88 STAT. ]
PUBLIC LAW 93^06-SEPT. 2, 1974
1005
thereof, and to appoint and fix the compensation of experts and consultants in accordance with the provisions of section 3109 of title 5, United States Code; (7) to utilize the personnel and facilities of any other agency or department of the United States Government, with or without reimbursement, with the consent of the head of such agency or department; and (8) to enter into contracts, to execute instruments, to incur liabilities, and to do any and all other acts and things as may be necessary or incidental to the conduct of its business and the exercise of all other rights and powers granted to the corporation by this Act. (c) Section 5108 of title 5, United States Code, is amended by adding at the end thereof the following new subsection: " (g) In addition to the number of positions authorized by subsection (a), the Pension Benefit Guaranty Corporation is authorized, without regard to any other provision of this section, to place one position in the corporation at GS-18 and a total of 10 positions in the corporation at GS-16 and 17.". (d) The board of directors of the corporation consists of the Secre- Membership. tary of the Treasury, the Secretary of Labor, and the Secretary of Commerce. Member's of the board shall serve without compensation, but shall be reimbursed for travel, subsistence, and other necessary expenses incurred in the performance of their duties as members of the board. The Secretary of Labor is the chairman of the board of directors. (e) The board of directors shall meet at the call of its chairman, or as otherwise provided by the bylaws of the corporation. (f) As soon as practicable, but not later than 180 days after the Bylaws and date of enactment of this Act, the board of directors shall adopt initial '^"^^^• bylaws and rules relating to the conduct of the business of the corporation. Thereafter, the board of directors may alter, supplement, or repeal any existing bylaw or rule, and may adopt additional bylaws and rules from time to time as may be necessary. The chairman of the Publication in board shall cause a copy of the bylaws of the corporation to be pub- ^^'^^'^ Register. lished in the Federal Register not less often than once each year. (g)(1) The corporation, its property, its franchise, capital, reserves. Tax exemption. surplus, and its income (including, but not limited to, any income of any fund established under section 4005), shall be exempt from all taxation now oi- hereafter imposed by any State or local taxing authority, except that any real property and any tangible personal property (other than cash and securities) of the corporation shall be subject to State and local taxation to the same extent according to its value as other real and tangible personal property is taxed. (2) The receipts and disbursements of the corporation in the discharge of its functions shall not be included in the totals of the budget of the United States Government and shall be exempt from any general limitations imposed by statute on budget outlays of the United States. Except as explicitly provided in this title, the United States is not liable for any obligation or liability incurred by the corporation. (3) Section 101 of the Government Corporation Control Act (31 U.S.C. 846) is amended by inserting before the period a semicolon and the following: "and Pension Benefit Guaranty Corporation". (h)(1) There is established an advisory committee to the corpora- Advisory comtion, for the purpose of advising the corporation as to its policies and ""Establishment. procedvrres relating to (A) the appointment of trustees in termination proceedings, (B) investment of moneys, (C) whether plans being terminated should be liquidated immediately or continued in operation under a trustee, and (D) such other issues as the corporation may
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