(a) The Fund Director is appointed by the Governor.
(b) The Fund Director serves at the pleasure of the Secretary of Labor.
(c) For a period of 2 years after termination of employment with the Fund, if the Fund Director is employed by a savings and loan association that is insured by the Fund, or becomes a director, officer, attorney, or agent of a savings and loan association that is insured by the Fund, that individual may not:
(1) Represent, formally or informally, the association in any judicial, administrative, or other proceeding in which:
(i) The Fund is a party; and
(ii) The former Fund Director substantially participated;
(2) Participate in any application submitted to the Fund for the Division’s approval; or
(3) Attempt to influence, or make any oral or written communication, on behalf of the association in any matter before the Fund relating to the association in which the individual participated personally and substantially as Fund Director.
(d) All of the corporate powers of the Fund shall be exercised by the Fund Director.
(e) (1) The Board consists of 11 members.
(2) Of the Board members:
(i) 3 shall be elected by the member associations, subject to the approval of the Secretary of Labor; and
(ii) 8 shall be appointed by the Governor.
(3) (i) From among its members, the Board shall elect a chairman.
(ii) The Board may appoint officers as it considers advisable.
(4) No officer or director of the Fund, whether appointed or elected, shall be personally liable on any contract legally entered into on behalf of the Fund unless the contract, by its terms, expressly obligates that officer or director.
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