116 STAT. 752 PUBLIC LAW 107–204—JULY 30, 2002
of the Federal Reserve System and the Secretary of the
Treasury, shall appoint the chairperson and other initial
members of the Board, and shall designate a term of service
for each.
(B) V
ACANCIES
.—A vacancy on the Board shall not
affect the powers of the Board, but shall be filled in the
same manner as provided for appointments under this
section.
(5) T
ERM OF SERVICE
.—
(A) I
N GENERAL
.—The term of service of each Board
member shall be 5 years, and until a successor is appointed,
except that—
(i) the terms of office of the initial Board members
(other than the chairperson) shall expire in annual
increments, 1 on each of the first 4 anniversaries of
the initial date of appointment; and
(ii) any Board member appointed to fill a vacancy
occurring before the expiration of the term for which
the predecessor was appointed shall be appointed only
for the remainder of that term.
(B) T
ERM LIMITATION
.—No person may serve as a
member of the Board, or as chairperson of the Board,
for more than 2 terms, whether or not such terms of
service are consecutive.
(6) R
EMOVAL FROM OFFICE
.—A member of the Board may
be removed by the Commission from office, in accordance with
section 107(d)(3), for good cause shown before the expiration
of the term of that member.
(f) P
OWERS OF THE
B
OARD
.—In addition to any authority
granted to the Board otherwise in this Act, the Board shall have
the power, subject to section 107—
(1) to sue and be sued, complain and defend, in its corporate
name and through its own counsel, with the approval of the
Commission, in any Federal, State, or other court;
(2) to conduct its operations and maintain offices, and
to exercise all other rights and powers authorized by this Act,
in any State, without regard to any qualification, licensing,
or other provision of law in effect in such State (or a political
subdivision thereof);
(3) to lease, purchase, accept gifts or donations of or other-
wise acquire, improve, use, sell, exchange, or convey, all of
or an interest in any property, wherever situated;
(4) to appoint such employees, accountants, attorneys, and
other agents as may be necessary or appropriate, and to deter-
mine their qualifications, define their duties, and fix their
salaries or other compensation (at a level that is comparable
to private sector self-regulatory, accounting, technical, super-
visory, or other staff or management positions);
(5) to allocate, assess, and collect accounting support fees
established pursuant to section 109, for the Board, and other
fees and charges imposed under this title; and
(6) to enter into contracts, execute instruments, incur liabil-
ities, and do any and all other acts and things necessary,
appropriate, or incidental to the conduct of its operations and
the exercise of its obligations, rights, and powers imposed or
granted by this title.
Contracts.
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