Reading Room Document

Presidential Power Concerning Directors of the National Consumer Cooperative Bank

The document is a response to inquiries concerning the Board of Directors of the National Consumer Cooperative Bank. It concludes that the President has the power to remove and appoint directors at any time, and that interim directors appointed by the President can take legally binding actions on behalf of the Bank. The document also addresses the issue of what constitutes a legal quorum for the Board of Directors and discusses the possibility of recess appointments for government officer members. The questions presented for review include the President's authority over the Board, the legal implications of interim directors' actions, and the process for convening the first meeting of the Board of Directors.

April 30, 1981