12 U.S.C. § 1723 : US Code - Section 1723: Management

Search 12 U.S.C. § 1723 : US Code - Section 1723: Management

(a) Government National Mortgage Association
All the powers and duties of the Government National Mortgage
Association shall be vested in the Secretary of Housing and Urban
Development and the Association shall be administered under the
direction of the Secretary. Within the limitations of law, the
Secretary shall determine the general policies which shall govern
the operations of the Association, and shall have power to adopt,
amend, and repeal bylaws governing the performance of the powers
and duties granted to or imposed upon it by law. There is hereby
established in the Department of Housing and Urban Development the
position of President, Government National Mortgage Association,
who shall be appointed by the President, by and with the advice and
consent of the Senate. The Secretary shall select and effect the
appointment of qualified persons to fill the offices of vice
president, and such other offices as may be provided for in the
bylaws. Persons appointed under the preceding sentence shall
perform such executive functions, powers, and duties as may be
prescribed by the bylaws or by the Secretary, and such persons
shall be executive officers of the Association and shall discharge
all such executive functions, powers, and duties.
(b) Federal National Mortgage Association
The Federal National Mortgage Association shall have a board of
directors, which shall consist of eighteen persons, five of whom
shall be appointed annually by the President of the United States,
and the remainder of whom shall be elected annually by the common
stockholders. The board shall at all times have as members
appointed by the President at least one person from the
homebuilding industry, at least one person from the mortgage
lending industry, at least one person from the real estate
industry, and at least one person from an organization that has
represented consumer or community interests for not less than 2
years or one person who has demonstrated a career commitment to the
provision of housing for low-income households. Each member of the
board of directors shall be appointed or elected for a term ending
on the date of the next annual meeting of the stockholders, except
that any such appointed member may be removed from office by the
President for good cause. Any elective seat on the board which
becomes vacant after the annual election of the directors shall be
filled by the board, but only for the unexpired portion of the
term. Any appointive seat which becomes vacant shall be filled by
appointment of the President, but only for the unexpired portion of
the term. Within the limitations of law and regulation, the board
shall determine the general policies which shall govern the
operations of the corporation, and shall have power to adopt,
amend, and repeal bylaws governing the performance of the powers
and duties granted to or imposed upon it by law. The board of
directors shall select and effect the appointment of qualified
persons to fill the offices of president and vice president, and
such other offices as may be provided for in the bylaws. Any member
of the board who is a full-time officer or employee of the Federal
Government shall not, as such member, receive compensation for his
services.