116 STAT. 752 PUBLIC LAW 107-204-^ULY 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) VACANCIES. —^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) TERM OF SERVICE. — (A) IN 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 vacsmcy occurring before the expiration of the term for which the predecessor was appointed shall be appointed only for the remainder of that term. (B) TERM 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) REMOVAL 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) POWERS OF THE BOARD.— 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 otherwise 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 determine 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, supervisory, 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 Contracts. (6) to enter into contracts, execute instruments, incur liabilities, 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.
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