Title 15, Commerce and TradeRelease 119-110

§502 Board of Directors of Textile Foundation

Title 15 › CHAPTER 13 — TEXTILE FOUNDATION › § 502

Last updated Sep 22, 2026|Official source

Summary

The corporation's board must include the Secretary of Commerce, the Secretary of Agriculture, and three people the President appoints who know the textile industry. When the board starts, those three appointees get terms of 2, 3, and 4 years. After that, each new member serves a four-year term, except someone picked to fill a vacancy serves only the rest of that term. If a director leaves, the board can still act, and more than half the directors are needed to do business. Board members do not get paid for serving, but the corporation must repay any actual expenses they have while working for the board. A federal officer or employee may also be a board director even if other laws usually forbid holding two jobs. At the first meeting and at each yearly meeting, the board must elect a chair. The board directs and controls all the powers of the corporation.

Full Legal Text

Title 15, §502

Commerce and Trade, Source: USLM XML via OLRC

(a)Composition

The board of directors of the corporation (in this chapter referred to as the board) shall be constituted as follows:

(1)The Secretary of Commerce;

(2)The Secretary of Agriculture; and

(3)Three individuals, familiar with the textile industry or its allied branches, including that of production of raw materials, and their successors, to be appointed by the President, one for a term of two years, one for a term of three years, and one for a term of four years, from the date the incorporation is effected.

(b)Term of successor; vacancies

Each successor shall be appointed for a term of four years from the date of the expiration of the term of the member whom he succeeds, except that any successor appointed to fill a vacancy occurring prior to the expiration of the term shall be appointed only for the unexpired term of the member whom he succeeds. A vacancy in the office of a director shall not impair the power of the remaining directors to execute the functions of the board. A majority of the directors shall constitute a quorum for the transaction of the business of the board.

(c)Compensation; reimbursement for expenses

The members of the board shall serve without compensation for their services as such members, but they shall be reimbursed from the corporation for actual expenses incurred by them while in the performance of the functions vested in the board by this chapter.

(d)Prohibitions against holding two or more offices inapplicable

Any officer or employee of the United States, or of any corporation acting as a governmental agent of the United States, may, in addition to his present office, hold the office of director of the Textile Foundation without regard to any provision of law prohibiting the holding of more than one office.

(e)Election of chairman

The board at its first meeting and at each annual meeting thereafter shall elect a chairman.

(f)Board to direct corporation

The board shall direct the exercise of all the powers of the corporation.

Reference

Citations & Metadata

Citation

15 U.S.C. § 502

Title 15, Commerce and Trade

Last Updated

Sep 22, 2026

Release point: 119-110