; Chairperson (A) Designation; term One of the members of the Board of Directors shall be designated by the President, at the time of appointment, to serve as Chairperson of the Board of Directors and Administrator of the Association for a term of 5 years, unless removed before the end of such term pursuant to subparagraph (C). (B) Advice The Board of Directors shall advise the Administrator regarding overall strategies and policies to carry out the duties and purposes of this Act. (C) Removal The President may remove the Administrator for inefficiency, neglect of duty, or malfeasance in office. (3) Operations (A) Bylaws Within the limitations of law, the Board of Directors shall determine the general policies which shall govern the operations of the Association, and shall have power to adopt, amend and repeal bylaws governing the performance of the powers and duties granted to or imposed upon it by law. (B) Required votes At the first meeting of the Board of Directors, the Board shall determine by majority vote which actions of the Association shall require a majority vote of the Board. (4) Officers The Director shall select and effect the appointment of qualified persons to fill such offices of the Association as may be provided for in the bylaws. Persons appointed under the preceding sentence shall perform such executive functions, powers, and duties as may be prescribed by the bylaws or by the Board of Directors, and such persons shall be executive officers of the Association and shall discharge all such executive functions, powers, and duties. . (2) Compensation (A) Administrator Section 5314 of title 5, United States Code, is amended by adding at the end the following new item: Administrator, Government National Mortgage Association. . (B) Members of Board of Directors Section 5314 of title 5, United States Code, is amended— (i) by striking the item relating to the President of the Government National Mortgage Association, Department of Housing and Urban Development