; and (4) select and effect the appointment of qualified persons to fill the office of the Chief Executive Officer and, along with the Chief Executive Officer, such other offices as may be provided for in the bylaws. (d) Treatment of shareholders of the formation agent The Holding Company shall, upon establishment, issue equity securities of the Holding Company to each shareholder of the formation agent, in an amount that the Board of Directors 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. (e) Earnings and reserves not Government funds The earnings and reserves of the Holding Company and the Bank shall be the sole property of the Holding Company and the Bank and shall not be construed to be Government or public funds or appropriated money. 3. Functions of the Bank (a) In general The Bank shall provide— (1) direct loans and loan guarantees to private entities for the construction or maintenance of revenue-producing infrastructure projects