---
kind: "section"
citation: "42 U.S.C. § 8103"
title: "42"
title_heading: "The Public Health and Welfare"
number: "8103"
heading: "Board of Directors"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/42/8103"
units:
  - "Chapter 90 — Neighborhood and City Reinvestment, Self-Help and Revitalization"
  - "Subchapter I — Neighborhood Reinvestment Corporation"
---

# §8103. Board of Directors

- (a) **Membership—** The [corporation](/usc/42/2297h.md?p=2) shall be under the direction of a board of [directors](/usc/42/11851.md?p=5) made up of the following members:
  - (1) the Chairman of the Federal Home Loan Bank Board or a member of the Federal Home Loan Bank Board to be designated by the Chairman;
  - (2) the [Secretary](/usc/42/242q–4.md?p=2) of Housing and Urban Development;
  - (3) the Chairman of the Board of Governors of the Federal Reserve System, or a member of the Board of Governors of the Federal Reserve System to be designated by the Chairman;
  - (4) the Chairman of the Federal Deposit Insurance [Corporation](/usc/42/2297h.md?p=2) or the appointive member of the Board of [Directors](/usc/42/11851.md?p=5) of the Federal Deposit Insurance [Corporation](/usc/42/2297h.md?p=2) if so designated by the Chairman;
  - (5) the Comptroller of the Currency; and
  - (6) the Chairman of the National Credit Union Administration or a member of the Board of the National Credit Union Administration to be designated by the Chairman.
- (b) **Election of chairman—** The Board shall elect from among its members a chairman who shall serve for a term of two years, except that the Chairman of the Federal Home Loan Bank Board shall serve as Chairman of the Board of [Directors](/usc/42/11851.md?p=5) for the first such two-year term.
- (c) **Terms of office—** Each [director](/usc/42/11851.md?p=5) of the [corporation](/usc/42/2297h.md?p=2) shall serve ex officio during the period he holds the office to which he is appointed by the President.
- (d) **Compensation and expenses—** The [directors](/usc/42/11851.md?p=5) of the [corporation](/usc/42/2297h.md?p=2), as full-time officers of the United States, shall serve without additional compensation but shall be reimbursed for travel, subsistence, and other necessary expenses incurred in the performance of their duties as [directors](/usc/42/11851.md?p=5) of the [corporation](/usc/42/2297h.md?p=2).
- (e) **Bylaws, policies and administrative provisions—** The [directors](/usc/42/11851.md?p=5) of the [corporation](/usc/42/2297h.md?p=2) shall adopt such bylaws, policies, and administrative provisions as are necessary to the functioning of the [corporation](/usc/42/2297h.md?p=2) and consistent with the provisions of this subchapter.
- (f) **Director absences; designated representatives—** A [director](/usc/42/11851.md?p=5) who is necessarily absent from a meeting of the board, or of a committee of the board, may participate in such meeting through a duly designated representative who is serving, pursuant to appointment by the President of the United States, by and with the advice and consent of the Senate, in the same department, [agency](/usc/42/8262.md?p=1), [corporation](/usc/42/2297h.md?p=2), or instrumentality as the absent [director](/usc/42/11851.md?p=5), or in the case of the Comptroller of the Currency, through a duly designated Deputy Comptroller.
- (g) **Quorum—** The presence of a majority of the board members, or their representatives as provided in [subsection (f)](#f), shall constitute a quorum.
- (h) **Application of other laws—** The [corporation](/usc/42/2297h.md?p=2) shall be subject to the provisions of [section 552 of title 5](/usc/5/552.md).
- (i) **Meetings of board—** All meetings of the board of [directors](/usc/42/11851.md?p=5) will be conducted in accordance with the provisions of [section 552b of title 5](/usc/5/552b.md).

## Source credit

(Pub. L. 95–557, title VI, § 604, Oct. 31, 1978, 92 Stat. 2115; Pub. L. 97–320, title VII, § 710(a), Oct. 15, 1982, 96 Stat. 1544; Pub. L. 100–242, title V, § 520(a), Feb. 5, 1988, 101 Stat. 1938; Pub. L. 100–628, title X, § 1085, Nov. 7, 1988, 102 Stat. 3278.)

## Notes

### Editorial Notes

### Amendments

1988—Subsec. (a)(1). Pub. L. 100–242, § 520(a)(1), inserted “or a member of the Federal Home Loan Bank Board to be designated by the Chairman” before semicolon.

Subsec. (a)(3). Pub. L. 100–242, § 520(a)(2), added par. (3) and struck out former par. (3) which read as follows: “a member of the Board of Governors of the Federal Reserve System, to be designated by the Chairman of the Board of Governors of the Federal Reserve System;”.

Subsec. (a)(4). Pub. L. 100–242, § 520(a)(3), inserted “or the appointive member of the Board of Directors of the Federal Deposit Insurance Corporation if so designated by the Chairman” before semicolon.

Subsec. (a)(6). Pub. L. 100–628 struck out second of the two periods at end.

Pub. L. 100–242, § 520(a)(4), substituted “Chairman” for “Administrator” and inserted “or a member of the Board of the National Credit Union Administration to be designated by the Chairman.” before period.

1982—Subsecs. (f) to (i). Pub. L. 97–320 added subsec. (f), redesignated former subsecs. (f) to (h) as (g) to (i), respectively, and in subsec. (g) inserted “, or their representatives as provided in subsection (f),”.

### Statutory Notes and Related Subsidiaries

### Transfer of Functions

Federal Home Loan Bank Board abolished and functions transferred, see sections 401 to 406 of Pub. L. 101–73, set out as a note under section 1437 of Title 12, Banks and Banking.