Sec. 3. Selection of the Formation Agent
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Within 60 days of the date of enactment of this Act, the Secretary of the Treasury, in consultation with the Chairman of the Board of Governors of the Federal Reserve System, shall select a Formation Agent which shall— make and file with the Secretary of the Treasury an organization certificate for the Bank in accordance with such rules and regulations as the Secretary may prescribe, including the establishment of the Holding Company; and have significant experience in infrastructure and infrastructure finance.
Within 30 days after being selected under subsection (a), the Formation Agent shall establish the Federal Infrastructure Bank Holding Company, prescribe the governing structure of the Holding Company, and establish the Federal Infrastructure Bank Holding Company Board of Directors, which shall— initially consist of 7 members; be elected by the shareholders of the Holding Company; serve 4-year terms, only 2 of which may be consecutive; within the limitations of law and regulation, determine and sign the articles of association 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 of the Bank and such other offices as may be provided for in the bylaws of the Holding Company and the Federal Infrastructure Bank.
The earnings and reserves of the Holding Company shall be the sole property of the Holding Company and are not Government funds or public funds. 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.