Section 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. Pub. L. 105-225, 112 Stat. 1377.| 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.