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§ 1812. —  Management.



[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC1812]

 
                       TITLE 12--BANKS AND BANKING
 
            CHAPTER 16--FEDERAL DEPOSIT INSURANCE CORPORATION
 
Sec. 1812. Management


(a) Board of Directors

                           (1) In general

        The management of the Corporation shall be vested in a Board of 
    Directors consisting of 5 members--
            (A) 1 of whom shall be the Comptroller of the Currency;
            (B) 1 of whom shall be the Director of the Office of Thrift 
        Supervision; and
            (C) 3 of whom shall be appointed by the President, by and 
        with the advice and consent of the Senate, from among 
        individuals who are citizens of the United States, 1 of whom 
        shall have State bank supervisory experience.

                      (2) Political affiliation

        After February 28, 1993, not more than 3 of the members of the 
    Board of Directors may be members of the same political party.

(b) Chairperson and Vice Chairperson

                           (1) Chairperson

        1 of the appointed members shall be designated by the President, 
    by and with the advice and consent of the Senate, to serve as 
    Chairperson of the Board of Directors for a term of 5 years.

                        (2) Vice Chairperson

        1 of the appointed members shall be designated by the President, 
    by and with the advice and consent of the Senate, to serve as Vice 
    Chairperson of the Board of Directors.

                       (3) Acting Chairperson

        In the event of a vacancy in the position of Chairperson of the 
    Board of Directors or during the absence or disability of the 
    Chairperson, the Vice Chairperson shall act as Chairperson.

(c) Terms

                        (1) Appointed members

        Each appointed member shall be appointed for a term of 6 years.

                      (2) Interim appointments

        Any member appointed to fill a vacancy occurring before the 
    expiration of the term for which such member's predecessor was 
    appointed shall be appointed only for the remainder of such term.

                     (3) Continuation of service

        The Chairperson, Vice Chairperson, and each appointed member may 
    continue to serve after the expiration of the term of office to 
    which such member was appointed until a successor has been appointed 
    and qualified.

(d) Vacancy

                           (1) In general

        Any vacancy on the Board of Directors shall be filled in the 
    manner in which the original appointment was made.

                   (2) Acting officials may serve

        In the event of a vacancy in the office of the Comptroller of 
    the Currency or the office of Director of the Office of Thrift 
    Supervision and pending the appointment of a successor, or during 
    the absence or disability of the Comptroller or such Director, the 
    acting Comptroller of the Currency or the acting Director of the 
    Office of Thrift Supervision, as the case may be, shall be a member 
    of the Board of Directors in the place of the Comptroller or 
    Director.

(e) Ineligibility for other offices

                     (1) Postservice restriction

        (A) In general

            No member of the Board of Directors may hold any office, 
        position, or employment in any insured depository institution or 
        any depository institution holding company during--
                (i) the time such member is in office; and
                (ii) the 2-year period beginning on the date such member 
            ceases to serve on the Board of Directors.

        (B) Exception for members who serve full term

            The limitation contained in subparagraph (A)(ii) shall not 
        apply to any member who has ceased to serve on the Board of 
        Directors after serving the full term for which such member was 
        appointed.

                   (2) Restriction during service

        No member of the Board of Directors may--
            (A) be an officer or director of any insured depository 
        institution, depository institution holding company, Federal 
        Reserve bank, or Federal home loan bank; or
            (B) hold stock in any insured depository institution or 
        depository institution holding company.

                          (3) Certification

        Upon taking office, each member of the Board of Directors shall 
    certify under oath that such member has complied with this 
    subsection and such certification shall be filed with the secretary 
    of the Board of Directors.

(f) Status of employees

                           (1) In general

        A director, member, officer, or employee of the Corporation has 
    no liability under the Securities Act of 1933 [15 U.S.C. 77a et 
    seq.] with respect to any claim arising out of or resulting from any 
    act or omission by such person within the scope of such person's 
    employment in connection with any transaction involving the 
    disposition of assets (or any interests in any assets or any 
    obligations backed by any assets) by the Corporation. This 
    subsection shall not be construed to limit personal liability for 
    criminal acts or omissions, willful or malicious misconduct, acts or 
    omissions for private gain, or any other acts or omissions outside 
    the scope of such person's employment.

             (2) ``Employee of the Corporation'' defined

        For purposes of this subsection, the term ``employee of the 
    Corporation'' includes any employee of the Office of the Comptroller 
    of the Currency or of the Office of Thrift Supervision who serves as 
    a deputy or assistant to a member of the Board of Directors of the 
    Corporation in connection with activities of the Corporation.

                       (3) Effect on other law

        This subsection does not affect--
            (A) any other immunities and protections that may be 
        available to such person under applicable law with respect to 
        such transactions, or
            (B) any other right or remedy against the Corporation, 
        against the United States under applicable law, or against any 
        person other than a person described in paragraph (1) 
        participating in such transactions.

    This subsection shall not be construed to limit or alter in any way 
    the immunities that are available under applicable law for Federal 
    officials and employees not described in this subsection.

(Sept. 21, 1950, ch. 967, Sec. 2[2], 64 Stat. 873; Pub. L. 86-230, 
Sec. 19, Sept. 8, 1959, 73 Stat. 460; Pub. L. 98-181, title VII, 
Sec. 702(a), Nov. 30, 1983, 97 Stat. 1267; Pub. L. 101-73, title II, 
Sec. 203(a), Aug. 9, 1989, 103 Stat. 188; Pub. L. 102-18, title I, 
Sec. 103(b), Mar. 23, 1991, 105 Stat. 60; Pub. L. 104-208, div. A, title 
II, Sec. 2243, Sept. 30, 1996, 110 Stat. 3009-419.)

                       References in Text

    The Securities Act of 1933, referred to in subsec. (f)(1), is act 
May 27, 1933, ch. 38, title I, 48 Stat. 74, as amended, which is 
classified generally to subchapter I (Sec. 77a et seq.) of chapter 2A of 
Title 15, Commerce and Trade. For complete classification of this Act to 
the Code, see section 77a of Title 15 and Tables.


                            Prior Provisions

    Section is derived from subsec. (b) of former section 264 of this 
title. See Codification note set out under section 1811 of this title.


                               Amendments

    1996--Subsec. (a)(1)(C). Pub. L. 104-208 inserted ``, 1 of whom 
shall have State bank supervisory experience'' before period at end.
    1991--Subsec. (f). Pub. L. 102-18 added subsec. (f).
    1989--Pub. L. 101-73 amended section generally, designating existing 
provisions as subsecs. (a) to (e), and making other changes relating to 
the make-up and operation of the Board.
    1983--Pub. L. 98-181 inserted provision that each such appointive 
member may continue to serve after the expiration of his term until a 
successor has been appointed and qualified.
    1959--Pub. L. 86-230 provided for membership of Acting Comptroller 
of the Currency on Board of Directors during absence or disability of 
Comptroller instead of only during his absence from Washington.


                          Transition Provision

    Section 203(b) of Pub. L. 101-73 provided that:
    ``(1) Chairperson.--Notwithstanding any provision of section 2 of 
the Federal Deposit Insurance Act [12 U.S.C. 1812], the Chairman of the 
Board of Directors of the Federal Deposit Insurance Corporation on the 
date of the enactment of the Financial Institutions Reform, Recovery, 
and Enforcement Act of 1989 [Aug. 9, 1989] may continue to serve as the 
Chairperson until the end of the term to which such Chairman was 
appointed.
    ``(2) Members.--Notwithstanding any provision of section 2 of the 
Federal Deposit Insurance Act, the appointed member of the Board of 
Directors of the Federal Deposit Insurance Corporation on the date of 
the enactment of the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989 who is not the Chairman shall continue to serve 
in office until the earlier of--
        ``(A) the end of the term to which such member was appointed; or
        ``(B) February 28, 1993,
except that such member may continue to serve after the end of such term 
until a successor has been appointed and qualified.
    ``(3) Appointments before march 1, 1993.--Notwithstanding any 
provision of section 2 of the Federal Deposit Insurance Act, the term of 
any member appointed to the Board of Directors of the Federal Deposit 
Insurance Corporation before February 28, 1993 (including the term of 
any Chairperson), shall end on such date.''


                   Compensation of Board of Directors

    Compensation of Chairman and members of the Board, see sections 5314 
and 5315 of Title 5, Government Organization and Employees.



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