92 STAT. 2116
PUBLIC LAW 95-557—OCT. 31, 1978
(4) the Chairman of the Federal Deposit Insurance Corporation; (5) the Comptroller of the Currency; and (6) the Administrator of the National Credit Union J, Administration. Chairman. (b) 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. (c) Each director of the corporation shall serve ex officio during the period he holds the office to which he is appointed by the President. Compensation (d) The directors of the corporation, as full-time officers of the and expenses. United States, shall serve without additional compensation but shall be reimbursed for travel, subsistence, and other necessary expenses incurred in the performance of their duties as directors of the corporation. (e) The directors of the corporation shall adopt such bylaws, policies, and administrative provisions as are necessary to the functioning of the corporation and consistent with the provisions of this title. Quorum. (f) The presence of a majority of the board members shall constitute a quorum. (g) The corporation shall be subject to the provisions of section 552 of title 5, United States Code. (h) All meetings of the board of directors will be conducted in accordance with the provisions of section 552b of title 5, United States Code. OFFICERS AND EMPLOYEES
42 USC 8104.
SEC. 605. (a) The board shall have power to select, employ, and fix the compensation and benefits of such officers, employees, attorneys, and agents as shall be necessary for the performance of its duties under this title, without regard to the provisions of title 5, United States Code, governing appointments in the competitive service, classification, and General Scnedule pay rates, except that no officer, employee, attorney, or agent of the corporation may be paid compensation at a rate in excess of the highest rate provided for GS-18 of the General Schedule under section 5332 of title 5, United States Code. (b) The directors of the corporation shall appoint an executive director who shall serve as chief executive officer of the corporation. (c) The executive director of the corporation, subject to approval by the board, may appoint and remove such employees of the corporation as he determines necessary to carry out the purposes of the corporation. (d) No political test or political qualification shall be used in selecting, appointing, promoting, or taking any other personnel action with respect to any officer, agent, or employee of the corporation or of any recipient, or in selecting or monitoring any grantee, contractor, or person or entity receiving financial assistance under this title. (e) Officers and employees of the corporation shall not be considered officers or employees of the United States, and the corporation shall not be considered a department, agency, or instrumentality of the Federal Government. The corporation shall be subject to administrative and cost standards issued by the Office of Management and Budget similar to standards applicable to non-profit grantees and educational institutions. .:•..., -;v5.<-w- .i.-^-.'!-".•»,.,.....;....,,,
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