PUBLIC LAW 106-474—NOV. 9, 2000 114 STAT. 2093 " § 152404. Officers and employees "(a) SECRETARY OF THE BOARD.—(1) The Librarian shall appoint a Secretary of the Board to serve as executive director of the corporation. The Librarian may remove the Secretary. "(2) The Secretary shall be knowledgeable and experienced in matters relating to— "(A) sound recording preservation and restoration activities; "(B) financial management; and "(C) fundraising. "(b) APPOINTMENT OF OFFICERS.—Except as provided in subsection (a) of this section, the board of directors appoints, removes, and replaces officers of the corporation. "(c) APPOINTMENT OF EMPLOYEES. — Except as provided in subsection (a) of this section, the Secretary appoints, removes, and replaces employees of the corporation. " (d) STATUS AND COMPENSATION OF EMPLOYEES.— Employees of the corporation (including the Secretary)— "(1) are not employees of the Library of Congress; "(2) shall be appointed and removed 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 employee may not be paid more than the annual rate of basic pay for level 15 of the General Schedule under section 5107 of title 5. "§ 152405. 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 District of Columbia, 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 property; "(2) to acquire property or an interest in property by purchase or exchange; "(3) unless otherwise required by an instrument of transfer, to sell, donate, lease, invest, or otherwise dispose of any property or income from property; "(4) to borrow money and issue instruments of indebtedness; "(5) to make contracts and other arrangements with public agencies and private organizations and persons and to make payments necessary to carry out its functions; "(6) to sue and be sued; and "(7) to do any other act necessary and proper to carry out the purposes of the corporation. "(c) ENCUMBERED OR RESTRICTED GIFTS.— A gift, devise, or bequest may be accepted by the corporation even though it is encumbered, restricted, or subject to beneficial interests of private persons, if any current or future interest is for the benefit of the corporation.