Whip eggs with sugar until double in volume and light lemon colored.
Sift flour together with baking powder and fold carefully into egg mixture with a wooden spoon or spatula.
Add warm melted butter. Stir.
Pour into two buttered and floured round 10 x 2-inch baking pans (26 x 3 cm).
Bake in preheated oven 350° F (175° C) for 40 minutes.
Wait until completely cold to unmold.
Combine milk, cornstarch, sugar, yolks and vanilla in a bowl. Strain and cook over hot water, stirring constantly, until thickened.
Divide each cake in half lengthwise. Spread each layer with hot cream. Place layers one on top of the other and cover cake completely with rest of cream.
Garnish with caramelized orange slices and cherries (optional).