View all text of Chapter 13 [§ 501 - § 506]
§ 502. Board of directors of Textile Foundation
(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
(c) Compensation; reimbursement for expenses
(d) Prohibitions against holding two or more offices inapplicable
(e) Election of chairman
(f) Board to direct corporation
(June 10, 1930, ch. 440, § 2, 46 Stat. 539.)