§77cc Directors of Corporation; appointment, term of office, and removal

Summary

Six people run the Corporation. The Federal Trade Commission must appoint them soon after the law starts and pick a chair and vice chair from among them. At first, two directors will serve 2 years, two will serve 4 years, and two will serve 6 years. After that, the Commission names successors for six-year terms, except someone who fills a vacancy serves only the rest of that term. When the first chair or vice chair leaves, the board elects a replacement. A director cannot have had any interest in a business that sold or offered foreign securities in the past five years. The board can remove a director at a special meeting if at least two-thirds vote to do so. The director must get seven days’ notice of the meeting and may speak in their defense.