The Board shall elect from among its members a chairman who shall serve for a term of two years, except that the Chairman of the Federal Home Loan Bank Board shall serve as Chairman of the Board of Directors for the first such two-year term.
Each director of the corporation shall serve ex officio during the period he holds the office to which he is appointed by the President.
A director who is necessarily absent from a meeting of the board, or of a committee of the board, may participate in such meeting through a duly designated representative who is serving, pursuant to appointment by the President of the United States, by and with the advice and consent of the Senate, in the same department, agency, corporation, or instrumentality as the absent director, or in the case of the Comptroller of the Currency, through a duly designated Deputy Comptroller.
The presence of a majority of the board members, or their representatives as provided in subsection (f), shall constitute a quorum.
All meetings of the board of directors will be conducted in accordance with the provisions of section 552b of title 5.