The following statements are true of the terms for members of the Board of Governors:
- Their terms last for 14 years.
- One member is replaced every 2 years.
The statement that "All members are replaced simultaneously" is false; the terms are staggered so that one member is replaced every two years. The statement "Board officers cannot be re-elected" is not accurate, as board officers can be re-elected to their positions upon the expiration of their term.