# § 30704. Governing body
**(a)** **Board of Directors.—** The board of directors is the governing body of the corporation. The board shall consist of at least 15 directors elected annually by the members.
**(b)** **Officers.—** The officers of the corporation are a chairman of the board, a president, one or more vice presidents, a secretary, a treasurer, and any assistant officers designated by the board. The officers have the powers and shall carry out the duties provided in the bylaws or prescribed by the board.
---
**Source Credit**: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1323.)
| RevisedSection | Source (U.S. Code) | Source (Statutes at Large) |
| --- | --- | --- |
| 30704(a) | 36:507. | July 19, 1954, ch. 536, §§ 7, 8, 68 Stat. 491. |
| 30704(b) | 36:508. | |
In subsection (a), the words “The board of directors is the governing body of the corporation” are substituted for “The corporation shall be governed by a board of directors” for consistency in the revised title.
In subsection (b), the words “from time to time” are omitted as unnecessary.