118 STAT. 2964 PUBLIC LAW 108–447—DEC. 8, 2004 ‘‘(A) the Governors of States in the service area; ‘‘(B) individual citizens; ‘‘(C) business, industrial, labor, electric power distribu tion, environmental, civic, and service organizations; and ‘‘(D) the congressional delegations of the States in the service area; and ‘‘(2) seek qualified members from among persons who reflect the diversity, including the geographical diversity, and needs of the service area of the Corporation. ‘‘(d) TERMS.— ‘‘(1) IN GENERAL.—A member of the Board shall serve a term of 5 years. A member of the Board whose term has expired may continue to serve after the member’s term has expired until the date on which a successor takes office, except that the member shall not serve beyond the end of the session of Congress in which the term of the member expires. ‘‘(2) VACANCIES.—A member appointed to fill a vacancy on the Board occurring before the expiration of the term for which the predecessor of the member was appointed shall be appointed for the remainder of that term. ‘‘(e) QUORUM.— ‘‘(1) IN GENERAL.—Five of the members of the Board shall constitute a quorum for the transaction of business. ‘‘(2) VACANCIES.—A vacancy on the Board shall not impair the power of the Board to act. ‘‘(f) COMPENSATION.— ‘‘(1) IN GENERAL.—A member of the Board shall be entitled to receive— ‘‘(A) a stipend of— ‘‘(i) $45,000 per year; or ‘‘(ii)(I) in the case of the chairman of any committee of the Board created by the Board, $46,000 per year; or ‘‘(II) in the case of the chairman of the Board, $50,000 per year; and ‘‘(B) travel expenses, including per diem in lieu of subsistence, in the same manner as persons employed inter mittently in Government service under section 5703 of title 5, United States Code. ‘‘(2) ADJUSTMENTS IN STIPENDS.—The amount of the stipend under paragraph (1)(A)(i) shall be adjusted by the same percent age, at the same time and manner, and subject to the same limitations as are applicable to adjustments under section 5318 of title 5, United States Code. ‘‘(g) DUTIES.— ‘‘(1) IN GENERAL.—The Board shall— ‘‘(A) establish the broad goals, objectives, and policies of the Corporation that are appropriate to carry out this Act; ‘‘(B) develop long range plans to guide the Corporation in achieving the goals, objectives, and policies of the Cor poration and provide assistance to the chief executive officer to achieve those goals, objectives, and policies; ‘‘(C) ensure that those goals, objectives, and policies are achieved; ‘‘(D) approve an annual budget for the Corporation;
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