112 STAT. 1400 PUBLIC LAW 105-225—AUG. 12, 1998 (3) The terms of office of the voting members are 6 years (except for the initial members). The terms shall be staggered so that the terms of 3 members expire every 2 years. (4) A vacancy on the board shall be filled within 60 days in the manner in which the original appointment was made. (c) CHAIRMAN.— The Chairman shall be elected by the board from its voting members for a 2-year term. (d) QUORUM.—A majority of the current membership of the board is a quorum. (e) MEETINGS. —The board shall meet at the call of the chairman at least once a year. If a member of the board misses 3 consecutive meetings, that member may be removed from the board and that vacancy may be filled as provided in subsection (b)(4) of this section. (f) STATUS AND COMPENSATION. —Members of the board— (1) are not officers or employees of the United States Government; and (2) serve without compensation. (g) LIABILITY OF DIRECTORS. —Members of the board are not personally liable, except for gross negligence. § 151304. Officers and employees (a) APPOINTMENT. — The board of directors may appoint not more than 2 officers or employees, but only after the corporation has sufficient funds to pay for their services. (b) STATUS AND COMPENSATION. —Officers and employees of the corporation— (1) are not employees of the United States Government; (2) shall be appointed without regard to the provisions of title 5 governing appointments in the competitive service; and (3) may be paid without regard to chapter 51 and subchapter III of chapter 53 of title 5, except that an officer or employee may not be paid more than the annual rate of basic pay for level GS-15 of the General Schedule under section 5107 of title 5. § 151305. Powers (a) GENERAL.— The corporation may— (1) adopt a constitution and bylaws; (2) adopt a seal which shall be judicially noticed; and (3) do any other act necessary to carry out this chapter. (b) POWERS AS TRUSTEE. —To carry out its purposes, the corporation has the usual powers of a corporation acting as a trustee in the State of Maryland, including the power— (1) to accept, receive, solicit, hold, administer, and use any gift, devise, or bequest, either absolutely or in trust, of property or any income from or other interest in the property; (2) unless otherwise required by the instrument of transfer, to sell, donate, lease, invest, or otherwise dispose of any property or income from the property; (3) to make contracts and other arrangements with public agencies and private organizations and persons and to make payments necessary to carry out its functions; (4) to sue and be sued; and (5) to do any other act necessary and proper to carry out the purposes of the corporation.
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