6 SEC. 221. (a) There is bereit reaved & body corporate 7 to be known as the Community Development Corporation. 8 which shall be in the Department of Housing and Trial 9 Development and shall be subject u the direction and super10 vision of the President. The Corporation sual be an instru 11 mentality of the Tuned States and shal have succession unti 12 dissolved by Act of Congress. It shall maintain its principal 13 14 15 16 17 18 19 20 21 22 23 office in the District of Columbia and shall be deemed, for purposes of venue, to be a resident thereof: but agencies or offices may be established by the Corporation in such other places as it may deem necessary or appropriate in the conduct of its business. (b) Within the limitations of law, the President shall determine the general policies which shall govern the opera tions of the Corporation under this Act: but all of the powers and duties of the Corporation shall be vested in its Board of Directors, under the direction of which the Corpora tion shall be administered and which shall have power to adopt, amend, and repeal bylaws governing the performance 24 1 of the powers and duties granted to or imposed upon the 2 Corporation by law. 3 BOARD OF DIRECTORS 4 SEC. 222. (a) The Corporation shall have a Board of 5 Directors (hereinafter referred to as the "Board") which 6 shall consist of five members, one of whom shall be a mem7 ber of the Council on Urban Growth as designated by the 8 President and the other four of whom shall be appointed by 9 the President of the United States by and with the advice 10 and consent of the Senate. The term of office of each member 11 of the Board shall be four years; except that of the members 12 first appointed one shall be appointed for a term of four 13 years, one for a term of three years, one for a term of two 14 years, and two for terms of one year. 15 (b) Members of the Board shall serve at the pleasure 16 of the President and until their successors have been ap17 pointed and have qualified, and shall receive compensation 18 at the rate provided for positions at level IV of the Execu19 tive Schedule Pay Rates (5 U.S.C. 5315) (except that the 20 member who is designated from the Council on Urban 21 Growth shall receive no additional compensation for his 22 service on the Board). 23 (c) The President shall designate one of the members 24 of the Board to serve as its chairman. 25 (d) The Board shall meet at the call of its chairman, 26 who shall require it to meet not less often than monthly. 3 Comoration mal ve vested in the chairman of the Board. 5 6 9 10 11 12 vi sal we muter the Board's general direction. PUNCTIONS OF CORPORATION Se I shall be the function of the Cupon (A) to provide assistance (including grunde under section 203 and loans under sections 294) ra, wħu francing community growth and derbinmasa, gryn as provided by part A and the pot, mich 14, assistance in the form of gaLAAR A PA new community development, me petek a por 13 14 (2) when requested u. 6. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 23 26 and under applicable Federal law respecting the use of federally owned lands, to carry out large-scale projects demonstrating the development of new communities, which shall be designed to contribute to the achievement of the purposes of this title and serve as models for similar developments (with or without assistance under part A or part B) which could feasibly be carried out by other public and private developers; (4) to take such actions as may be calculated to assist in developing a high level of Federal capability in the field of regional and community planning and development; (5) to carry on other research, training, and demonstrations in the field of regional and community planning and development; and (6) to make available such information, provide such other assistance, and take such other actions as may be necessary or appropriate to carry out the purposes of this title or as may be otherwise provided for by law. (b) Whenever any Federal department, agency, or instrumentality proposes to establish, develop, or construct (or provide assistance for the establishment, development. or construction of) any major installation (as determined in 25 accordance with regulations of the Board), the head of such 24 |