12 U.S.C. § 1811 — Federal Deposit Insurance Corporation

(a) Establishment of Corporation There is hereby established a Federal Deposit Insurance Corporation (later in this section referred to as the “Corporation”) which must insure, as later in this section provided, the deposits of all banks and savings associations which are entitled to the benefits of insurance under this chapter, and which must have the powers later in this section granted. (b) Asset disposition division (1) Establishment The Corporation must have a separate division of asset disposition. (2) Management The division of asset disposition must have an administrator who must be appointed by the Board of Directors. (3) Responsibilities of division The division of asset disposition must carry out all of the responsibilities of the Corporation under this chapter relating to the liquidation of insured depository institutions and the disposition of assets of such institutions.