(a) Board of Directors.—(1) The board of directors is the governing body of the corporation. The powers, duties, and responsibilities of the board are as provided in the constitution and bylaws of the corporation.
(2) The number of directors is as provided in the constitution. Their manner of selection (including the filling of vacancies) and their term of office are as provided in the constitution and bylaws.
(b) Officers.—(1) The officers of the corporation are a chairman of the board of directors, a president, one or more vice presidents as provided in the constitution and bylaws, a secretary, and a treasurer.
(2) The manner of election, term of office, and duties of the officers are as provided in the constitution and bylaws.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1315.)
Historical and Revision Notes
RevisedSectionSource (U.S. Code)Source (Statutes at Large)
30104(a)36:887.Sept. 2, 1958, Pub. L. 85–870, § 7, 72 Stat. 1692; Nov. 11, 1977, Pub. L. 95–167, § 1(d), 91 Stat. 1347.
30104(b)36:888.Sept. 2, 1958, Pub. L. 85–870, § 8, 72 Stat. 1693.
In subsection (a), the text of 36:887(a) is omitted as executed and obsolete. In paragraph (1), the word “governing” is substituted for “managing” for consistency in the revised title.