PUBLIC LAW 98-525—OCT. 19, 1984
98 STAT. 2655
(e)(1) Members of the Board appointed under subsection (b)(5) shall be appointed to four year terms, except that— (A) the term of six of the members initially appointed shall be two years, as designated by the President at the time of their nomination; (B) a member may continue to serve until his or her successor is appointed; and (C) a member appointed to replace a member whose term has not expired shall be appointed to serve the remainder of that term. (2) The terms of the members of the Board initially appointed under subsection (b)(5) shall begin on January 20, 1985, and subsequent terms shall begin upon the expiration of the preceding term, regardless of when a member is app<)inted to fill that term. (3) The President may not nominate an individual for appoint- President of U.S. ment to the Board under subsection (b)(5) prior to January 20, 1985, but shall submit the names of eleven nominees for initial Board membership under subsection (b)(5) not later than ninety days after that date. If the Senate rejects such a nomination or if such a nomination is withdrawn, the President shall submit the name of a new nominee within fifteen days. (4) An individual appointed as a member of the Board under subsection (b)(5) may not be appointed to more than two terms on the Board. (1) A member of the Board appointed under subsection (b)(5) may be removed by the President— (1) in consultation with the Board, for conviction of a felony, malfeasance in office, persistent neglect of duties, or inability to discharge duties; (2) upon the recommendation of eight voting members of the Board; or (3) upon the recommendation of a majority of the members of the Committee on Foreign Affairs and the Committee on Education and Labor of the House of Representatives and a majority of the members of the Committee on Foreign Relations and the Committee on Labor and Human Resources of the Senate. A recommendation made in accordance with paragraph (2) may be made only pursuant to action taken at a meeting of the Board, which may be closed pursuant to the procedures of subsection (h)(3). Only members who are present may vote. A record of the vote shall Record, be maintained. The President shall be informed immediately by the Board of the recommendation. (g) No member of the Board may participate in any decision, action, or recommendation with respect to any matter which directly and financially benefits the member or pertains specifically to any public body or any private or nonprofit firm or organization with which the member is then formally associated or has been formally associated within a period of two years, except that this subsection shall not be construed to prohibit an ex officio member of the Board from participation in actions of the Board which pertain specifically to the public body of which that member is an officer, (h) Meetings of the Board shall be conducted as follows: (1) The President shall stipulate by name the nominee who President of U.S. shall be the first Chairman of the Board. The first Chairman shall serve for a term of three years. Thereafter, the Board shall elect a Chairman every three years from among the directors
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