Reading Room Document

Convening the Initial Meeting of Board of Directors of the NationalConsumer Cooperative Bank Before the President Has Appointed All Members

This document discusses the issue of convening the Board of Directors of the National Consumer Cooperative Bank before all members have been appointed. The conclusion reached is that the Board can be convened with a quorum of at least seven directors, even if all the statutory members have not been appointed. The document also addresses the question of whether recess appointments would be appropriate for the two Government members who are not likely to be confirmed prior to the Senate recess. It is recommended that the President is constitutionally authorized to make recess appointments during the recess, but it would be necessary to submit nominations to the Senate before the recess. Additionally, the document provides guidance on the call for the first meeting of the Board of Directors, including the need for a public announcement of the meeting under the Sunshine Act.

July 31, 1979