Executive Board

(a) Establishment There is established an Executive Board of the Board (referred to in this section as the Executive Board). (b) Composition The Executive Board shall be composed of— (1) the Chairman of the Board; (2) the Vice Chairman of the Board; (3) the Secretary of the Board; (4) the Treasurer of the Board; and (5) an at-large member of the Board, to be elected by the Board from among the members of the Board appointed under section 8(b)(1)(A)(i). (c) Vacancies In the case of any vacancy that occurs in the position of an at-large member of the Executive Board before the expiration of the term of that member, the Board shall elect a replacement to complete that term. (d) Meetings (1) In general The Executive Board shall hold not more than 24 regular meetings per calendar year. (2) Special meetings Special meetings of the Executive Board may be held on the call of— (A) the Chairman of the Board; or (B) 3 members of the Executive Board. (e) Quorum A majority of the Executive Board shall constitute a quorum. (f) Powers The Executive Board may hold and use all the powers of the Board, subject to the approval of the Board.