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U.S. Code as of:
01/19/04
Section 1812. Management
(a) Board of Directors
(1) In general
The management of the Corporation shall be vested in a Board of
Directors consisting of 5 members -
(A) 1 of whom shall be the Comptroller of the Currency;
(B) 1 of whom shall be the Director of the Office of Thrift
Supervision; and
(C) 3 of whom shall be appointed by the President, by and
with the advice and consent of the Senate, from among
individuals who are citizens of the United States, 1 of whom
shall have State bank supervisory experience.
(2) Political affiliation
After February 28, 1993, not more than 3 of the members of the
Board of Directors may be members of the same political party.
(b) Chairperson and Vice Chairperson
(1) Chairperson
1 of the appointed members shall be designated by the
President, by and with the advice and consent of the Senate, to
serve as Chairperson of the Board of Directors for a term of 5
years.
(2) Vice Chairperson
1 of the appointed members shall be designated by the
President, by and with the advice and consent of the Senate, to
serve as Vice Chairperson of the Board of Directors.
(3) Acting Chairperson
In the event of a vacancy in the position of Chairperson of the
Board of Directors or during the absence or disability of the
Chairperson, the Vice Chairperson shall act as Chairperson.
(c) Terms
(1) Appointed members
Each appointed member shall be appointed for a term of 6 years.
(2) Interim appointments
Any member appointed to fill a vacancy occurring before the
expiration of the term for which such member's predecessor was
appointed shall be appointed only for the remainder of such term.
(3) Continuation of service
The Chairperson, Vice Chairperson, and each appointed member
may continue to serve after the expiration of the term of office
to which such member was appointed until a successor has been
appointed and qualified.
(d) Vacancy
(1) In general
Any vacancy on the Board of Directors shall be filled in the
manner in which the original appointment was made.
(2) Acting officials may serve
In the event of a vacancy in the office of the Comptroller of
the Currency or the office of Director of the Office of Thrift
Supervision and pending the appointment of a successor, or during
the absence or disability of the Comptroller or such Director,
the acting Comptroller of the Currency or the acting Director of
the Office of Thrift Supervision, as the case may be, shall be a
member of the Board of Directors in the place of the Comptroller
or Director.
(e) Ineligibility for other offices
(1) Postservice restriction
(A) In general
No member of the Board of Directors may hold any office,
position, or employment in any insured depository institution
or any depository institution holding company during -
(i) the time such member is in office; and
(ii) the 2-year period beginning on the date such member
ceases to serve on the Board of Directors.
(B) Exception for members who serve full term
The limitation contained in subparagraph (A)(ii) shall not
apply to any member who has ceased to serve on the Board of
Directors after serving the full term for which such member was
appointed.
(2) Restriction during service
No member of the Board of Directors may -
(A) be an officer or director of any insured depository
institution, depository institution holding company, Federal
Reserve bank, or Federal home loan bank; or
(B) hold stock in any insured depository institution or
depository institution holding company.
(3) Certification
Upon taking office, each member of the Board of Directors shall
certify under oath that such member has complied with this
subsection and such certification shall be filed with the
secretary of the Board of Directors.
(f) Status of employees
(1) In general
A director, member, officer, or employee of the Corporation has
no liability under the Securities Act of 1933 [15 U.S.C. 77a et
seq.] with respect to any claim arising out of or resulting from
any act or omission by such person within the scope of such
person's employment in connection with any transaction involving
the disposition of assets (or any interests in any assets or any
obligations backed by any assets) by the Corporation. This
subsection shall not be construed to limit personal liability for
criminal acts or omissions, willful or malicious misconduct, acts
or omissions for private gain, or any other acts or omissions
outside the scope of such person's employment.
(2) "Employee of the Corporation" defined
For purposes of this subsection, the term "employee of the
Corporation" includes any employee of the Office of the
Comptroller of the Currency or of the Office of Thrift
Supervision who serves as a deputy or assistant to a member of
the Board of Directors of the Corporation in connection with
activities of the Corporation.
(3) Effect on other law
This subsection does not affect -
(A) any other immunities and protections that may be
available to such person under applicable law with respect to
such transactions, or
(B) any other right or remedy against the Corporation,
against the United States under applicable law, or against any
person other than a person described in paragraph (1)
participating in such transactions.
This subsection shall not be construed to limit or alter in any
way the immunities that are available under applicable law for
Federal officials and employees not described in this subsection.
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