(a) Board of Directors.—The board of directors is the governing body of the corporation. The board shall consist of at least 15 directors elected annually by the members.

Terms Used In 36 USC 30704

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.

(b) Officers.—The officers of the corporation are a chairman of the board, a president, one or more vice presidents, a secretary, a treasurer, and any assistant officers designated by the board. The officers have the powers and shall carry out the duties provided in the bylaws or prescribed by the board.

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