94 STAT. 1388
Term of office.
Compensation.
PUBLIC LAW 96-374—OCT. 3, 1980
information community, authors, and the public. Except for the initial Board of Directors, the members shall be appointed after consultation with the Board. "(c) The members of the initial Board of Directors shall serve as incorporators and shall take whatever actions are necessary to establish the Corporation under the laws of the jurisdiction in which it is incorporated. "(d) The term of office for each member of the Board (other than the Director) shall be two years except that any member appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of such term. Notwithstanding the preceding provisions of this paragraph, a member whose term has expired may serve until his successor has taken office. "(e)(1) The members of the Board shall not, by reason of membership, be deemed employees of the United States. Except as provided in paragraph (2), members shall, while engaged in activities of the Board, be entitled to receive compensation at the rate equal to the daily rate prescribed for grade GS-18 of the General Schedule under section 5332 of title 5, United States Code, for each day and, while away from their homes or regular place of business, may be allowed travel expenses. "(2) Members of the Corporation who are full-time officers and employees of the United States shall receive no additional pay, allowances, or benefits by reason of their service on the Corporation. "(f) Eight members of the Board shall constitute a quorum. "(g) The Board shall elect annually one of its members to serve as the Chairman. "(h) The Board shall meet annually or at the call of the Chairman or a majority of its members. DIRECTOR AND STAFF OF CORPORATION
20 USC I047d.
"SEC. 245. (a) The Corporation shall have a Director, and such other officers as appointed by the Board for the terms and at rates of compensation fixed by the Board. The Director shall manage the operations of the Corporation, subject to such rules as may be prescribed by the Board. "(b) Subject to such rules as may be prescribed by the Board, the Director may appoint and fix the pay of personnel and may procure temporary and intermittent services. NONPROFIT NATURE OF CORPORATION
20 USC 1047e.
Tax exempt status.
"SEC. 246. (a) The Corporation shall have no power to issue any shares of stock, or to declare or pay any dividends. "(b) No part of the incomes or assets of the Corporation shall inure to the benefit of any director, officer, employee, or any other individual except as salary or reasonable compensation for services, "(c) The National Periodical System Corporation shall be exempt from taxation now or hereafter imposed by the United States, or any territory or possession thereof, or by any State, county, municipality, or local taxing authority. AUTHORITY OF CORPORATION
20 USC 1047f.
"SEC. 247. (a) The Corporation is authorized to—
�
