(a) Appointment.— The board of directors may appoint officers or employees, but only after the corporation has sufficient funds to pay for their services.
(b) Status and Compensation.— Officers and employees of the corporation—
(1)shall not be considered employees of the United States Government;
(2)shall be appointed without regard to the provisions of title 5 governing appointments in the competitive service; and
(3)may be paid without regard to chapter
51 and subchapter
III of chapter
53 of title
5, except that an officer or employee may not be paid more than 15 percent above the annual rate of basic pay for level GS–15 of the General Schedule under section
5107 of title
Section 5202(g)(1) of former Title 36, from which this section was derived, was amended by Pub. L. 105–276, title IV, § 427(b),Oct. 21, 1998, 112 Stat. 2511, see section 5(a) ofPub. L. 105–225, set out as a Legislative Purpose and Construction note preceding section
101 of this title. As subsequently amended by Pub. L. 106–503, this section restated the provisions of section 5202(g)(1) of former Title 36, as amended by Pub. L. 105–276, § 427(b).
Historical and Revision Notes
Source (U.S. Code)
Source (Statutes at Large)
Oct. 26, 1992, Pub. L. 102–522, title II, § 203(g)(1)(A), (2), (h), 106 Stat. 3418.
Subsection (a) is substituted for the source provisions for clarity.
In subsection (b)(3), the words “relating to classification and General Schedule pay rates” are omitted as unnecessary.
References in Text
The General Schedule, referred to in subsec. (b)(3), is set out under section
5332 of Title
5, Government Organization and Employees.
2003—Subsec. (b)(3). Pub. L. 108–169inserted “15 percent above” after “more than”.
2000—Subsec. (a). Pub. L. 106–503, § 113(c)(1), struck out “not more than 2” after “appoint”.
Subsec. (b)(1). Pub. L. 106–503, § 113(c)(2), substituted “shall not be considered” for “are not”.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
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