§ 77cc. — Directors of Corporation; appointment, term of office, and removal.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC77cc]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2A--SECURITIES AND TRUST INDENTURES
SUBCHAPTER II--FOREIGN SECURITIES
Sec. 77cc. Directors of Corporation; appointment, term of
office, and removal
The control and management of the Corporation shall be vested in a
board of six directors, who shall be appointed and hold office in the
following manner: As soon as practicable after the date this chapter
takes effect the Federal Trade Commission (hereinafter in this
subchapter called ``Commission'') shall appoint six directors, and shall
designate a chairman and a vice chairman from among their number. After
the directors designated as chairman and vice chairman cease to be
directors, their successors as chairman and vice chairman shall be
elected by the board of directors itself. Of the directors first
appointed, two shall continue in office for a term of two years, two for
a term of four years, and two for a term of six years, from the date
this chapter takes effect, the term of each to be designated by the
Commission at the time of appointment. Their successors shall be
appointed by the Commission, each for a term of six years from the date
of the expiration of the term for which his predecessor was appointed,
except that any person appointed to fill a vacancy occurring prior to
the expiration of the term for which his predecessor was appointed shall
be appointed only for the unexpired term of such predecessor. No person
shall be eligible to serve as a director who within the five years
preceding has had any interest, direct or indirect, in any corporation,
company, partnership, bank, or association which has sold or offered for
sale any foreign securities. The office of a director shall be vacated
if the board of directors shall, at a meeting specially convened for
that purpose, by resolution passed by a majority of at least two-thirds
of the board of directors, remove such member from office, provided that
the member whom it is proposed to remove shall have seven days' notice
sent to him of such meeting, and that he may be heard.
(May 27, 1933, ch. 38, title II, Sec. 202, 48 Stat. 93.)
