; authorized and prohibited activities (a) General Powers The Exchange may— (1) adopt and use a corporate seal; (2) determine a State whose law will govern the corporate business activities of the Exchange; (3) adopt, amend, and repeal by-laws; (4) sue or be sued, subject to section 334 (relating to judicial review); (5) make contracts, incur liabilities, and borrow money; (6) purchase, receive, hold, and use real and personal property and other assets necessary for the conduct of its operations; (7) elect or appoint directors, officers, employees and agents, subject to section 311(d); and (8) upon receipt of the Director’s prior written approval, establish subsidiaries or affiliates that shall be subject to the same rights, duties and responsibilities as the Exchange. (b) Authorized activities In addition to the general powers under subsection (a), the Exchange shall— (1) develop standards and disclosures related to originating, pooling, and securitizing residential mortgage loans in accordance with subtitle B; (2) develop standards and disclosures related to servicing residential mortgage loans in accordance with subtitle B; (3) operate and maintain the Platform and establish fees for use of the Platform; (4) establish basic rules for use of the Platform; (5) establish the Repository and establish fees for registration of mortgage-related documents and maintenance and use of data of the Repository, in accordance with subtitle C; (6) perform any other service or engage in any other activity that the Director determines, by regulation or order, to be incidental to the activities enumerated in this subsection; and (7) establish fees for the provision of other related or incidental services not inconsistent with the purposes of this subtitle. (c) Prohibited activities The Exchange may not— (1) own, originate, aggregate, issue, service, insure, or guarantee any residential mortgage or other financial instrument that is associated with a residential mortgage