PUBLIC LAW 104-88 —DEC. 29, 1995 109 STAT. 933 term. When the term of office of a member ends, the member may continue to serve until a successor is appointed and quahfied, but for a period not to exceed one year. The President may remove a member for inefficiency, neglect of duty, or malfeasance in office. "(4) On the effective date of this section, the members of the Interstate Commerce Commission serving unexpired terms on the date of the enactment of the ICC Termination Act of 1995 shall become members of the Board, to serve for a period of time equal to the remainder of the term for which they were originally appointed to the Interstate Commerce Commission. Any member of the Interstate Commerce Commission whose term expires on December 31, 1995, shall become a member of the Board, subject to paragraph (3). "(5) No individual may serve as a member of the Board for more than 2 terms. In the case of an individual who becomes a member of the Board pursuant to paragraph (4), or an individual appointed to fill a vacancy occurring before the expiration of the term for which the predecessor of that individual was appointed, such individual may not be appointed for more than one additional term. "(6) A member of the Board may not have a pecuniary interest in, hold an official relation to, or own stock in or bonds of, a carrier providing transportation by any mode and may not engage in another business, vocation, or employment. "(7) A vacancy in the membership of the Board does not impair the right of the remaining members to exercise all of the powers of the Board. The Board may designate a member to act as Chairman during any period in which there is no Chairman designated by the President. "(c) CHAIRMAN. — (1) There shall be at the head of the Board President. a Chairman, who shall be designated by the President from among the members of the Board. The Chairman shall receive compensation at the rate prescribed for level III of the Executive Schedule under section 5314 of title 5. "(2) Subject to the general policies, decisions, findings, and determinations of the Board, the Chairman shall be responsible for administering the Board. The Chairman may delegate the powers granted under this paragraph to an officer, employee, or office of the Board. The Chairman shall— "(A) appoint and supervise, other than regular and fulltime employees in the immediate offices of another member, the officers and employees of the Board, including attorneys to provide legal aid and service to the Board and its members, and to represent the Board in any case in court; "(B) appoint the heads of offices with the approval of the Board; "(C) distribute Board business among officers and employ- ees and offices of the Board; "(D) prepare requests for appropriations for the Board and submit those requests to the President and Congress with the prior approval of the Board; and "(E) supervise the expenditure of funds allocated by the Board for major programs and purposes. "§ 702. Functions "Except as otherwise provided in the ICC Termination Act of 1995, or the amendments made thereby, the Board shall perform
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