§ 2297h-3. 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.
(b)
Status of 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.
(c)
Application of post-Government employment restrictions
Beginning on the privatization date, the restrictions stated in section
207
(a), (b), (c), and (d) of title
18 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 Corporation (including a director) continuously during the 45 days prior to the privatization date.
(d)
Dissolution
In the event that the privatization does not occur, the Corporation will provide for the dissolution of the private corporation within 1 year of the private corporation’s incorporation unless the Secretary of the Treasury or his delegate, upon the Corporation’s request, agrees to delay any such dissolution for an additional year.