Page:United States Statutes at Large Volume 103 Part 1.djvu/458

 103 STAT. 430 PUBLIC LAW 101-73—AUG. 9, 1989 District of Columbia. President of U.S. 12 USC 1452 note. (1) NEW BOARD. —Section 303(a) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1452(a)) is amended to read as follows: "(a)(1) There is hereby created the Federal Home Loan Mortgage Corporation, which shall be a body corporate under the direction of a Board of Directors, Within the limitations of law and regulation, the Board of Directors shall determine the general policies that govern the operations of the Corporation. The principal office of the Corporation shall be in the District of Columbia or at any other place determined by the Corporation. "(2)(A) The Board of Directors of the Corporation shall consist of 18 persons, 5 of whom shall be appointed annually by the President of the United States and the remainder of whom shall be elected annually by the voting common stockholders. The Board of Direc- tors shall at all times have as members appointed by the President of the United States at least 1 person from the homebuilding industry, at least 1 person from the mortgage lending industry, and at least 1 person from the real estate industry. "(B) Each member of the Board of Directors shall be such or elected for a term ending on the date of the next annual meeting of the voting common stockholders. "(C) Any appointive seat on the Board of Directors that becomes vacant shall be filled by appointment by the President of the United States, but only for the unexpired portion of the term. Any elective seat on the Board of Directors that becomes vacant after the annual election of the directors shall be filled by the Board of Directors, but only for the unexpired portion of the term. "(D) Any member of the Board of Directors who is a full-time officer or employee of the Federal Government shall not, as such member, receive compensation for services as such a member.". (2) TRANSITIONAL PROVISIONS. — (A) INTERIM BOARD. — (i) ESTABLISHMENT.— T here shall be an interim Board of Directors of the Federal Home Loan Mortgage C!or- ' poration, which shall serve from the date of the enact- ment of this Act until the date of the 1st meeting of the '* • voting common shareholders of the Corporation at "'' which the first election of the directors elected by the shareholders occurs. (ii) MEMBERS. —The interim Board of Directors of the Federal Home Loan Mortgage Corporation shall consist of— '< • (I) the President of the (Dorporation; and (II) the persons who were (on the day before the date of the enactment of this Act) the Chairman of ^ the Federal Home Loan Bank Board and the Sec- retary of Housing and Urban Development (or their designees), (iii) QUORUM.—A quorum of the interim Board of Directors of the Federal Home Loan Mortgage Corpora- tion shall consist of a majority of the directors duly serving from time to time. (B) ELECTION OF PERMANENT DIRECTORS. — The first meet- ing of the voting common shareholders of the Federal Home Loan Mortgage Corporation for election of directors shall occur, under procedures established by the Corporation, within 6 months after the date of the enactment of this Act.

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