
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC4512]

 
                       TITLE 12--BANKS AND BANKING
 
              CHAPTER 46--GOVERNMENT SPONSORED ENTERPRISES
 
         SUBCHAPTER I--SUPERVISION AND REGULATION OF ENTERPRISES
 
            Part A--Financial Safety and Soundness Regulator
 
Sec. 4512. Director


(a) Appointment

    The Office shall be under the management of a Director, who shall be 
appointed by the President, by and with the advice and consent of the 
Senate, from among individuals who are citizens of the United States, 
have a demonstrated understanding of financial management or oversight, 
and have a demonstrated understanding of mortgage security markets and 
housing finance. An individual may not be appointed as Director if the 
individual has served as an executive officer or director of an 
enterprise at any time during the 3-year period ending upon the 
nomination of such individual for appointment as Director.

(b) Term

    The Director shall be appointed for a term of 5 years.

(c) Vacancy

    A vacancy in the position of Director shall be filled in the manner 
in which the original appointment was made under subsection (a) of this 
section.

(d) Service after end of term

    A Director may serve after the expiration of the term for which the 
Director was appointed until a successor Director has been appointed.

(e) Deputy Director

                           (1) In general

        The Office shall have a Deputy Director who shall be appointed 
    by the Director from among individuals who are citizens of the 
    United States, have a demonstrated understanding of financial 
    management or oversight, and have a demonstrated understanding of 
    mortgage security markets and housing finance. An individual may not 
    be appointed as Deputy Director if the individual has served as an 
    executive officer or director of an enterprise at any time during 
    the 3-year period ending upon the appointment of such individual as 
    Deputy Director.

                            (2) Functions

        The Deputy Director shall have such functions, powers, and 
    duties as the Director shall prescribe. In the event of the death, 
    resignation, sickness, or absence of the Director, the Deputy 
    Director shall serve as acting Director until the return of the 
    Director or the appointment of a successor pursuant to subsection 
    (c) of this section.

(Pub. L. 102-550, title XIII, Sec. 1312, Oct. 28, 1992, 106 Stat. 3945.)

                  Section Referred to in Other Sections

    This section is referred to in sections 4515, 4526, 4603 of this 
title.
