PUBLIC LAW 91-598-DEC. 30, 1970
(5) to lease, purchase, accept gifts or donations of or otherwise acquire, to own, hold, improve, use, or otherwise deal in or with, and to sell, convey, mortgage, pledge, lease, exchange or otherwise dispose of, any property, real, personal or mixed, or any interest therein, wherever situated; (6) subject to the provisions of subsection (c), to elect or appoint such officers, attorneys, employees, and agents as may be required, to determine their qualifications, to define their duties, to fix their salaries, require bonds for them and fix the penalty thereof; (7) to enter into contracts, to execute instruments, to incur liabilities, and to do any and all other acts and things as may be necessary or incidental to the conduct of its business and the exercise of all other rights and powers granted to h>IPC by this Act; and (8) by bylaw, to establish its fiscal year. (c) BOARD or DIRECTORS.—
78 Stat. 56S. 15 USC 78c.
(1) FUNCTIONS.—SIPC shall have a Board of Directors which, subject to the provisions of this Act, shall determine the policies which shall govern the operations of S I P C. (2) NUMBER AND APPOINTMENT.—The Board of Directors shall consist of seven persons as follows: (A) One director shall be appointed by the Secretary of the Treasury from among the officers and employees of the Department of the Treasury. (B) One director shall be appointed by the Federal Reserve Board from among the officers and employees of the Federal Reserve Board. (C) Five directors shall be appointed by the President, by and with the advice and consent of the Senate,, as follows— (i) three such directors shall be selected from among persons who are associated with, and representative of different aspects of, the securities industry, not all of whom shall be from the same geographical area of the United States, and (ii) two such directors shall be selected from the general public from among persons who are not associated with any broker or dealer, within the meaning of paragraph (18) of section 3(a) of the 1934 Act, or similarly associated with a national securities exchange or other securities industry group and who have not had any such association during the two years preceding appointment. (3) CHAIRMAN AND VICE CHAIRMAN.—The President shall designate a Chairman and Vice Chairman from among those directors appointed under paragraph (2)(C) ( i i) of this subsection. (4)
(A) Except as provided in subparagraphs (B) and (C), each director shall be appointed for a term of three years. (B) Of the directors first appointed under paragraph (2) — (i) two shall hold office for a term expiring on December 31, 1971, (ii) two shall hold office for a term expiring on December 31, 1972, and (iii) three shall hold office for a term expiring on December 31, 1973, as designated by the President at the time they take office. Such designation shall be made in a manner which will assure