15 U.S.C. § 502 : US Code - Section 502: Board of directors of Textile Foundation

Search 15 U.S.C. § 502 : US Code - Section 502: Board of directors of Textile Foundation

(a) Composition
The board of directors of the corporation (in this chapter
referred to as the board) shall be constituted as follows:
(1) The Secretary of Commerce;
(2) The Secretary of Agriculture; and
(3) Three individuals, familiar with the textile industry or
its allied branches, including that of production of raw
materials, and their successors, to be appointed by the
President, one for a term of two years, one for a term of three
years, and one for a term of four years, from the date the
incorporation is effected.
(b) Term of successor; vacancies
Each successor shall be appointed for a term of four years from
the date of the expiration of the term of the member whom he
succeeds, except that any successor appointed to fill a vacancy
occurring prior to the expiration of the term shall be appointed
only for the unexpired term of the member whom he succeeds. A
vacancy in the office of a director shall not impair the power of
the remaining directors to execute the functions of the board. A
majority of the directors shall constitute a quorum for the
transaction of the business of the board.
(c) Compensation; reimbursement for expenses
The members of the board shall serve without compensation for
their services as such members, but they shall be reimbursed from
the corporation for actual expenses incurred by them while in the
performance of the functions vested in the board by this chapter.
(d) Prohibitions against holding two or more offices inapplicable
Any officer or employee of the United States, or of any
corporation acting as a governmental agent of the United States,
may, in addition to his present office, hold the office of director
of the Textile Foundation without regard to any provision of law
prohibiting the holding of more than one office.
(e) Election of chairman
The board at its first meeting and at each annual meeting
thereafter shall elect a chairman.
(f) Board to direct corporation
The board shall direct the exercise of all the powers of the
corporation.