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

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Terms Used In 36 USC 151304

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • officer: includes any person authorized by law to perform the duties of the office. See 1 USC 1

(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.

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