PUBLIC LAW 106-50—AUG. 17, 1999 113 STAT. 237 "(A) IN GENERAL.— Each member of the Board of Directors appointed under paragraph (2) shall serve a term of 6 years, except as provided in subparagraph (B). "(B) TERMS OF INITIAL APPOINTEES.—As designated by the President at the time of appointment, of the members first appointed— "(i) three shall be for a term of 2 years; and "(ii) three shall be for a term of 4 years. "(C) UNEXPIRED TERMS.— Any member of the Board of Directors appointed to fill a vacancy occurring before the expiration of the term for which the member's predecessor was appointed shall be appointed only for the remainder of the term. A member may serve after the expiration of that member's term until a successor has taken office. "(7) VACANCIES. —Any vacancy on the Board of Directors shall be filled in the manner in which the original appointment was made. In the case of a vacancy in the office of the Administrator of the Small Business Administration or the Secretary of Veterans Affairs, and pending the appointment of a successor, an acting appointee for such vacancy may serve as an ex officio member. "(8) INELIGIBILITY FOR OTHER OFFICES.—No voting member of the Board of Directors may be an officer or employee of the United States while serving as a member of the Board of Directors or during the 2-year period preceding such service. "(9) IMPARTIALITY AND NONDISCRIMINATION. — The Board of Directors shall administer the affairs of the Corporation fairly and impartially and without discrimination. "(10) OBLIGATIONS AND EXPENSES.— The Board of Directors shall prescribe the manner in which the obligations of the Corporation may be incurred and in which its expenses shall be allowed and paid. "(11) QUORUM. —F ive voting members of the Board of Directors shall constitute a quorum, but a lesser nmnber may hold hearings. "(d) CORPORATE POWERS.— On October 1, 1999, the Corporation Effective date, shall become a body corporate and as such shall have the authority to do the following: "(1) To adopt and use a corporate seal. "(2) To have succession until dissolved by an Act of Congress. "(3) To make contracts or graints. "(4) To sue and be sued, and to file and defend against lawsuits in State or Federal court. "(5) To appoint, through the actions of its Board of Directors, officers and employees of the Corporation, to define their duties and responsibilities, fix their compensations, and to dismiss at will such officers or employees. "(6) To prescribe, through the actions of its Board of Directors, bylaws not inconsistent with Federal law and the law of the State of incorporation, regulating the manner in which its general business may be conducted and the manner in which the privileges granted to it by law may be exercised. "(7) To exercise, through the actions of its Board of Directors or duly authorized officers, all powers specifically granted
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