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U.S. Code as of:
01/19/04
Section 831a. Directors of the Authority
(a) Composition of board; appointment and designation
The board of directors of the Corporation (hereinafter referred
to as the "board") shall be composed of three members, to be
appointed by the President, by and with the advice and consent of
the Senate. In appointing the members of the board, the President
shall designate the chairman. All other officials, agents, and
employees shall be designated and selected by the board.
(b) Terms of office; successors
The terms of office of the members first taking office after May
18, 1933, shall expire as designated by the President at the time
of nomination, one at the end of the third year, one at the end of
the sixth year, and one at the end of the ninth year, after May 18,
1933. A successor to a member of the board shall be appointed in
the same manner as the original members and shall have a term of
office expiring nine years from the date of the expiration of the
term for which his predecessor was appointed.
(c) Vacancies
Any member appointed to fill a vacancy in the board occurring
prior to the expiration of the term for which his predecessor was
appointed shall be appointed for the remainder of such term.
(d) Quorums
Vacancies in the board, so long as there shall be two members in
office, shall not impair the powers of the board to execute the
functions of the Corporation, and two of the members in office
shall constitute a quorum for the transaction of the business of
the board.
(e) Citizenship; compensation; Government housing; reimbursement
for expenses; outside business
Each of the members of the board shall be a citizen of the United
States. The compensation of each member of the board shall be paid
by the Corporation as current expenses. Each member of the board,
in addition to his salary, shall be permitted to occupy as his
residence one of the dwelling houses owned by the Government in the
vicinity of Muscle Shoals, Alabama, the same to be designated by
the President of the United States. Members of the board shall be
reimbursed by the Corporation for actual expenses (including
traveling and subsistence expenses) incurred by them in the
performance of the duties vested in the board by this chapter. No
member of said board shall, during his continuance in office, be
engaged in any other business, but each member shall devote himself
to the work of the Corporation.
(f) Conflicts of interest
No director shall have financial interest in any public-utility
corporation engaged in the business of distributing and selling
power to the public nor in any corporation engaged in the
manufacture, selling, or distribution of fixed nitrogen or
fertilizer, or any ingredients thereof, nor shall any member have
any interest in any business that may be adversely affected by the
success of the Corporation as a producer of concentrated
fertilizers or as a producer of electric power.
(g) Function of board
The board shall direct the exercise of all the powers of the
Corporation.
(h) Confidence in the Authority
All members of the board shall be persons who profess a belief in
the feasibility and wisdom of this chapter.
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