; and (B) the term of each member of the board shall be 5 years. (d) Participants A State shall be considered as a participant in the Corporation for purposes of this title only if the State complies with the following requirements: (1) Initial contribution The State has made a payment to the Corporation (or to the Administrator pursuant to subsection (e)(2)) in an amount equal to 1 percent of the aggregate amount of Federal financial assistance provided, during fiscal years 2009 through 2018, to the State (or to or on behalf of persons or property located in the State) for disaster relief relating to a major disaster or emergency declared under this Act, as determined by the Administrator. For purposes of this paragraph, the term Federal financial assistance shall include any grant, payment, subsidy, or loan provided by any agency of the Federal Government, and the amount of assistance provided under a loan shall be considered to be an amount equal to the principal obligation under the loan. (2) Payment of premium charges The State has paid any premium charges assessed for such State pursuant to section 804, in accordance with the requirements established by the Corporation for payment of such charges. For purposes of the organizational meeting under subsection (e)(1), any State that complies with paragraph (1) of this subsection shall be considered as a participant. (e) Initial organization (1) Organizational meeting The Administrator shall call an organizational meeting for the Corporation to be held not later than August 31, 2019, at which the participants shall elect the initial members of the board of directors and shall take such other actions as may be necessary to establish the Corporation in accordance with this title. The Administrator shall notify each State of the meeting and the purposes of the meeting and shall organize and chair the meeting. (2) Collection of initial contributions Before the organization of the Corporation pursuant to paragraph (1), the Administrator shall collect payments under