36 U.S. Code § 21503 - Governing body

(a) General.—
(1) The board of governors is the governing body of the corporation.
(2) The board shall have at least 12 governors, divided into 3 classes of equal numbers. One class of governors shall be elected each year for a term of 3 years or until their successors are elected. The corporation shall elect the governors at its annual meeting.
(b) Quorum.— Five governors are a quorum for the transaction of business, except that a majority vote of the board is required for—
(1) the sale or alienation of any real or personal estate of the corporation; or
(2) the leasing of real estate of the corporation for a term of more than one year.
(c) Powers.— The board may—
(1) adopt and amend bylaws, as may be necessary and proper, related to—
(A) elections and meetings;
(B) qualifications and duties of governors and officers;
(C) admission and qualifications of members; and
(D) management and disposition of the property, business, and concerns of the corporation;
(2) conduct all business of the corporation;
(3) fill, until the next annual election, a vacancy on the board; and
(4) appoint attending and resident physicians and surgeons, agents, assistants, and attendants as may be necessary, set their compensation, and discharge them.

Source

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1295.)

Historical and Revision Notes
Revised Section Source (U.S. Code) Source (Statutes at Large)
21503(a)
36:4904 (1st sentence).
Jan. 30, 1913, ch. 21, §§ 4 (1st sentence), 6, 37 Stat. 655; Apr. 12, 1974, Pub. L. 93–266, 88 Stat. 85.
36:4905.
Jan. 30, 1913, ch. 21, §§ 5, 7, 8, 37 Stat. 655.
36:4906.
21503(b)
36:4908.
21503(c)
36:4907.

Subsection (a) is substituted for the source provisions for consistency in the revised title and to eliminate unnecessary and obsolete language.
In subsection (c)(1), before clause (A), the words “and not contrary to law” are omitted as unnecessary.
In subsection (c)(2), the words “and manage” and “and concerns” are omitted as unnecessary.
In subsection (c)(3), the words “occasioned by death, resignation, or otherwise” are omitted as unnecessary.

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

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36 USCDescription of ChangeSession YearPublic LawStatutes at Large

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