12 U.S.C. § 2284 : US Code - Section 2284: Board of Directors

Search 12 U.S.C. § 2284 : US Code - Section 2284: Board of Directors

(a) The Bank shall have a Board of Directors consisting of five
persons, one of whom shall be the Secretary of the Treasury as
Chairman of the Board, and four of whom shall be appointed by the
President from among the officers or employees of the Bank or of
any Federal agency. The Chairman and each other member of the Board
may designate some other officer or employee of the Government to
serve in his place.
(b) The Board of Directors shall meet at the call of its
Chairman. The Board shall determine the general policies which
shall govern the operations of the Bank. The Chairman of the Board
shall select and effect the appointment of qualified persons to
fill such offices as may be provided for in the bylaws, and such
persons shall be the executive officers of the Bank and shall
discharge such executive functions, powers, and duties as may be
provided for in the bylaws or by the Board of Directors. The
members of the Board and their designees shall not receive
compensation for their services on the Board.