
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 7USC945]

 
                          TITLE 7--AGRICULTURE
 
         CHAPTER 31--RURAL ELECTRIFICATION AND TELEPHONE SERVICE
 
                   SUBCHAPTER IV--RURAL TELEPHONE BANK
 
Sec. 945. Board of directors


(a) In general

    The management of the telephone bank, within the limitations 
prescribed by law, shall be vested in a board of directors (in this 
subchapter referred to as the ``Telephone Bank Board'').

(b) Membership

    The Telephone Bank Board shall consist of thirteen individuals, as 
follows:

                     (1) Presidential appointees

        The President shall appoint seven individuals to serve on the 
    Telephone Bank Board who shall serve at the pleasure of the 
    President--
            (A) five of whom shall be officers or employees of the 
        Department of Agriculture and not officers or employees of the 
        Secretary; and
            (B) two of whom shall be from the general public and not 
        officers or employees of the Federal Government.

                       (2) Cooperative members

        The cooperative-type entities, and organizations controlled by 
    such entities, that hold class B or class C stock shall elect three 
    individuals to serve on the Telephone Bank Board for a term of two 
    years, by a plurality vote of the stockholders voting in the 
    election.

                       (3) Commercial members

        The commercial-type entities, and the organizations controlled 
    by such entities, that hold class B or class C stock shall elect 
    three individuals to serve on the Telephone Bank Board for a term of 
    two years, by a plurality vote of the stockholders voting in the 
    election.

(c) Elections

                            (1) Validity

        An election under paragraph (2) or (3) of subsection (b) of this 
    section shall not be considered valid unless a majority of the 
    stockholders eligible to vote in the election have voted in the 
    election.

                            (2) Balloting

        Balloting in an election under paragraph (2) or (3) of 
    subsection (b) of this section shall be conducted by mail pursuant 
    to the procedures authorized in the bylaws of the telephone bank.

                      (3) No cumulative voting

        Cumulative voting shall not be permitted in any election under 
    paragraph (2) or (3) of subsection (b) of this section.

(d) Compensation

                           (1) In general

        Except as provided in paragraph (2), each member of the 
    Telephone Bank Board shall receive $100 per day for each day or part 
    thereof, not to exceed fifty days per year, spent in the performance 
    of their official duties, and shall be reimbursed for travel and 
    other expenses in such manner and subject to such limitations as the 
    Telephone Bank Board may prescribe.

                           (2) Exceptions

        The five members of the Telephone Bank Board appointed under 
    subsection (b)(1)(A) of this section shall not receive compensation 
    by reason of their service on the Telephone Bank Board.

(e) Succession

    A member of the Telephone Bank Board may serve after the expiration 
of the term of office of such member until the successor for such member 
has taken office.

(f) Chairperson

    The members of the Telephone Bank Board shall elect one of such 
members to be the Chairperson of the Board, in accordance with the 
bylaws of the telephone bank. The Chairperson shall preside at all 
meetings of the Board and may vote on a matter before the Board unless 
the vote would result in a tie vote on the matter.

(g) Bylaws

    The Telephone Bank Board shall prescribe bylaws, not inconsistent 
with law, regulating the manner in which the telephone bank's business 
shall be conducted, its directors and officers elected, its stock 
issued, held, and disposed of, its property transferred, its bylaws 
amended, and the powers and privileges granted to it by law exercised 
and enjoyed.

(h) Meetings

    The Telephone Bank Board shall meet at such times and places as it 
may fix and determine, but shall hold at least four regularly scheduled 
meetings a year, and special meetings may be held on call in the manner 
specified in the bylaws of the telephone bank.

(i) Annual report

    The Telephone Bank Board shall make an annual report to the 
Secretary for transmittal to the Congress on the administration of this 
subchapter and any other matters relating to the effectuation of the 
policies of this subchapter, including recommendations for legislation.

(j) Open meetings

    For purposes of section 552b of title 5, the Telephone Bank Board 
shall be treated as an agency within the meaning of subsection (a)(1) of 
such section.

(May 20, 1936, ch. 432, title IV, Sec. 405, as added Pub. L. 92-12, 
Sec. 2, May 7, 1971, 85 Stat. 32; amended Pub. L. 93-32, Sec. 4, May 11, 
1973, 87 Stat. 70; Pub. L. 101-624, title XXIII, Sec. 2363(a), (b)(1), 
(c), Nov. 28, 1990, 104 Stat. 4042-4044; Pub. L. 103-354, title II, 
Sec. 235(a)(7), Oct. 13, 1994, 108 Stat. 3221.)


                               Amendments

    1994--Subsec. (b)(1)(A). Pub. L. 103-354 substituted ``Secretary'' 
for ``Rural Electrification Administration''.
    1990--Pub. L. 101-624, Sec. 2363(a), substituted ``Board of 
directors'' for ``Telephone Bank Board'' in section catchline.
    Subsecs. (a) to (f). Pub. L. 101-624, Sec. 2363(a), struck out 
subsecs. (a) to (f) and inserted new subsecs. (a) to (f): in subsec. (a) 
struck out provisions relating to size of board, in subsec. (b) 
substituted provisions relating to size of board and to appointment and 
election of all board members for provisions naming Administrator of 
Rural Electrification Administration and Governor of Farm Credit 
Administration to board, and authorizing presidential appointment of 5 
other members, in subsec. (c) substituted provisions relating to 
election of 6 cooperative and commercial members for provisions 
authorizing presidential appointment of initial 6 cooperative and 
commercial members, in subsec. (d) substituted provisions relating to 
compensation for provisions relating to interim election of 6 
cooperative and commercial members, in subsec. (e) substituted 
provisions relating to succession for provisions relating to regular 
election of 6 cooperative and commercial members, and in subsec. (f) 
substituted provisions relating to chairperson for provisions relating 
to service after expiration of term, compensation and expenses.
    Subsecs. (g) to (i). Pub. L. 101-624, Sec. 2363(b)(1), inserted 
headings.
    Subsec. (j). Pub. L. 101-624, Sec. 2363(c), added subsec. (j).
    1973--Subsec. (e). Pub. L. 93-32 substituted provisions directing 
that the cooperative-type entities and organizations holding class B and 
class C stock, voting as a separate class, elect three directors to 
represent their class by a majority of the stockholders voting in such 
class and that the commercial-type entities and organizations holding 
class B and class C stock, voting as a separate class, elect three 
directors to represent their class by a majority of the stockholders 
voting in such class, for provisions that three directors be elected 
from among the directors, managers, and employees of cooperative-type 
entities and organizations controlled by such entities holding class B 
or class C stock and that three directors be elected from among the 
directors, managers, and employees of commercial-type entities and 
organizations controlled by such entities holding class B or class C 
stock, and inserted provisions prohibiting cumulative voting.


                    Effective Date of 1973 Amendment

    Amendment by Pub. L. 93-32 effective May 11, 1973, see section 12 of 
Pub. L. 93-32, set out as an Effective Date note under section 930 of 
this title.


                             Effective Date

    Section effective May 7, 1971, see section 7 of Pub. L. 92-12, set 
out as a note under section 921a of this title.


                  Termination of Reporting Requirements

    For termination, effective May 15, 2000, of provisions in subsec. 
(i) of this section relating to transmittal of annual report to 
Congress, see section 3003 of Pub. L. 104-66, as amended, set out as a 
note under section 1113 of Title 31, Money and Finance, and page 45 of 
House Document No. 103-7.

                  Section Referred to in Other Sections

    This section is referred to in section 950 of this title.
