Section 70703 - Governing body(a) BOARD OF TRUSTEES.-(1) The board of trustees is the governing body of the corporation. The board shall exercise the powers granted to the corporation.(2) The board shall consist of at least 9 but not more than 19 members. A vacancy on the board shall be filled by decision of the remaining members of the board.(3) The board shall adopt a seal under which all acts of the corporation shall be passed and authenticated.(b) OFFICERS.-(1) The board shall elect officers the board considers necessary, including a treasurer, for the term and at the compensation the board decides, as provided in the bylaws.(2) The treasurer shall give a bond as provided in the bylaws.(3) The board may remove an officer, employee, or agent of the corporation for a cause provided in the bylaws. Pub. L. 105-225, 112 Stat. 1354.| HISTORICAL AND REVISION NOTES |
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
| 70703(a)(1), (2) | 36:4404 (1st-3d sentences). | June 6, 1900, ch. 806, §4 (1st-3d sentences, 4th sentence less adopting and altering seal, 5th sentence less establishing bylaws, last sentence less employment authority), 31 Stat. 663; Nov. 9, 1988, Pub. L. 100-642, §1(a), 102 Stat. 3337. |
| 70703(a)(3) | 36:4404 (4th sentence less adopting and altering seal). | |
| 70703(b)(1) | 36:4404 (5th sentence less establishing bylaws). | |
| 70703(b)(2), (3) | 36:4404 (last sentence less employment authority). | |
In subsection (a)(1), the words "The board of trustees is the governing body of the corporation" are substituted for "The government of said association shall be vested in a board of trustees" for consistency in the revised title. The words "The board shall exercise the powers granted to the corporation" are substituted for "Said board of trustees shall have perpetual succession, and in them and their successors shall be vested the power hereinbefore granted to this association" to eliminate unnecessary words.In subsection (a)(2), the words "who shall be elected by the corporators at their first meeting or at such time thereafter as the said corporators may at the said first meeting appoint for that purpose" are omitted as obsolete. The words "A vacancy on the board shall be filled by decision of the remaining members of the board" are substituted for "In case of a vacancy or vacancies occurring in said board of trustees by death, resignation, or otherwise, the same shall be filled by the remaining members thereof" for clarity and to eliminate unnecessary words.In subsection (a)(3), the word "common" is omitted as unnecessary. Subsection (b)(3) is substituted for "and all of the officers of the association, together with such agents and employees . . . , shall be subject to removal for such causes and under such conditions and regulations as may be prescribed by the by-laws" for clarity and to eliminate unnecessary words.