106 STAT. 806 PUBLIC LAW 102-325-JULY 23, 1992 "(i) APPOINTMENT EXCEPTION FOR CONTINUITY.— "(1) In order to maintain the stability and continuity of the Board, the Board shall have the power to recommend the continuation of members on the Board pursuant to the provisions of this subsection. When the Board makes such a recommendation, the Chairman of the Board shall transmit the recommendation to the President no later than 75 days prior to the expiration of the term of the member. "(2) If the President has not transmitted to the Senate a nomination to fill the position of a member covered by such a recommendation withm 60 days from the date that the member's term emires, the member shall be deemed to have been reappointed for another fuU term to the Board, with all the appropriate rights and responsibilities. (3) This subsection shall not be construed to permit less than 7 members of the Board to be Indians. If an extension of a term under paragraph (2) would result in less than 7 members being Indians, me term of the member covered by paragraph (2) shall be deemed to expire 60 days after the date upon which it would have been deemed to expire without the operation of this subsection, except that the provisions of subsection (b)(4), relating to continuation of service pending replacement, shall continue to apply.". (b) GENERAL POWERS OF BOARD. —Section 1507 of the American In(han, Alaska Native, and Native Hawaiian Culture and Art Development Act (20 U.S.C. 4414) is amended— (1) in subsection (a)— (A) by redesignating paragraphs (3) through (13) as paragrsmhs (4) through (14), respectively; (B) by striking paragraph (2) and inserting the following: "(2) to make agreements and contracts with persons, Indian tribes, and private or governmental entities and to make pay- ments or advance pa5nnents under such agreements or contract without regard to section 3324 of title 31, United States Code; "(3) any other provision of law to the contrary notwithstanding, to enter into joint development ventures with public or private commercial or noncommercial entities for development of facilities to meet the plan required under section 1519, if the ventures are related to and nirther the mission of the Institute;"; and (C) by striking paragraph (13) (as redesignated in subparagraph (A)) and inserting the following: "(13) to use any funds or property received by the Institute to carry out the purpose of this title, including the authority to designate on an annual basis a portion, not to exceed 10 percent, of the funds appropriated pursuant to section 1531 for investment, without regard to any other provision of law regarding investment or disposition of federally appropriated funds, on a short-term basis for the purpose of maximizing yield and liqmdity of such funds; and"; and (2) in subsection (c), by stnking "may be expended" and inserting "shall be expended". (c) STAFF OF INSTITUTE. — Section 1509(b)(2) of the American Indian, Alaska Native, and Native Hawaiian Culture and Art Development Act (20 U.S.C. 4416(b)(2)) is amended to read as follows: ^ "(2) The President of the Institute shall fix the basic compensation for officers and employees of the Institute at rates
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