§ 40504. Governing body

(a) Board of Directors.—

(1) 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.

(2) The number of directors, their manner of election (including the filling of vacancies), and their term of office are as provided in the bylaws. However, the board shall have at least 9 directors.

(3) The board shall meet at least annually. Each director has one vote on matters decided by the board.

(4) The president of the corporation is the chairman of the board.

(b) Officers.—

(1) The officers of the corporation are a president, an executive vice president, a secretary, a treasurer, and 6 regional vice presidents as provided in the bylaws. The offices of secretary and treasurer may be combined and held by the same individual, but an individual holding those combined offices has only one vote as a director.

(2) The manner of election, term of office, duties, and powers of the officers are as provided in the bylaws.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1333.)

Historical And Revision

Historical and Revision Notes
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
40504(a)(1)	36:797(a), (c) (1st sentence words before 3d comma).	Aug. 14, 1958, Pub. L. 85–642, §§ 7, 8, 72 Stat. 599.
40504(a)(2)	36:797(b), (c) (1st sentence words between 3d and 4th commas).
40504(a)(3)	36:797(c) (last sentence).
40504(a)(4)	36:797(c) (2d sentence).
40504(b)	36:797(c) (1st sentence words after 4th comma). 36:798.

In subsection (a)(1), the text of 36:797(a) (12th–last words) is omitted as obsolete.

In subsection (b)(2), the words “duties, and powers” are substituted for “powers” in 36:798(b) and for “duties” in 36:798(c) to eliminate unnecessary words.