36 USC 21503 - Governing body

U.S Code last checked for updates: Nov 22, 2024

§ 21503.

Governing body

(a)

General.—

(1)

The board of governors is the governing body of the corporation.

(2)

The board shall have at least 12 governors, divided into 3 classes of equal numbers. One class of governors shall be elected each year for a term of 3 years or until their successors are elected. The corporation shall elect the governors at its annual meeting.

(b)

Quorum.—

Five governors are a quorum for the transaction of business, except that a majority vote of the board is required for—

(1)

the sale or alienation of any real or personal estate of the corporation; or

(2)

the leasing of real estate of the corporation for a term of more than one year.

(c)

Powers.—

The board may—

(1)

adopt and amend bylaws, as may be necessary and proper, related to—

(A)

elections and meetings;

(B)

qualifications and duties of governors and officers;

(C)

admission and qualifications of members; and

(D)

management and disposition of the property, business, and concerns of the corporation;

(2)

conduct all business of the corporation;

(3)

fill, until the next annual election, a vacancy on the board; and

(4)

appoint attending and resident physicians and surgeons, agents, assistants, and attendants as may be necessary, set their compensation, and discharge them.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1295.)

cite as: 36 USC 21503