Page:United States Statutes at Large Volume 84 Part 2.djvu/309

 84 STAT. ]

PUBLIC LAW 91-598-DEC. 30, 1970

that no two persons appointed under the authority of the same clause of paragraph (2)(C) shall have terms which expire simultaneously. (C) A vacancy in the Board shall be filled in the same manner as the original appointment was made. Any director appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed only for the remainder of such term. A director may serve after the expiration of his term until his successor has taken office. (5) COMPENSATION, ETC.—All matters relating to compensation of directors and the determination of dollar volume of trading on exchanges shall be as provided in the bylaws of S I P C. (d) MEETINGS OF BOARD.—The Board of Directors shall meet at the call of its Chairman, or as otherwise provided by the bylaws of S I P C. (e) BYLAWS.—

(1) As soon as practicable but not later than forty-five days after the date of enactment of this Act, the Board of Directors shall adopt initial bylaws and rules relating to the conduct of the business of S I P C and the exercise of the rights and powers granted to it by this Act, and shall file a copy thereof with the Commission. Thereafter, the Board of Directors may alter, supplement, or repeal any existing bylaw or rule and may ardopt additional bylaws and rules, and in each such case shall file a copy thereof with the Commission. (2) Each such initial bylaw or rule, alteration, supplement, or repeal, and additional bylaw or rule shall take effect upon the thirtieth day (or such later date as S I P C may designate) after the filing of the copy thereof with the Commission or upon such earlier date as the Commission may determine, unless the Commission shall, by notice to S I P C setting forth the reasons therefor, disapprove the same, in whole or in part, as being contrary' to the public interest or contrary to the purposes of this Act. (3) The Commission may, by such rules or regulations as it determines to be necessary or appropriate in the public interest
 * .» or to effectuate the purposes of this Act, require the adoption,
 * ^j'; amendment,- alteration of, supplement to or rescission of any

• bylaw or rule by S I P C, whenever adopted. (f)

OTHER MEMBERS.—

(1) Any person who is a broker, dealer, or member of a national securities exchange and who is excluded from membership in S I P C under subsection (a) may become a member of S I P C under such conditions and upon such terms as S I P C shall require. (2) Notwithstanding anything contained in subsections (c) and (d) of section 4, any person who becomes a member of the corporation under this subsection shall be subject to such assessments as S I P C determines to be equitable. SEC. 4. SIPC FUND. (a)

IN GENERAL.— (1) ESTABLISHMENT OF FUND.—SIPC

shall establish a " S I P C F u n d " (hereinafter in this Act referred to as the "fund"). All amounts received by S I P C (other than amounts paid directly to any lender pursuant to any pledge securing a borrowing by S I P C) shall be deposited in the fund, and all expenditures made by S I P C shall be made out of the fund. (2) BALANCE OF THE FUND.—The balance of the fund at any time shall consist of the aggregate at such time of the followingitems:

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