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(a) Board of Directors.—(1) The board of directors is the governing body of the corporation. Between meetings of the corporation, the board is responsible for the general policies and program of the corporation. The board is responsible for the control of all funds of the corporation. (2) The selection of directors and their term of office are as provided in the bylaws. (b) Officers.—(1) The officers of the corporation are a president, one or more vice presidents, a secretary, a treasurer, and other officers as provided in the bylaws. Their duties are as provided in the bylaws. (2) The officers shall be elected at the annual meeting of the corporation. (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1395.) Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 150904(a)36:4507.July 14, 1964, Pub. L. 88–376, §§ 7, 8, 78 Stat. 322. 150904(b)36:4508.  In subsection (a), the text of 36:4507(a) is omitted as obsolete.

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