Board of directors

The Corporation shall be under the management of the board of directors. The Board shall consist of 15 members, of which— 5 members shall be appointed by the President, by and with the advice and consent of the Senate— Subject to paragraph (5), a vacancy among the members elected to the Board in the manner described in subparagraph (A) or (B) of paragraph (2) shall be filled by the Board from among persons eligible for election to the position for which the vacancy exists. A vacancy among the members appointed to the Board under paragraph (2)(C) shall be filled in the manner in which the original appointment was made. If— The members appointed by the President shall serve at the pleasure of the President. The members elected under subparagraphs (A) and (B) of subsection (b)(2) shall each be elected annually for a term ending on the date of the next annual meeting of the common stockholders of the Corporation and shall serve until their successors are elected and qualified. Any seat on the Board that becomes vacant after the annual election of the directors shall be filled by the members of the Board from the same category of directors, but only for the unexpired portion of the term. Any member appointed to fill a vacancy occurring before the expiration of the term for which the predecessor of the member was appointed shall be appointed only for the remainder of such term. A member may serve after the expiration of the term of the member until the successor of the member has taken office. 8 members of the Board shall constitute a quorum. Members of the Board who are fulltime officers or employees of the United States shall receive no additional pay by reason of service on the Board. The President shall designate 1 of the members of the Board who are appointed by the President as the chairperson of the Board. The Board shall meet at the call of the chairperson or a majority of its members. The Board may appoint, employ, fix the pay of, and provide other allowances and benefits for such officers and employees of the Corporation as the Board determines to be appropriate.