§2297b–3. Board of Directors
(a) In general
The powers of the Corporation are vested in the Board of Directors.
(b) Appointment
The Board of Directors shall consist of 5 individuals, to be appointed by the President by and with the advice and consent of the Senate. The President shall designate a Chairman of the Board from among members of the Board.
(c) Qualifications
Members of the Board shall be citizens of the United States. No member of the Board shall be an employee of the Corporation or have any direct financial relationship with the Corporation other than that of being a member of the Board.
(d) Terms
(1) In general
Except as provided in paragraph (2), members of the Board shall serve 5-year terms or until the election of a new Board of Directors under section 2297d–1 1 of this title, whichever comes first.
(2) Initial members
Of the members first appointed to the Board-
(A) 1 shall be appointed for a 1-year term;
(B) 1 shall be appointed for a 2-year term;
(C) 1 shall be appointed for a 3-year term; and
(D) 1 shall be appointed for a 4-year term.
(3) Reappointment
Members of the Board may be reappointed by the President, by and with the advice and consent of the Senate.
(e) Vacancies
Upon the occurrence of a vacancy on the Board, the President by and with the advice and consent of the Senate shall appoint an individual to fill such vacancy for the remainder of the applicable term.
(f) Meetings and quorum
The Board shall meet at any time pursuant to the call of the Chairman and as provided by the bylaws of the Corporation, but not less than quarterly. Three voting members of the Board shall constitute a quorum. A majority of the Board shall adopt and from time to time may amend bylaws for the operation of the Board.
(g) Powers
The Board shall be responsible for general management of the Corporation and shall have the same authority, privileges, and responsibilities as the board of directors of a private corporation incorporated under the District of Columbia Business Corporation Act.
(h) Compensation
Members of the Board shall serve on a part-time basis and shall receive per diem, when engaged in the actual performance of Corporation duties, plus reimbursement for travel, subsistence, and other necessary expenses incurred in the performance of their duties.
(i) Membership of Secretary of the Treasury
The President may appoint the Secretary of the Treasury or his designee to serve as a member of the Board or as a nonvoting, ex officio member of the Board.
(j) Conflict of interest requirements
No director, officer, or other management level employee of the Corporation may have a financial interest in any customer, contractor, or competitor of the Corporation or in any business that may be adversely affected by the success of the Corporation.
(Aug. 1, 1946, ch. 724, title II, §1304, as added Oct. 24, 1992,
References in Text
Section 2297d–1 of this title, referred to in subsec. (d)(1), was in the original "section 1704", and was translated as reading "section 1502", meaning section 1502 of the Atomic Energy Act of 1954, to reflect the probable intent of Congress, because the Atomic Energy Act of 1954 does not contain a section 1704.
The District of Columbia Business Corporation Act, referred to in subsec. (g), is act June 8, 1954, ch. 269,
Section Referred to in Other Sections
This section is referred to in sections 2297, 2297b–14 of this title.