§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) 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 section 5107 of title 5.

( Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1400 ; Pub. L. 106–503, title I, §113(c), Nov. 13, 2000, 114 Stat. 2304 ; Pub. L. 108–169, title II, §206(b), Dec. 6, 2003, 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

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

Codification

Section 5202(g)(1) of former Title 36, from which this section was derived, was amended after the Aug. 15, 1997, cutoff date by Pub. L. 105–276, title IV, §427(b), Oct. 21, 1998, 112 Stat. 2511 , see section 5(a) of Pub. L. 105–225, set out as a Legislative Purpose and Construction note preceding section 101 of this title. The subsequent amendment made directly to this section by section 113(c)(1) of Pub. L. 106–503 replicated the prior amendment made by Pub. L. 105–276.

Amendments

2003-Subsec. (b)(3). Pub. L. 108–169 inserted "15 percent above" after "more than".

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

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