Title 15 — Commerce and TradeRelease 119-73not60

§502 Board of Directors of Textile Foundation

Title 15 › Chapter 13— TEXTILE FOUNDATION › § 502

Last updated Apr 3, 2026|Official source

Summary

Creates a five-member board for the corporation: the Secretary of Commerce, the Secretary of Agriculture, and three people the President picks who know the textile field. The three appointees start with terms of 2, 3, and 4 years counted from when the corporation is formed. After that, replacements serve four-year terms. If someone is chosen to fill an early vacancy, they only serve the rest of that term. A vacancy does not stop the board from working, and more than half the members must be present to do business. Board members do not get a salary for serving, but the corporation must pay their actual expenses. Federal officers or employees of government agents may also serve on the board even if other rules would forbid holding two jobs. At the first meeting and every year after, the board must pick a chairman. The board runs and uses all of the corporation’s powers.

Full Legal Text

Title 15, §502

Commerce and Trade — Source: USLM XML via OLRC

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

(f)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

Apr 3, 2026

Release point: 119-73not60