§ 714g. — Board of Directors.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC714g]
TITLE 15--COMMERCE AND TRADE
CHAPTER 15--ECONOMIC RECOVERY
SUBCHAPTER II--COMMODITY CREDIT CORPORATION
Sec. 714g. Board of Directors
(a) Composition; appointment, tenure and compensation; quorum; duties
The management of the Corporation shall be vested in a board of
directors (hereinafter referred to as the ``Board''), subject to the
general supervision and direction of the Secretary. The Secretary shall
be an ex officio director and shall serve as Chairman of the Board. The
Board shall consist of seven members (in addition to the Secretary), who
shall be appointed by the President by and with the advice and consent
of the Senate. In addition to their duties as members of the Board, such
appointed members shall perform such other duties as may be prescribed
by the Secretary. Each appointed member of the Board shall receive
compensation at such rate not in excess of the maximum then payable
under chapter 51 and subchapter III of chapter 53 of title 5 as may be
fixed by the Secretary, except that any such member who holds another
office or position under the Federal Government the compensation for
which exceeds such rate may elect to receive compensation at the rate
provided for such other office or position in lieu of the compensation
provided by this section. A majority of the directors shall constitute a
quorum of the Board and action shall be taken only by a majority vote of
those present.
(b) Advisory board; composition, tenure and compensation; meetings;
duties
In addition to the Board of Directors there shall be an advisory
board reflecting broad agricultural and business experience in its
membership and consisting of five members who shall be appointed by the
President, and who shall serve at the pleasure of the President. Not
more than three of such members shall belong to the same political
party. The advisory board shall meet at the call of the Secretary, who
shall require it to meet not less often than once each ninety days;
shall survey the general policies of the Corporation, including its
policies in connection with the purchase, storage, and sale of
commodities, and the operation of lending and price-support programs;
and shall advise the Secretary with respect thereto. Members of the
advisory board shall receive for their services as members compensation
of not to exceed $50 per diem when actually engaged in the performance
of their duties as such, together with their necessary traveling
expenses while going to and coming from meetings.
(June 29, 1948, ch. 704, Sec. 9, 62 Stat. 1072; June 7, 1949, ch. 175,
Sec. 3, 63 Stat. 155; Oct. 28, 1949, ch. 782, title XI, Sec. 1106(a), 63
Stat. 972; Pub. L. 94-561, Sec. 4, Oct. 19, 1976, 90 Stat. 2643.)
Codification
In subsec. (a), ``chapter 51 and subchapter III of chapter 53 of
title 5'' substituted for ``the Classification Act of 1949, as amended''
on authority of Pub. L. 89-554, Sec. 7(b), Sept. 6, 1966, 80 Stat. 631,
the first section of which enacted Title 5, Government Organization and
Employees.
Amendments
1976--Subsec. (a). Pub. L. 94-561 increased number of Board of
Directors from six to seven members.
1949--Act Oct. 28, 1949, substituted ``Classification Act of 1949''
for ``Classification Act of 1923''.
Act June 7, 1949, amended section generally by bringing the Board
under the direct control of the Secretary who will serve as Chairman of
the Board, and by adding subsec. (b) to provide for the appointment and
duties of an advisory board.
Repeals
Act Oct. 28, 1949, ch. 782, cited as a credit to this section, was
repealed (subject to a savings clause) by Pub. L. 89-554, Sept. 6, 1966,
Sec. 8, 80 Stat. 632, 655.
Effective Date of 1976 Amendment
Amendment by Pub. L. 94-561 effective Oct. 19, 1976, see section 5
of Pub. L. 94-561, set out as a note under section 5313 of Title 5,
Government Organization and Employees.
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of
Agriculture from transfer of functions to Secretary of Agriculture by
Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions
note set out under section 712a of this title.
Termination of Advisory Boards
Advisory boards in existence on Jan. 5, 1973, to terminate not later
than the expiration of the 2-year period following Jan. 5, 1973, unless,
in the case of a board established by the President or an officer of the
Federal Government, such board is renewed by appropriate action prior to
the expiration of such 2-year period, or in the case of a board
established by the Congress, its duration is otherwise provided by law.
See sections 3(2) and 14 of Pub. L. 92-463, Oct. 6, 1972, 86 Stat. 770,
776, set out in the Appendix to Title 5, Government Organization and
Employees.
