82 STAT. ]
PUBLIC LAW 90-448-AUG. 1, 1968
539
(u) The heading of section 306 of such Act is amended to read as follows:
"MANAGEMENT
AND
LIQUIDATING
FUNCTIONS
GOVERNMENT
68 Stat. eis. 12 USC 1721.
NATIONAL MORTGAGE ASSOCIATION".
(v) Subsections (a) and (b) of section 307 of such Act are repealed, (vv) Section 307 of such Act is further amended— (1) by striking out "SEC. 307."; (2) by striking out "(c) All of the benefits and burdens incident to the administration of" and inserting in lieu thereof the follow-
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"SEC. 307. All of the benefits and burdens incident to the administration of"; and (3) by striking out "board of directors of the Association" and inserting in lieu thereof "Secretary of Housing and Urban Development". (x) The heading of section 308 of such Act is amended to read as follows: "MANAGEMENT".
(y) Section 308 of such Act is amended— 12 USC 1723. (1) by inserting " (a) " immediately following "308"; (2) by striking out the first two sentences and inserting in lieu thereof "All the powers and duties of the Government National Mortgage Association shall be vested in the Secretary of Housing and ITpban Development and the Association shall be administered under the direction of the Secretary."; (3) by striking out "the board shall determine" and inserting in lieu thereof "the Secretary shall determine"; (4) by striking out "Association. The chairman of the board" and inserting in lieu thereof "Association, and shall have power to adopt, amend, and repeal bylaws governing the performance of the fKJw ers and duties granted to or imposed upon it by law. The Secretary"; (5) by striking out "by the board of directors," and inserting in lieu thereof "by the Secretary,"; (6) by striking out the last sentence; and (7) by adding at the end thereof the following new subsection: FNMA, Board of "(b) The JFederal National Mortgage Association shall have a board Yl'^us'c 1723. of directors which shall consist of fifteen persons, one-third of whom shall be appointed annually by the President of the United States, and the remainder of whom shall be elected annually by the common stockholders. The board shall at all times have as members appointed by the President at least one person from the homebuilding industry, at least one person from the mortgage lending industry, and at least one person from the real estate industry. Each member of the board of directors shall be appointed or elected for a term ending on the date of the next annual meeting of the stockholders, except that any such member may be removed from office by the President for good cause. Any elective seat on the board which becomes vacant after the annual election of the directors shall be filled by the board, but only for the unexpired portion of the term. Any appointive seat which becomes vacant shall be filled by appointment of the President, but only for the unexpired portion of the term. Within the limitations of law and regulation, the board shall determine the general policies which shall govern the operations of the corporation, and shall have power to adopt, amend, and repeal bylaws governing the performance of the powers and duties g r a n t ^ to or imposed upon it by law. The board of directors shall select and effect the appointment of qualified persons to fill the offices of president and vice president, and such other offices as may be provided for in the bylaws. Any member of the board who is a full-time officer or employee of the Federal Government shall not, as such member, receive compensation for his services."
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