36 U.S.C. § 130504Chapter 1305

§130504. Governing body

Primary source

Verbatim text below is from the United States Code (GovInfo), a public-domain U.S. government work.

Full Text

§130504. Governing body

(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 number of directors, their manner of selection (including the filling of vacancies), and their term of office are as provided in the constitution and bylaws of the corporation. However, the board shall have at least 13 directors.

(b) Officers.—(1) The officers of the corporation are a chairman of the board of directors, a president, a vice president, and a secretary-treasurer. Their duties are as provided in the constitution and bylaws of the corporation.

(2) The officers shall be elected annually at the annual meeting of the corporation.

Historical and Revision Notes
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
130504(a)	36:1077.	July 16, 1964, Pub. L. 88–378, §§7, 8, 78 Stat. 326.
130504(b)	36:1078.

In subsection (a), the text of 36:1077(a) and the word "Thereafter" in 36:1077(b) are omitted as executed and obsolete. In paragraph (2), the word "filling" is substituted for "filing" to correct an error in the United States Code.

Last amended: December 31, 2024

This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.