PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 3985 travel, lodging, and subsistence incurred in attending meetings and other activities of the Investment Board, as set forth in the bylaws issued by the Board of Directors, except that such level shall not exceed the maximum fixed by subchapter 1 of chapter 57 of title 5, United States Code, for officers and employees of the United States. (7) RULES AND RECORDS. — The Board shall adopt such rules and procedures as it may consider appropriate for the transaction of the business of the Investment Board, and shall keep permanent and accurate records and minutes of its acts and proceedings. (c) POWERS OF THE INVESTMENT BOARD.— The Investment Board shall be a body corporate that shall have the power to— (1) operate under the direction of its Board; (2) adopt, alter, and use a corporate seal, which shall be judicially noted; (3) provide for one or more officers, employees, and sigents, as may be necessary, define their duties, and require surety bonds or make other provisions against losses occasioned by acts of such persons; (4) hire, promote, compensate, and discharge officers and employees of the Investment Board, without regard to title 5, United States Code, except that no such officer or employee shall receive an annual rate of basic pay in excess of the rate prescribed for level III of the Executive Schedule under section 5314 of title 5, United States Code; (5) prescribe by its Board its bylaws, that shall be consistent with law, and that shall provide for the manner in which— (A) its officers, employees, and agents are to be selected; (B) its property is to be acquired, held, and transferred; (C) its general operations are to be conducted; and (D) the privileges granted by law are to be exercised and enjoyed; (6) with the consent of any executive department or independent agency, use the information, services, staff, and facilities of such in carrying out this chapter; (7) enter into contracts and make advance, progress, or other payments with respect to such contracts; (8) sue and be sued in its corporate name, and complain and defend in courts of competent jurisdiction; (9) acquire, hold, lease, mortgage, or dispose of, at public or private sale, real and personal property, and otherwise exercise all the usual incidents of ownership of property necessary and convenient to its operations; (10) modify or consent to the modification of any contract or agreement to which it is a party or in which it has an interest under this chapter; (11) make such rules and regulations as the Board determines necessary and appropriate to carry out the authority vested in the Board under this chapter; (12) procure the temporary (not in excess of 2 years) or intermittent services of experts or consultants or organizations thereof, without regard to the civil service and classification laws and without regard to section 5 of title 41, at rates not to exceed the daily equivalent of the highest rate payable under section 5332 of title 5, United States Code, including traveltime, and while such individual is away from the home or regular
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