; and (B) as a deferred asset (as described in section 11.96 of the Financial Accounting Manual for Federal Reserve Banks, as in effect on the date of the enactment of this Act) and maintained separately from the balance sheet of the Federal Reserve Bank of New York and the Federal Reserve System, so as to not reduce or impact the calculation of total income or revenue generated by the Federal Reserve System, or otherwise reduce the total amount of net operating profits to be made available for remittance to the Treasury on an ongoing basis. 105. Specific requirements relating to covered banks (a) Public purpose bank requirement (1) In general A covered bank shall serve the public good and promote the general welfare. (2) Definition in governing documents A covered bank shall define the terms public good and promote the general welfare in the governing documents of the covered bank, after such definitions are approved by either— (A) the Governing Assembly of the covered bank; or (B) if the covered bank does not have a Governing Assembly, the Board of Directors. (b) Democratic governance (1) Governance policy Before the end of the 2-year period beginning on the formation of a covered bank, the Board of Directors of the covered bank or the Governing Assembly of the covered bank shall establish a formal governance policy for the covered bank. (2) Institutionalization of a democratic governance structure A covered bank shall institutionalize a democratic governance structure through the following: (A) Board of Directors The establishment of a Board of Directors— (i) charged with ensuring that fiduciary duties of the covered bank are met; (ii) charged with ensuring the covered bank complies with policies and procedures required by statute, regulation, and principles of safety and soundness