(a) Board of Trustees.—A self-perpetuating board of trustees shall manage and direct the property and affairs of the corporation.

(b) Powers.—The board of trustees may adopt and amend a constitution, bylaws, and regulations for—

(1) the selection of successor trustees;

(2) the admission of members;

(3) the election of officers; and

(4) the conduct of the affairs of the corporation.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1456.)