; Organization The Agency, as receiver appointed pursuant to subsection (a), may establish a receivership entity in such form or structure as the Agency deems appropriate to meet the purposes of receivership and this section. (2) Powers Upon creation of such receivership entity, the Agency may transfer to it any assets or liabilities of the regulated entity in default as the Agency, in its discretion, determines to be appropriate, and may authorize the receivership entity to perform any temporary function that the Agency, in its discretion, prescribes in accordance with this section. The transfer of any assets or liabilities of a regulated entity for which the Agency has been appointed receiver shall be effective without any further approval under Federal or State law, assignment, or consent with respect thereto. Such authority is in addition to any other power the Agency may have as receiver or may confer on the receivership entity. (3) Exemption from Taxation Notwithstanding any other provision of Federal or State law, any receivership entity established by the Agency pursuant to this section, its franchise, property and income, shall be exempt from all taxation now or hereafter imposed by the United States, by any territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority. (4) Regulations The Agency may promulgate such regulations as the Agency determines to be necessary or appropriate to implement this subsection. (5) No Federal Status A receivership entity established pursuant to this section shall not be an agency, establishment, or instrumentality of the United States. . 109. Authority of receiver to repeal enterprise charter Section 1367 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4617 ) is amended by striking subsection (k) and inserting the following new subsection: (k) Repeal of enterprise charters (1) Fannie Mae Effective five years after the date of the enactment of the Protecting American Taxpayers and