118 STAT. 537 PUBLIC LAW 108–203—MAR. 2, 2004 trade or business shall be treated as the gross income and deduc tions of the spouse carrying on such trade or business or, if such trade or business is jointly operated, treated as the gross income and deductions of each spouse on the basis of their respective distributive share of the gross income and deductions; and’’. SEC. 426. TECHNICAL AMENDMENTS TO THE RAILROAD RETIREMENT AND SURVIVORS’ IMPROVEMENT ACT OF 2001. (a) QUORUM RULES.—Section 15(j)(7) of the Railroad Retirement Act of 1974 (45 U.S.C. 231n(j)(7)) is amended by striking ‘‘entire Board of Trustees’’ and inserting ‘‘Trustees then holding office’’. (b) POWERS OF THE BOARD OF TRUSTEES.—Section 15(j)(4) of the Railroad Retirement Act of 1974 (45 U.S.C. 231n(j)(4)) is amended to read as follows: ‘‘(4) POWERS OF THE BOARD OF TRUSTEES.—The Board of Trustees shall— ‘‘(A) retain independent advisers to assist it in the formulation and adoption of its investment guidelines; ‘‘(B) invest assets of the Trust in a manner consistent with such investment guidelines, either directly or through the retention of independent investment managers; ‘‘(C) adopt bylaws and other rules to govern its oper ations; ‘‘(D) employ professional staff, and contract with out side advisers, including the Railroad Retirement Board, to provide legal, accounting, investment advisory or management services (compensation for which may be on a fixed contract fee basis or on such other terms as are customary for such services), or other services necessary for the proper administration of the Trust; ‘‘(E) sue and be sued and participate in legal pro ceedings, have and use a seal, conduct business, carry on operations, and exercise its powers within or without the District of Columbia, form, own, or participate in enti ties of any kind, enter into contracts and agreements nec essary to carry out its business purposes, lend money for such purposes, and deal with property as security for the payment of funds so loaned, and possess and exercise any other powers appropriate to carry out the purposes of the Trust; ‘‘(F) pay administrative expenses of the Trust from the assets of the Trust; and ‘‘(G) transfer money to the disbursing agent or as other wise provided in section 7(b)(4), to pay benefits payable under this Act from the assets of the Trust.’’. (c) STATE AND LOCAL TAXES.—Section 15(j)(6) of the Railroad Retirement Act of 1974 (45 U.S.C. 231n(j)(6)) is amended to read as follows: ‘‘(6) STATE AND LOCAL TAXES.—The Trust shall be exempt from any income, sales, use, property, or other similar tax or fee imposed or levied by a State, political subdivision, or local taxing authority. The district courts of the United States shall have original jurisdiction over a civil action brought by the Trust to enforce this subsection and may grant equitable or declaratory relief requested by the Trust.’’. (d) FUNDING.—Section 15(j)(8) of the Railroad Retirement Act of 1974 (45 U.S.C. 231n(j)(8)) is repealed.
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