The Corporation shall be under the management of the board of directors.
The Board shall consist of 15 members, of which-
Subject to paragraph (5), a vacancy among the members elected to the Board in the manner described in subparagraph (A) or (B) of paragraph (2) shall be filled by the Board from among persons eligible for election to the position for which the vacancy exists.
A vacancy among the members appointed to the Board under paragraph (2)(C) shall be filled in the manner in which the original appointment was made.
If-
such member may continue as a member for not longer than the 45-day period beginning on the date such member ceases to be such a representative, officer, or employee or becomes such a director or officer, as the case may be.
The members appointed by the President shall serve at the pleasure of the President.
The members elected under subparagraphs (A) and (B) of subsection (b)(2) shall each be elected annually for a term ending on the date of the next annual meeting of the common stockholders of the Corporation and shall serve until their successors are elected and qualified. Any seat on the Board that becomes vacant after the annual election of the directors shall be filled by the members of the Board from the same category of directors, but only for the unexpired portion of the term.
Any member appointed to fill a vacancy occurring before the expiration of the term for which the predecessor of the member was appointed shall be appointed only for the remainder of such term.
A member may serve after the expiration of the term of the member until the successor of the member has taken office.
8 members of the Board shall constitute a quorum.
Members of the Board who are fulltime officers or employees of the United States shall receive no additional pay by reason of service on the Board.
The President shall designate 1 of the members of the Board who are appointed by the President as the chairperson of the Board.
The Board shall meet at the call of the chairperson or a majority of its members.
The Board may appoint, employ, fix the pay of, and provide other allowances and benefits for such officers and employees of the Corporation as the Board determines to be appropriate.
12 U.S.C. § 2279aa-2
EDITORIAL NOTES
AMENDMENTS2018-Subsec. (a). Pub. L. 115-334, §5411(43)(A)-(C) (i), redesignated subsec. (b) as (a), substituted "In general" for "Permanent board" in heading and "Board" for "permanent board" wherever appearing in text, and struck out former subsec. (a) which established an interim board of directors until the first meeting of a permanent board of directors.Subsec. (a)(1). Pub. L. 115-334, §5411(43)(B), added par. (1) and struck out former par. (1) which required the Corporation to establish a permanent board of directors for financial institutions once certain thresholds were met. Subsec. (a)(3). Pub. L. 115-334, §5411(43)(C)(ii)-(iv), redesignated par. (4) as (3), substituted "paragraph (5)" for "paragraph (6)" in subpar. (A), and struck out former par. (3) which set a date by which the presidential appointees to the permanent board were to be appointed. Subsec. (a)(4) to (10). Pub. L. 115-334, §5411(43)(C)(iii), redesignated pars. (5) to (10) as (4) to (9), respectively. Former par. (4) redesignated (3).Subsecs. (b), (c). Pub. L. 115-334, §5411(43)(D), redesignated subsec. (c) as (b). Former subsec. (b) redesignated (a).1988-Subsecs. (a)(1), (b)(3)(B). Pub. L. 100-399 substituted "date of the enactment" for "effective date", both of which for purposes of codification were translated as "January 6, 1988,".
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 1988 AMENDMENT Amendment by Pub. L. 100-399 effective as if enacted immediately after enactment of Pub. L. 100-233 which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100-399 set out as a note under section 2002 of this title.
- Director
- The term "Director" means the Director of the Bureau.
- credit
- The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.