State of the meeting and the purposes of the meeting and shall organize and chair the meeting. (2) Collection of initial contributions Before the organization of the Corporation pursuant to paragraph (1), the Administrator shall collect payments under subsection (d)(1) on behalf of the Corporation. (f) Ownership The Corporation shall be privately owned by the participants in the insurance program. Obligations and indebtedness of the Corporation shall not be considered obligations and indebtedness of the Federal Government or guaranteed by the Federal Government. (g) Officers and employees The Corporation may appoint and hire officers and employees at the discretion of the Corporation, but may not pay any officer or employee at a rate exceeding the rate of basic pay payable for level IV of the Executive Schedule. Any such officers and employees shall not be considered officers or employees of the Federal Government and shall not be subject to the provisions of title 5, United States Code. (h) Powers The Corporation shall have the power— (1) to adopt, alter, and use a corporate seal