---
kind: "section"
citation: "15 U.S.C. § 77cc"
title: "15"
title_heading: "Commerce and Trade"
number: "77cc"
heading: "Directors of Corporation; appointment, term of office, and removal"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/77cc"
units:
  - "Chapter 2A — Securities and Trust Indentures"
  - "Subchapter II — Foreign Securities"
---

# §77cc. Directors of Corporation; appointment, term of office, and removal


The control and management of the Corporation shall be vested in a board of six directors, who shall be appointed and hold office in the following manner: As soon as practicable after the date this chapter takes effect the Federal Trade [Commission](/usc/15/77b.md?p=a-5) (hereinafter in this subchapter called “[Commission](/usc/15/77b.md?p=a-5)”) shall appoint six directors, and shall designate a chairman and a vice chairman from among their number. After the directors designated as chairman and vice chairman cease to be directors, their successors as chairman and vice chairman shall be elected by the board of directors itself. Of the directors first appointed, two shall continue in office for a term of two years, two for a term of four years, and two for a term of six years, from the date this chapter takes effect, the term of each to be designated by the [Commission](/usc/15/77b.md?p=a-5) at the time of appointment. Their successors shall be appointed by the [Commission](/usc/15/77b.md?p=a-5), each for a term of six years from the date of the expiration of the term for which his predecessor was appointed, except that any [person](/usc/15/77b.md?p=a-2) appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed only for the unexpired term of such predecessor. No [person](/usc/15/77b.md?p=a-2) shall be eligible to serve as a director who within the five years preceding has had any interest, direct or indirect, in any corporation, company, partnership, bank, or association which has sold or offered for sale any foreign [securities](/usc/15/77b.md?p=a-1). The office of a director shall be vacated if the board of directors shall, at a meeting specially convened for that purpose, by resolution passed by a majority of at least two-thirds of the board of directors, remove such member from office, provided that the member whom it is proposed to remove shall have seven days’ notice sent to him of such meeting, and that he may be heard.


## Source credit

(May 27, 1933, ch. 38, title II, § 202, 48 Stat. 93.)