the direction of a board of directors who shall be elected by the participants in the Corporation. Members of the board shall not be considered, by reason of such membership, to be employees of the Federal Government. (2) Initial board Except as otherwise provided by the Corporation pursuant to section 822(2)— (A) the board shall be composed of 7 members, selected by a majority of the participants in the Corporation through an election (i) that shall take place at the initial organizational meeting of the Corporation held pursuant to subsection (e)(1), and (ii) in which each of the participants shall have 1 vote