
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 42USC8103]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
     CHAPTER 90--NEIGHBORHOOD AND CITY REINVESTMENT, SELF-HELP AND 
                             REVITALIZATION
 
           SUBCHAPTER I--NEIGHBORHOOD REINVESTMENT CORPORATION
 
Sec. 8103. Board of Directors


(a) Membership

    The corporation shall be under the direction of a board of directors 
made up of the following members:
        (1) the Chairman of the Federal Home Loan Bank Board or a member 
    of the Federal Home Loan Bank Board to be designated by the 
    Chairman;
        (2) the Secretary of Housing and Urban Development;
        (3) the Chairman of the Board of Governors of the Federal 
    Reserve System, or a member of the Board of Governors of the Federal 
    Reserve System to be designated by the Chairman;
        (4) the Chairman of the Federal Deposit Insurance Corporation or 
    the appointive member of the Board of Directors of the Federal 
    Deposit Insurance Corporation if so designated by the Chairman;
        (5) the Comptroller of the Currency; and
        (6) the Chairman of the National Credit Union Administration or 
    a member of the Board of the National Credit Union Administration to 
    be designated by the Chairman.

(b) Election of chairman

    The Board shall elect from among its members a chairman who shall 
serve for a term of two years, except that the Chairman of the Federal 
Home Loan Bank Board shall serve as Chairman of the Board of Directors 
for the first such two-year term.

(c) Terms of office

    Each director of the corporation shall serve ex officio during the 
period he holds the office to which he is appointed by the President.

(d) Compensation and expenses

    The directors of the corporation, as full-time officers of the 
United States, shall serve without additional compensation but shall be 
reimbursed for travel, subsistence, and other necessary expenses 
incurred in the performance of their duties as directors of the 
corporation.

(e) Bylaws, policies and administrative provisions

    The directors of the corporation shall adopt such bylaws, policies, 
and administrative provisions as are necessary to the functioning of the 
corporation and consistent with the provisions of this subchapter.

(f) Director absences; designated representatives

    A director who is necessarily absent from a meeting of the board, or 
of a committee of the board, may participate in such meeting through a 
duly designated representative who is serving, pursuant to appointment 
by the President of the United States, by and with the advice and 
consent of the Senate, in the same department, agency, corporation, or 
instrumentality as the absent director, or in the case of the 
Comptroller of the Currency, through a duly designated Deputy 
Comptroller.

(g) Quorum

    The presence of a majority of the board members, or their 
representatives as provided in subsection (f) of this section, shall 
constitute a quorum.

(h) Application of other laws

    The corporation shall be subject to the provisions of section 552 of 
title 5.

(i) Meetings of board

    All meetings of the board of directors will be conducted in 
accordance with the provisions of section 552b of title 5.

(Pub. L. 95-557, title VI, Sec. 604, Oct. 31, 1978, 92 Stat. 2115; Pub. 
L. 97-320, title VII, Sec. 710(a), Oct. 15, 1982, 96 Stat. 1544; Pub. L. 
100-242, title V, Sec. 520(a), Feb. 5, 1988, 101 Stat. 1938; Pub. L. 
100-628, title X, Sec. 1085, Nov. 7, 1988, 102 Stat. 3278.)


                               Amendments

    1988--Subsec. (a)(1). Pub. L. 100-242, Sec. 520(a)(1), inserted ``or 
a member of the Federal Home Loan Bank Board to be designated by the 
Chairman'' before semicolon.
    Subsec. (a)(3). Pub. L. 100-242, Sec. 520(a)(2), added par. (3) and 
struck out former par. (3) which read as follows: ``a member of the 
Board of Governors of the Federal Reserve System, to be designated by 
the Chairman of the Board of Governors of the Federal Reserve System;''.
    Subsec. (a)(4). Pub. L. 100-242, Sec. 520(a)(3), inserted ``or the 
appointive member of the Board of Directors of the Federal Deposit 
Insurance Corporation if so designated by the Chairman'' before 
semicolon.
    Subsec. (a)(6). Pub. L. 100-628 struck out second of the two periods 
at end.
    Pub. L. 100-242, Sec. 520(a)(4), substituted ``Chairman'' for 
``Administrator'' and inserted ``or a member of the Board of the 
National Credit Union Administration to be designated by the Chairman.'' 
before period.
    1982--Subsecs. (f) to (i). Pub. L. 97-320 added subsec. (f), 
redesignated former subsecs. (f) to (h) as (g) to (i), respectively, and 
in subsec. (g) inserted ``, or their representatives as provided in 
subsection (f) of this section,''.

                          Transfer of Functions

    Federal Home Loan Bank Board abolished and functions transferred, 
see sections 401 to 406 of Pub. L. 101-73, set out as a note under 
section 1437 of Title 12, Banks and Banking.
