US Code

Public Law 119-73 (01/23/2026)

36 U.S.C. § 151304

Officers and employees

(a)

Appointment .—

The board of directors may appoint officers or employees, but only after the corporation has sufficient funds to pay for their services.
(b)

Status and Compensation .—

Officers and employees of the corporation—
(1)
shall not be considered employees of the United States Government;
(2)
shall be appointed without regard to the provisions of title 5 governing appointments in the competitive service; and
(3)
section 5107 of title 5 may be paid without regard to chapter 51 and subchapter III of chapter 53 of title 5, except that an officer or employee may not be paid more than 15 percent above the annual rate of basic pay for level GS–15 of the General Schedule under .

Pub. L. 105–225112 Stat. 1400Pub. L. 106–503, title I, § 113(c)114 Stat. 2304Pub. L. 108–169, title II, § 206(b)117 Stat. 2040(, , ; , , ; , , .)

Historical and Revision Notes

Revised

Section

Source (U.S. Code)

Source (Statutes at Large)

151304(a)

36:5202(g)(1)(A), (2).

Oct. 26, 1992, Pub. L. 102–522, title II, § 203(g)(1)(A), (2), (h), 106 Stat. 3418.

151304(b)

36:5202(h).

 

Subsection (a) is substituted for the source provisions for clarity.

In subsection (b)(3), the words “relating to classification and General Schedule pay rates” are omitted as unnecessary.

Editorial Notes

References in Text

section 5332 of Title 5The General Schedule, referred to in subsec. (b)(3), is set out under , Government Organization and Employees.

Codification

Pub. L. 105–276, title IV, § 427(b)112 Stat. 2511section 5(a) of Pub. L. 105–225section 101 of this titlesection 113(c)(1) of Pub. L. 106–503Pub. L. 105–276Section 5202(g)(1) of former Title 36, from which this section was derived, was amended after the , cutoff date by , , , see , set out as a Legislative Purpose and Construction note preceding . The subsequent amendment made directly to this section by replicated the prior amendment made by .

Amendments

Pub. L. 108–1692003—Subsec. (b)(3). inserted “15 percent above” after “more than”.

Pub. L. 106–503, § 113(c)(1)2000—Subsec. (a). , struck out “not more than 2” after “appoint”.

Pub. L. 106–503, § 113(c)(2)Subsec. (b)(1). , substituted “shall not be considered” for “are not”.