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PUBLIC LAW 662-AUG. 24, 1954
[68 S T A T.
(g) To transfer, lease, or convey real or personal property. (h) To borrow money for the purposes of the corporation, and issue bonds or other evidences of indebtedness therefor, and secure the same by mortgage or pledge subject to applicable Federal or State laws. (i) To do any and all acts necessary and proper to carry out the purposes of the corporation. PRINCIPAL OFFICE; SCOPE OF ACTIVITIES; RESIDENT AGENT
SEC. 5. (a) The corporation shall have its principal office in the District of Columbia and may conduct its activities at any place or places in the United States, or elsewhere. (b) The corporation shall have in the District of Columbia at all times a designated agent authorized to accept service of process for the corporation; and notice served upon such agent, or mailed to such agent at such business address, shall be deemed service upon or notice to the corporation. MEMBERSHIP; VOTING RIGHTS
SEC. 6. (a) The membership of the corporation consists of the persons listed in the first section of this Act, the persons who hereafter become members of the National Council of the Federal B a r Association, a nonprofit corporation of the District of Columbia (for the duration of their membership as such), and such others as the corporation may provide for by bylaw or otherwise. (b) Each memoer of the corporation may cast one vote on each matter submitted to a vote of the members. BOARD OF DIRECTORS
SEC. Y. (a) The governing body of the corporation is its board of directors, which during the calendar year of this enactment, will comprise the following: Bettin Stalling, of Illinois; Stanley N. Barnes, of California; Clarence A. Davis, of Nebraska; Earl W. Kintner, of Indiana; Lawrence H. Axman, District of Columbia; Wendell Barnes, of Oklahoma; William L. Ellis, of Michigan; and Arthur J. Klayman, of Illinois, who are currently members of the executive committee of the Federal Bar Association. (b) Thereafter the board of directors will consist of twelve persons elected, and subject to removal at any time, by majority vote of the members of the corporation. The term of office of the elected members of the board is for six years, except that, for the first elected board, four shall be elected for a term of two years, four for a term of four years, and four for a term of six years. Vacancies in the board of directors, caused by expiration of the members' terms or otherwise, shall be filled by a majority vote of the members of the corporation. (c) The board of directors may exercise, or provide for the exercise of, the powers herein granted to the corporation, and each member of the board shall have one vote upon all matters determined. The board shall meet at least annually. The board may delegate its powers to a prudential committee subject to the direction of, and reporting to, the board. The president of the corporation shall act as chairman of the board and of the committee.
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