§502 Board of directors of Textile Foundation

Summary

Creates a five-person board to run the corporation: the Secretary of Commerce, the Secretary of Agriculture, and three people who know the textile industry. The three appointees are picked by the President when the corporation starts — one serves 2 years, one 3 years, and one 4 years. After that, successors serve 4-year terms, but someone filling a vacancy only finishes the unexpired term. A majority can act even if a seat is empty. Board members get no salary but must be paid back for actual expenses. A U.S. officer or an employee of a government agent can also be a director while keeping their other job. The board must choose a chair at its first meeting and each year, and it runs all the corporation’s powers.