16 U.S.C. § 831a
The Board of Directors of the Corporation (referred to in this chapter as the "Board") shall be composed of 9 members appointed by the President by and with the advice and consent of the Senate, at least 7 of whom shall be a legal resident of the service area of the Corporation.
The members of the Board shall select 1 of the members to act as chairman of the Board.
To be eligible to be appointed as a member of the Board, an individual-
In appointing members of the Board, the President shall-
A member of the Board shall serve a term of 5 years. A member of the Board whose term has expired may continue to serve after the member's term has expired until the date on which a successor takes office, except that the member shall not serve beyond the end of the session of Congress in which the term of the member expires.
A member appointed to fill a vacancy on the Board occurring before the expiration of the term for which the predecessor of the member was appointed shall be appointed for the remainder of that term.
Five of the members of the Board shall constitute a quorum for the transaction of business.
A vacancy on the Board shall not impair the power of the Board to act.
A member of the Board shall be entitled to receive-
The amount of the stipends under paragraph (1)(A) shall be adjusted by the same percentage, at the same time and manner, and subject to the same limitations as are applicable to adjustments under section 5318 of title 5.
The Board shall-
The Board shall meet at least 4 times each year.
The Board shall appoint a person to serve as chief executive officer of the Corporation.
To serve as chief executive officer of the Corporation, a person-
In appointing a chief executive officer, the Board shall give particular consideration to appointing an individual with expertise in the electric industry and with strong financial skills.
The chief executive officer shall serve at the pleasure of the Board.
The Board shall approve a compensation plan that specifies all compensation (including salary or any other pay, bonuses, benefits, incentives, and any other form of remuneration) for the chief executive officer and employees of the Corporation.
The compensation plan shall be based on an annual survey of the prevailing compensation for similar positions in private industry, including engineering and electric utility companies, publicly owned electric utilities, and Federal, State, and local governments.
The compensation plan shall provide that education, experience, level of responsibility, geographic differences, and retention and recruitment needs will be taken into account in determining compensation of employees.
The chief executive officer shall determine the salary and benefits of employees whose annual salary is not greater than the annual rate payable for positions at level IV of the Executive Schedule under section 5315 of title 5.
On the recommendation of the chief executive officer, the Board shall approve the salaries of employees whose annual salaries would be in excess of the annual rate payable for positions at level IV of the Executive Schedule under section 5315 of title 5.
16 U.S.C. § 831a
EDITORIAL NOTES
PRIOR PROVISIONSA prior section, act May 18, 1933, ch. 32, §2, 48 Stat. 59, related to the Directors of the Authority, prior to repeal by Pub. L. 108-447, div. C, title VI, §601, Dec. 8, 2004, 118 Stat. 2963.
AMENDMENTS2007-Subsec. (f)(2). Pub. L. 110-161 substituted "stipends under paragraph (1)(A)" for "stipend under paragraph (1)(A)(i)".
STATUTORY NOTES AND RELATED SUBSIDIARIES
APPOINTMENTS; EFFECTIVE DATE; TRANSITION Pub. L. 108-447, div. C, title VI, §604, Dec. 8, 2004, 118 Stat. 2967, provided that:"(a) APPOINTMENTS.- "(1) IN GENERAL.-As soon as practicable after the date of enactment of this Act [Dec. 8, 2004], the President shall submit to the Senate nominations of six persons to serve as members of the Board of Directors of the Tennessee Valley Authority in addition to the members serving on the date of enactment of this Act."(2) INITIAL TERMS.-Notwithstanding section 2(d) of the Tennessee Valley Authority Act of 1933 [16 U.S.C. 831a(d)] (as amended by this title), in making the appointments under paragraph (1), the President shall appoint-"(A) two members for a term to expire on May 18, 2007;"(B) two members for a term to expire on May 18, 2009; and"(C) two members for a term to expire on May 18, 2011."(b) EFFECTIVE DATE.-The amendments made by this title [enacting this section, amending sections 831, 831b, 831c, 831c-3, 831d, 831e, 831g, 831h, 831k, 831l, 831n, 831o, 831q, and 831w of this title and sections 5314 and 5315 of Title 5, Government Organization and Employees, and repealing prior section 831a of this title] take effect on the later of- "(1) the date on which at least three persons nominated under subsection (a) take office; or "(2) May 18, 2005. "(c) SELECTION OF CHAIRMAN.-The Board of Directors of the Tennessee Valley Authority shall select one of the members to act as chairman of the Board not later than 30 days after the effective date specified in subsection (b)."(d) CONFLICT-OF-INTEREST POLICY.-The Board of Directors of the Tennessee Valley Authority shall adopt and submit to Congress a conflict-of-interest policy, as required by section 2(g)(1)(E) of the Tennessee Valley Authority Act of 1933 [16 U.S.C. 831a(g)(1)(E)] (as amended by this title), as soon as practicable after the effective date specified in subsection (b)."(e) TRANSITION.-A person who is serving as a member of the board of directors of the Tennessee Valley Authority on the date of enactment of this Act [Dec. 8, 2004]-"(1) shall continue to serve until the end of the current term of the member; but "(2) after the effective date specified in subsection (b), shall serve under the terms of the Tennessee Valley Authority Act of 1933 [16 U.S.C. 831 et seq.] (as amended by this title)."
EXECUTIVE DOCUMENTS
EMERGENCY PREPAREDNESS FUNCTIONS For assignment of certain emergency preparedness functions to Board of Directors of Tennessee Valley Authority, see Parts 1, 2, and 24 of Ex. Ord. No. 12656, Nov. 18, 1988, 53 F.R. 47491, set out as a note under section 5195 of Title 42, The Public Health and Welfare.