out the functions of the Corporation; (3) may lease, purchase, or otherwise ac- quire, improve, and use such real property wherever situated, as may be necessary for carrying out the functions of the Corporation, except that, if the real property is for the Cor- poration’s own occupancy, the lease, purchase, acquisition, improvement, or use of the real property shall be entered into or conducted in consultation with the Administrator of Gen- eral Services; (4) may accept cash gifts or donations of services or of property (real, personal, or mixed), tangible or intangible, for the purpose of carrying out the functions of the Corpora- tion; (5) may use the United States mails in the same manner and on the same conditions as the Executive departments (as defined in sec- tion 101 of title 5); (6) may contract with individuals for per- sonal services, who shall not be considered Federal employees for any provision of law ad- ministered by the Director of the Office of Personnel Management; (7) may hire or obtain passenger motor vehi- cles; (8) may sue and be sued in its corporate name; (9) may acquire, hold, or dispose of, upon such terms and conditions as the Corporation may determine, any property, real, personal, or mixed, tangible or intangible, or any inter- est in such property, except that, in the case of real property that is for the Corporation’s own occupancy, the acquisition, holding, or disposition of the real property shall be con- ducted in consultation with the Administrator of General Services; (10) may lease office space for the Corpora- tion’s own use, with the obligation of amounts for such lease limited to the current fiscal year for which payments are due until the ex- piration of the current lease under predecessor authority, as of the day before October 5, 2018; (11) may indemnify directors, officers, em- ployees, and agents of the Corporation for li- abilities and expenses incurred in connection with their activities on behalf of the Corpora- tion; (12) notwithstanding any other provision of law, may represent itself or contract for rep- resentation in any legal or arbitral pro- ceeding; (13) may exercise any priority of the Govern- ment of the United States in collecting debts from bankrupt, insolvent, or decedents’ es- tates; (14) may collect, notwithstanding section 3711(g)(1) of title 31, or compromise any obliga- tions assigned to or held by the Corporation, including any legal or equitable rights accru- ing to the Corporation; (15) may make arrangements with foreign governments (including agencies, instrumen- talities, or political subdivisions of such gov- ernments) or with multilateral organizations or institutions for sharing liabilities; (16) may sell direct investments of the Cor- poration to private investors upon such terms and conditions as the Corporation may deter- mine; and (17) shall have such other powers as may be necessary and incident to carrying out the functions of the Corporation. (b) Treatment of property Notwithstanding any other provision of law relating to the acquisition, handling, or disposal of property by the United States, the Corpora- tion shall have the right in its discretion to complete, recondition, reconstruct, renovate, re- pair, maintain, operate, or sell any property ac- quired by the Corporation pursuant to the provi- sions of this chapter, except that, in the case of real property that is for the Corporation’s own occupancy, the completion, reconditioning, re- construction, renovation, repair, maintenance, operation, or sale of the real property shall be conducted in consultation with the Adminis- trator of General Services. (Pub. L. 115–254, div. F, title III, § 1432, Oct. 5, 2018, 132 Stat. 3500.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in subsec. (b), was in the original ‘‘this division’’, meaning division F of Pub. L. 115–254, Oct. 5, 2018, 132 Stat. 3485, which is classified Page 2281 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 9634 1 So in original. Probably should be followed by ‘‘and’’. principally to this chapter. For complete classification of division F to the Code, see Short Title note set out under section 9601 of this title and Tables. § 9633. Maximum contingent liability The maximum contingent liability of the Cor- poration outstanding at any one time shall not exceed in the aggregate $60,000,000,000. (Pub. L. 115–254, div. F, title III, § 1433, Oct. 5, 2018, 132 Stat. 3501.) § 9634. Corporate funds (a) Corporate Capital Account There is established in the Treasury of the United States a fund to be known as the ‘‘Cor- porate Capital Account’’ to carry out the pur- poses of the Corporation. (b) Funding The Corporate Capital Account shall consist of— (1) fees charged and collected pursuant to subsection (c); (2) any amounts received pursuant to sub- section (e); (3) investments and returns on such invest- ments pursuant to subsection (g); (4) unexpended balances transferred to the Corporation pursuant to subsection (i); (5) payments received in connection with settlements of all insurance and reinsurance claims of the Corporation; and (6) all other collections transferred to or earned by the Corporation, excluding the cost, as defined in section 661a of title 2, of loans and loan guaranties. (c) Fee authority Fees may be charged and collected for pro- viding services in amounts to be determined by the Corporation. (d) Uses (1) In general Subject to Acts making appropriations, the Corporation is authorized to pay— (A) the cost, as defined in section 661a of title 2, of loans and loan guaranties; (B) administrative expenses of the Cor- poration; (C) for the cost of providing support au- thorized by subsections (c), (e), (f), and (g) of section 9621 of this title; 1 (D) project-specific transaction costs. (2) Income and revenue In order to carry out the purposes of the Corporation, all collections transferred to or earned by the Corporation, excluding the cost, as defined in section 661a of title 2, of loans and loan guaranties, shall be deposited into the Corporate Capital Account and shall be available to carry out its purpose, including without limitation— (A) payment of all insurance and reinsur- ance claims of the Corporation; (B) repayments to the Treasury of amounts borrowed under subsection (e); and (C) dividend payments to the Treasury under subsection (f). (e) Full faith and credit (1) In general All support provided pursuant to predecessor authorities or subchapter II of this chapter shall continue to constitute obligations of the United States, and the full faith and credit of the United States is hereby pledged for the full payment and performance of such obliga- tions. (2) Authority to borrow The Corporation is authorized to borrow from the Treasury such sums as may be nec- essary to fulfill such obligations of the United States and any such borrowing shall be at a rate determined by the Secretary of the Treas- ury, taking into consideration the current av- erage market yields on outstanding market- able obligations of the United States of com- parable maturities, for a period jointly deter- mined by the Corporation and the Secretary, and subject to such terms and conditions as the Secretary may require. (f) Dividends The Board, in consultation with the Director of the Office of Management and Budget, shall annually assess a dividend payment to the Treasury if the Corporation’s insurance port- folio is more than 100 percent reserved. (g) Investment authority (1) In general The Corporation may request the Secretary of the Treasury to invest such portion of the Corporate Capital Account as is not, in the Corporation’s judgment, required to meet the current needs of the Corporate Capital Ac- count. (2) Form of investments Such investments shall be made by the Sec- retary of the Treasury in public debt obliga- tions, with maturities suitable to the needs of the Corporate Capital Account, as determined by the Corporation, and bearing interest at rates determined by the Secretary, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturities. (h) Collections Interest earnings made pursuant to subsection (g), earnings collected related to equity invest- ments, and amounts, excluding fees related to insurance or reinsurance, collected pursuant to subsection (c), shall not be collected for any fis- cal year except to the extent provided in ad- vance in appropriations Acts. (i) Transfer from predecessor agencies and pro- grams By the end of the transition period described in subchapter VI of this chapter, the unexpended balances, assets, and responsibilities of any agency specified in the plan required by section 9682 of this title shall be transferred to the Cor- poration. (j) Transfer of funds In order to carry out this chapter, funds au- thorized to be appropriated to carry out the For-