Page:United States Statutes at Large Volume 48 Part 1.djvu/85

 of the board. This Act may be cited as the "Tennessee Valley Citation of Act. Authority Act of 1933 ."

2. (a) The board of directors of the Corporation (herein- Board dostdi ectoorhs . after referred to as the "board") shall be composed of three mem- man, etc. bers, to be appointed by the President, by and with the advice and consent of the Senate. In appointing the members of the board, the President shall designate the chairman. All other officials, agents, and e mploye es sha ll be design ated an d sele cted b y the board. (b) The terms of office of the members first taking office after Terms of office. the approval of this Act shall expire as designated by the President at the time of nomination, one at the end of the third year, one at the end of the sixth year, and one at the end of the ninth year, after the date of approval of this Act. A successor to a member successors. of the board shall be appointed in the same manner as the original members and shall have a term of office expiring nine years from the date of the expiration of the term for which his predecessor was appoi nted. (c) Any membe r appo inted to fil l a va cancy i n the board occurr ing Filling vacancies. prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of such term. (d) Vacancies in the board so long as there shall be two members P~ Powers, fquortm in office shall not impair the powers of the board to execute the manifest . functions of the Corporation, and two of the members in office shall constitute a quorum for the transaction of the business of the board. (e) Each of the members of the board shall be a citizen of the repaen hipp, salar y, United States, and shall receive a salary at the rate of $10,000 a year, to be paid by the Corporation as current expenses. Each member of the board, in addition to his salary, shall be permitted to occupy as his residence one of the dwelling houses owned by the Government in the vicinity of Muscle Shoals, Alabama, the same to be designated by the President of the United States. Members of act ual x Reimbursement for the board shall be reimbursed by the Corporation for actual expenses (including traveling and subsistence expenses) incurred by them in the performance of the duties vested in the board by this Act. No member of said board shall during his continuance in office Not to engage in any during other business. be engaged in any other business, but ea ch member shall devote himself to the work of the Corporation. Director to have no (f) No director shall have financial interest in any public-utility financial in ter est in corporation engaged in the business of distributing and selling power certain t on s c utility to the public nor in any corporation engaged in the manufacture, sell ing, or di strib utio n of fixed nit rogen or f erti lizer, or any ingredients thereof, nor shall any member have any interest in any business that may be adversely affected by the success of the Cor- poration as a producer of concentrated fertilizers or as a producer of electric power. The board shall direct the exercise of all the powers o Corp orati on rpordporatoon exercise all (g) . the Corpo ratio n. h All members of the board shall be Confidence, etc., in persons who profess a project. belief in the feasibility and wisdom of this Act. Ap p, intmentofman-

3. The board shall without regard to the provisions of Civil agers, officers, etc., Service laws applicable to officers and employees of the United with out r egar d to civil service laws . State s, app oint s uch ma nagers, assi stant m anager s, off icers, emplo y- ees, attorneys, and agents, as are necessary for the transaction of its business, fix their compensation, define their duties, require bonds of such of them as the board may designate, nate f and provide To provi de o rgan i- y zation syst em. a s ystem of organ izati on t o fix resp onsi bilit y and prom ote effi- ciency. Any appointee of the board may be removed in the discretion strici Removals, ro of the board. No regular officer or employee of the Corporation