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(a) Board of Directors.—The board of directors is the governing body of the corporation. The board may exercise, or provide for the exercise of, the powers of the corporation. The board of directors and the responsibilities of the board are as provided in the bylaws. (b) Officers.—The officers and the election of the officers are as provided for in the bylaws. (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1352; Pub. L. 119–57, § 4, Dec. 12, 2025, 139 Stat. 711.) Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 70504(a)36:577.Aug. 24, 1954, ch. 911, §§ 7, 8, 68 Stat. 798. 70504(b)36:578.  In subsection (a), the names of the directors for 1954 and the language about their initial terms are omitted as obsolete. In paragraph (2), the words “caused by expiration of the members’ terms or otherwise” are omitted as unnecessary. Editorial Notes Amendments2025—Pub. L. 119–57 amended section generally. Prior to amendment, section related to the board of directors and officers of the corporation.

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