PUBLIC LAW 110–26—MAY 11, 2007
121 STAT. 107
dkrause on GSDDPC44 with PUBLAW
‘‘(iii) DUTIES.—The chairman shall be a member of the board of governors and, when present, shall preside at meetings of the board of governors and shall have such other duties and responsibilities as may be provided in the bylaws or a resolution of the board of governors. ‘‘(B) OTHER MEMBERS.— ‘‘(i) IN GENERAL.—Members of the board of governors other than the chairman shall be elected at the annual meeting of the corporation in accordance with such procedures as may be provided in the bylaws. ‘‘(ii) VACANCIES.—Vacancies in any such elected board position and in any newly created board position may be filled by a vote of the remaining members of the board of governors in accordance with such procedures as may be provided in the bylaws. ‘‘(b) TERMS OF OFFICE.— ‘‘(1) IN GENERAL.—The term of office of each member of the board of governors shall be 3 years, except that— ‘‘(A) the board of governors may provide under the bylaws that the terms of office of members of the board of governors elected to the board of governors before March 31, 2012, may be less than 3 years in order to implement the provisions of subparagraphs (A) and (B) of subsection (a)(2); and ‘‘(B) any member of the board of governors elected by the board to fill a vacancy in a board position arising before the expiration of its term may, as determined by the board, serve for the remainder of that term or until the next annual meeting of the corporation. ‘‘(2) STAGGERED TERMS.—The terms of office of members of the board of governors (other than the chairman) shall be 1 ⁄3 staggered such that, by March 31, 2012, and thereafter, 1⁄3 as practicable) shall of the entire board (or as near to be elected at each successive annual meeting of the corporation with the term of office of each member of the board of governors elected at an annual meeting expiring at the third annual meeting following the annual meeting at which such member was elected. ‘‘(3) TERM LIMITS.—No person may serve as a member of the board of governors for more than such number of terms of office or years as may be provided in the bylaws. ‘‘(c) COMMITTEES AND OFFICERS.—The board— ‘‘(1) may appoint, from its own members, an executive committee to exercise such powers of the board when the board is not in session as may be provided in the bylaws; ‘‘(2) may appoint such other committees or advisory councils with such powers as may be provided in the bylaws or a resolution of the board of governors; ‘‘(3) shall appoint such officers of the corporation, including a chief executive officer, with such duties, responsibilities, and terms of office as may be provided in the bylaws or a resolution of the board of governors; and ‘‘(4) may remove members of the board of governors (other than the chairman), officers, and employees under such procedures as may be provided in the bylaws or a resolution of the board of governors.
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