Page:United States Statutes at Large Volume 101 Part 3.djvu/393

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PUBLIC LAW 100-000—MMMM. DD, 1987

PUBLIC LAW 100-233—JAN. 6, 1988

101 STAT. 1691

"(7) QUORUM.—8 members of the permanent board shall constitute a quorum. "(8) No ADDITIONAL PAY FOR FEDERAL OFFICERS OR EMPLOYEES.—Members of the permanent board who are fulltime officers or employees of the United States shall receive no additional pay by reason of service on the permanent board. "(9) CHAIRPERSON.—The President shall designate 1 of the President of U.S. members of the permanent board who are appointed by the President as the chairperson of the permanent board. "(10) MEETINGS.—The permanent board shall meet at the call of the chairperson or a majority of its members. "(c) OFFICERS AND STAFF.—The Board may appoint, employ, fix the pay of, and provide other allowances and benefits for such officers and employees of the Corporation as the Board determines to be appropriate. 12 USC "SEC. 8.3. POWERS AND DUTIES OF CORPORATION AND BOARD. 2279aa-3. "(a) GUARANTEES.—After the Board has been duly constituted, subject to the other provisions of this title and other commitments and requirements established pursuant to law, the Corporation may provide guarantees on terms and conditions determined by the Corporation of securities issued on the security of, or in participation in, pooled interests in qualified loans. "(b) DUTIES OF THE BOARD.—

"(1) IN GENERAL.—The Board shall— "(A) determine the general policies that shall govern the operations of the Corporation; "(B) select, appoint, and determine the compensation of qualified persons to fill such offices as may be provided for in the bylaws of the Corporation; and "(C) assign to such persons such executive functions, powers, and duties as may be prescribed by the bylaws of the Corporation or by the Board. "(2) EXECUTIVE OFFICERS AND FUNCTIONS.—The persons elected or appointed under paragraph (I)(B) shall be the executive officers of the Corporation and shall discharge the executive functions, powers, and duties of the Corporation. "(c) POWERS OF THE CORPORATION.—The Corporation shall be a body corporate and shall have the following powers: "(1) To operate under the direction of its Board. "(2) To issue stock in the manner provided in section 8.4. "(3) To adopt, alter, and use a corporate seal, which shall be judicially noted. "(4) To provide for a president, 1 or more vice presidents, secretary, treasurer, and such other officers, employees, and agents, as may be necessary, define their duties and compensation levels, all without regard to title 5, United States Code, and require surety bonds or make other provisions against losses occasioned by acts of the persons. "(5) To provide guarsmtees in the manner provided under section 8.6. "(6) To have succession until dissolved by a law enacted by the Congress. "(7) To prescribe bylaws, through the Board, not inconsistent with law, that shall provide for— "(A) the classes of the stock of the Corporation; and "(B) the manner in which—