36 U.S.C. § 21503 — Governing body

(a) General.— (1) The board of governors is the governing body of the corporation. (2) The board must have at least 12 governors, divided into 3 classes of equal numbers. One class of governors must be elected each year for a term of 3 years or until their successors are elected. The corporation must elect the governors at its annual meeting. (b) Quorum.— Five governors are a quorum for the transaction of business, except that a majority vote of the board is required for— (1) the sale or alienation of any real or personal estate of the corporation; or (2) the leasing of real estate of the corporation for a term of more than one year. (c) Powers.— The board may— (1) adopt and amend bylaws, as may be necessary and proper, related to— (A) elections and meetings; (B) qualifications and duties of governors and officers; (C) admission and qualifications of members; and (D) management and disposition of the property, business, and concerns of the corporation; (2) conduct all business of the corporation; (3) fill, until the next annual election, a vacancy on the board; and (4) appoint attending and resident physicians and surgeons, agents, assistants, and attendants as may be necessary, set their compensation, and discharge them.