Section 1
SECTION 1. The Corporation shall be governed and its activities shall be directed, controlled and managed by a Board of Directors which shall be composed of the Secretary of National Defense, the Executive Secretary and five other persons that shall be designated by the President from a list of qualified veterans and retirees. The five persons so designated shall serve and act as Directors for a term of two years from the date hereof, whereupon their successors shall be elected to serve for a like term by veterans and retirees — stockholders at a general meeting to be called for the purpose once every two years. The Secretary of National Defense and the Executive Secretary shall act as Chairman and Vice-Chairman, respectively, of the Board of Directors.