US Code Title 15 Section 77

CITE

    15 USC Sec. 77cc                                            01/08/2008

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2A - SECURITIES AND TRUST INDENTURES
    SUBCHAPTER II - FOREIGN SECURITIES

HEAD

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

STATUTE

      The control and management of the Corporation shall be vested in
    a board of six directors, who shall be appointed and hold office in
    the following manner: As soon as practicable after the date this
    chapter takes effect the Federal Trade Commission (hereinafter in
    this subchapter called "Commission") shall appoint six directors,
    and shall designate a chairman and a vice chairman from among their
    number. After the directors designated as chairman and vice
    chairman cease to be directors, their successors as chairman and
    vice chairman shall be elected by the board of directors itself. Of
    the directors first appointed, two shall continue in office for a
    term of two years, two for a term of four years, and two for a term
    of six years, from the date this chapter takes effect, the term of
    each to be designated by the Commission at the time of appointment.
    Their successors shall be appointed by the Commission, each for a
    term of six years from the date of the expiration of the term for
    which his predecessor was appointed, except that any person
    appointed to fill a vacancy occurring prior to the expiration of
    the term for which his predecessor was appointed shall be appointed
    only for the unexpired term of such predecessor. No person shall be
    eligible to serve as a director who within the five years preceding
    has had any interest, direct or indirect, in any corporation,
    company, partnership, bank, or association which has sold or
    offered for sale any foreign securities. The office of a director
    shall be vacated if the board of directors shall, at a meeting
    specially convened for that purpose, by resolution passed by a
    majority of at least two-thirds of the board of directors, remove
    such member from office, provided that the member whom it is
    proposed to remove shall have seven days' notice sent to him of
    such meeting, and that he may be heard.

SOURCE

    (May 27, 1933, ch. 38, title II, Sec. 202, 48 Stat. 93.)