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(a) Board of Trustees.—A self-perpetuating board of trustees shall manage and direct the property and affairs of the corporation. (b) Powers.—The board of trustees may adopt and amend a constitution, bylaws, and regulations for—(1) the selection of successor trustees; (2) the admission of members; (3) the election of officers; and (4) the conduct of the affairs of the corporation. (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1456.) Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 21010436:4704 (1st par., last par. less regulations for membership).May 31, 1920, ch. 216, § 4 (1st par., last par. less regulations for membership), 41 Stat. 693. The text of 36:4704 (2d sentence) is omitted as executed and obsolete. In subsection (b), before clause (1), the words “adopt and amend” are substituted for “adopt from time to time . . . and alter, amend, or repeal” for consistency in the revised title and to eliminate unnecessary words. The word “rules” is omitted as included in “regulations”.

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