Sec. 2. Establishment of the Infrastructure Bank Holding Company
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/bill/116/hr/7231/ih/section-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
There is established a corporation to be known as the Infrastructure Bank Holding Company (in this Act referred to as the Holding Company ), which shall be the parent company of the Infrastructure Bank for America established under section 3. The Holding Company shall have a Board of Directors, which shall— initially consist of 7 members, or such other number as the formation agent determines appropriate; be elected by the shareholders of the Holding Company; within the limitations of law and regulation, determine the general policies that govern the operations of the Holding Company, and have the power to adopt, amend, and repeal bylaws governing the performance of the powers and duties granted to or imposed upon the Holding Company by law; and select and effect the appointment of qualified persons to fill the office of the Chief Executive Officer and such other offices as may be provided for in the bylaws of the Holding Company and the Infrastructure Bank for America established under section 3.
The formation agent shall issue equity securities of the Holding Company to each shareholder of the formation agent, in an amount that the formation agent determines has a value equal to the value of equity securities of the formation agent held by such shareholder upon the establishment of the Holding Company. The earnings and reserves of the Holding Company shall be the sole property of the Holding Company and may not be construed to be Government funds, public funds, or appropriated money.