PUBLIC LAW 102-486—OCT. 24, 1992 106 STAT. 2927 election of a new Board of Directors under section 1704, whichever comes first. "(2) INITIAL MEMBERS.—Of the members first appointed to the Board— "(A) 1 shall be appointed for a 1-year term; "(B) 1 shall be appointed for a 2-year term; "(C) 1 shall be appointed for a 3-year term; and "(D) 1 shall be appointed for a 4-year term. "(3) REAPPOINTMENT. — Members of the Board may be reappointed by the President, by and with the advice and consent of the Senate. "(e) VACANCIES.—Upon the occurrence of a vacancy on the Board, the President by and with the advice and consent of the Senate shall appoint an individual to fill such vacancy for the remainder of the applicable term. "(f) MEETINGS AND QUORUM. — The Board shall meet at any time pursuant to the call of the Chairman and as provided by the bylaws of the Corporation, but not less than quarterly. Three voting members of the Board shall constitute a quorum. A majority of the Board shall adopt and from time to time may amend bylaws for the operation of the Board. "(g) POWERS. —The Board shall be responsible for general management of the Corporation and shall have the same authority, privileges, and responsibilities as the board of directors of a private corporation incorporated under the District of Columbia Business Corporation Act. "(h) COMPENSATION. —Members of the Board shall serve on a part-time basis and shall receive per diem, when engaged in the actual performance of Corporation duties, plus reimbursement for travel, subsistence, and other necessary expenses incurred in the performance of their duties. " (i) MEMBERSHIP OF SECRETARY OF TREASURY.— The President may appoint the Secretary of the Treasury or his designee to serve as a member of the Board or as a nonvoting, ex officio member of the Board. "( j) CONFLICT OF INTEREST REQUIREMENTS.— NO director, officer, or other management level employee of the Corporation may have a financial interest in any customer, contractor, or competitor of the Corporation or in any business that may be adversely affected by the success of the Corporation. "SEC. 1305. EMPLOYEES OF THE CORPORATION. 42 USC 2297b-4. "(a) APPOINTMENT. — The Board shall appoint such officers and employees as are necessary for the transaction of its business. "(b) COMPENSATION, DUTIES, AND REMOVAL. —The Board shall, without regard to section 5301 of title 5, United States Code, fix the compensation of all officers and employees of the Corporation, define their duties, and provide a system of organization to fix responsibility and promote efficiency. Any officer or employee of the Corporation may be removed in the discretion of the Board. "(c) APPLICABLE CRITERIA. —The Board shall ensure that the personnel function and organization is consistent with the principles of section 2301(b) of title 5, United States Code, relating to merit system principles. Officers and employees shall be appointed, promoted, and assigned on the basis of merit and fitness, and other personnel actions shall be consistent with the principles of fairness and due process but without regard to those provisions of title
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