Page:United States Statutes at Large Volume 110 Part 1.djvu/179

 PUBLIC LAW 104-104—FEB. 8, 1996 110 STAT. 155 " (2) TERMS OF APPOINTED AND ELECTED MEMBERS.—The directors shall be eligible to serve for terms of 5 years, except of the initial members, as designated at the time of their appointment— "(A) 1 shall be eligible to service for a term of 1 year; "(B) 1 shall be eligible to service for a term of 2 years; "(C) 1 shall be eligible to service for a term of 3 years; "(D) 2 shall be eligible to service for a term of 4 years; and "(E) 2 shall be eligible to service for a term of 5 years (1 of whom shall be the Chairman). Directors may continue to serve until their successors have been appointed and have qualified. "(3) MEETINGS AND FUNCTIONS OF THE BOARD.— The Board of Directors shall meet at the call of its Chairman, but at least quarterly. The Board shall determine the general policies which shall govern the operations of the Fund. The Chairman of the Board shall, with the approval of the Board, select, appoint, and compensate qualified persons to fill the offices as may be provided for in the bylaws, with such functions, powers, and duties as may be prescribed by the bylaws or by the Board of Directors, and such persons shall be the officers of the Fund and shall discharge all such functions, powers, and duties. "(d) ACCOUNTS OF THE FUND. —The Fund shall maintain its accounts at a financial institution designated for purposes of this section by the Chairman of the Board (after consultation with the Commission and the Secretary of the Treasury). The accounts of the Fund shall consist of— "(1) interest transferred pursuant to section 309(j)(8)(C) of this Act; "(2) such sums as may be appropriated to the Commission for advances to the Fund; "(3) any contributions or donations to the Fund that are accepted by the Fund; and "(4) any repayment of, or other payment made with respect to, loans, equity, or other extensions of credit made from the Fund. "(e) USE OF THE FUND. — All moneys deposited into the accounts of the Fund shall be used solely for— "(1) the making of loans, investments, or other extensions of credits to eligible small businesses in accordance with subsection (f); "(2) the provision of financial advice to eligible small businesses; "(3) expenses for the administration and management of the Fund (including salaries, expenses, and the rental or purchase of office space for the fund); "(4) preparation of research, studies, or financial analyses; and "(5) other services consistent with the purposes of this section. "(f) LENDING AND CREDIT OPERATIONS. —Loans or other extensions of credit from the Fund shall be made available in accordance

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