§ 502. — Board of directors of Textile Foundation.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC502]
TITLE 15--COMMERCE AND TRADE
CHAPTER 13--TEXTILE FOUNDATION
Sec. 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.
(June 10, 1930, ch. 440, Sec. 2, 46 Stat. 539.)
Section Referred to in Other Sections
This section is referred to in section 501 of this title.
