36 U.S.C. § 40504 — Governing body

submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 176 words · no verdicts yet

in plain englishAI-generated · not legal advice

A board of directors governs the corporation and must meet at least once a year. It must have at least nine directors, and the president chairs the board. Officers include a president, treasurer, secretary, and six regional vice presidents.

(a) Board of Directors (1) The board of directors governs the corporation. It can exercise the corporation's powers itself, or arrange for them to be exercised. (2) The bylaws set the number of directors, how they're elected (including how vacancies get filled), and how long they serve -- but the board must have at least 9 directors. (3) The board must meet at least once a year. Each director gets one vote on board matters. (4) The corporation's president is automatically the board's chairman. (b) Officers (1) The corporation's officers are a president, an executive vice president, a secretary, a treasurer, and six regional vice presidents, as the bylaws set out. The secretary and treasurer jobs can be combined into one person -- but that person still only gets one vote as a director. (2) The bylaws also set how officers are elected, how long they serve, and their duties and powers.

the actual law source: uscode.house.gov ↗public domain

(a)Board of Directors.—

(1)

The board of directors is the governing body of the corporation. The board may exercise, or provide for the exercise of, the powers of the corporation.

(2)

The number of directors, their manner of election (including the filling of vacancies), and their term of office are as provided in the bylaws. However, the board shall have at least 9 directors.

(3)

The board shall meet at least annually. Each director has one vote on matters decided by the board.

(4)

The president of the corporation is the chairman of the board.

(b)Officers.—

(1)

The officers of the corporation are a president, an executive vice president, a secretary, a treasurer, and 6 regional vice presidents as provided in the bylaws. The offices of secretary and treasurer may be combined and held by the same individual, but an individual holding those combined offices has only one vote as a director.

(2)

The manner of election, term of office, duties, and powers of the officers are as provided in the bylaws.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1333.)

history & why it existsrecord from the source credit

1998Enacted · Pub. L. 105-225 · 112 Stat. 1333

A history note hasn’t been published yet. The record shows enactment by Pub. L. 105-225 on 1998-08-12.

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