Board of Directors

The powers of the Institute shall be vested in a Board of Directors unless otherwise specified in this chapter. The Board shall consist of fifteen voting members as follows: Not more than eight voting members of the Board (including members described in paragraphs (1) through (4) of subsection (b)) may be members of the same political party. Members of the Board appointed under subsection (b)(4) shall be appointed to four year terms, except that— A member of the Board appointed under subsection (b)(4) may be removed by the President— No member of the Board may participate in any decision, action, or recommendation with respect to any matter which directly and financially benefits the member or pertains specifically to any public body or any private or nonprofit firm or organization with which the member is then formally associated or has been formally associated within a period of two years, except that this subsection shall not be construed to prohibit an ex officio member of the Board from participation in actions of the Board which pertain specifically to the public body of which that member is an officer. Meetings of the Board shall be conducted as follows: A director appointed by the President under subsection (b)(4) shall be entitled to receive the daily equivalent of the annual rate of basic pay in effect for grade GS–18 of the General Schedule under section 5332 of title 5 for each day during which the director is engaged in the performance of duties as a member of the Board. While away from his home or regular place of business in the performance of duties for the Institute, a director shall be allowed travel expenses, including a per diem in lieu of subsistence, not to exceed the expenses allowed persons employed intermittently in Government service under section 5703(b) 11 See References in Text note below. of title 5.