Page:United States Statutes at Large Volume 104 Part 5.djvu/662

 104 STAT. 3984 PUBLIC LAW 101-624—NOV. 28, 1990 (8) STATE.— The term "State" means any State to which the Secretary has made this chapter applicable under section 2310(b)(l). 7 USC 2007b. SEC. 2312. RURAL PARTNERSHIPS INVESTMENT BOARD. (a) ESTABLISHMENT. —T here is established a "Rural Partnerships Investment Board" to provide lines of credit to eligible entities to enable such entities to establish, maintain, or expand revolving funds that are used to make or guarantee loans, or to make capital investments in new or expanding local businesses in conjunction with loans or investments made by depository institutions (as defined in section 3(c)(l) of the Federal Deposit Insurance Act (12 U.S.C. 1813(c)(l)), State owned banks whose deposits are backed by the full faith and credit of the State, or community development credit unions chartered by the National Credit Union Administration under the Federal Credit Union Act (12 U.S.C. 1751 et seq.). (b) BOARD OF DIRECTORS. — (1) IN GENERAL.—The Board of Directors of the Investment Board shall consist of— (A) the Administrator of the Rural Electrification Administration; (B) the Administrator of the Rural Development Administration; (C) the Administrator of the Extension Service of the Department of Agriculture; and (D) two members who shall be— (i) experienced in rural development and related matters; (ii) appointed by the President with the advice and consent of the Senate; and (iii) from different political parties. (2) CHAIRPERSON.—The Chairperson of the Board shall be the Administrator of the Rural Development Administration. (3) VACANCIES.— Vacancies on the Board shall be filled in the same manner as the vacant position was previously filled. (4) CHIEF EXECUTIVE OFFICER. — A chief executive officer shall be selected by the Board and shall serve at the pleasure of the Board. (5) QUORUM.—A quorum shall consist of three members of the Board. All decisions made by the Board shall require an affirmative vote of a majority of the members. (6) COMPENSATION. —Members of the Board— (A) specified under subparagraphs (A), (B), and (C) of paragraph (1) shall receive reasonable allowances for necessary expenses of 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; and (B) appointed under subparagraph (D) of paragraph (1) shall receive compensation for the time devoted to meetings and other activities at a daily rate not to exceed the daily rate of compensation prescribed for level III of the Executive Schedule under section 5314 of title 5, United States Code, and reasonable allowances for necessary expenses of

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