Page:United States Statutes at Large Volume 93.djvu/903

 PUBLIC LAW 96-122—NOV. 17, 1979

93 STAT. 871

(7) No member of the Board may have any personal interest, direct or indirect (except as a participant in a retirement program), in any transaction involving assets of the Funds established by this title and shall otherwise comply with the standards of conduct applicable to fiduciaries in the District of Columbia, as well as those standards of Post, p. 894. conduct established by part E of this title. (8) Not less than two of the members of the Board appointed by the Mayor under paragraph (1) shall be individuals who have professional work experience in the banking, insurance, or investment industry. (9) Any member of the Board may be removed from the Board by a vote of two-thirds of the members of the Board for a breach of fiduciary responsibility with respect to a Fund or for a violation of section 184. (10) The Board shall elect one member of the Board to be chairman of the Board. The chairman shall be elected for a term of one year, but may be removed from such position by a vote of two-thirds of the members of the Board. (11) The Director of the Office of Budget and Financial Management of the District of Columbia shall be an ex officio member of the Board, but shall not vote, shall not be eligible to be elected chairman of the Board, and shall not be counted for purposes of a quorum. (c) Subject to the availability of appropriations therefor, each member of the Board shall be entitled to receive the hourly equivalent of the annual rate of pay in effect for the highest step of grade GS-15 of the General Schedule under section 5332 of title 5, United States Code, for each hour such member is engaged in the actual 5 USC 5332 note. performance of duties vested in the Board, except that any member of the Board who is a full-time officer or employee of the District of Columbia or the United States shall not be entitled to receive pay under this subsection for performance of duties vested in the Board. (d)(1) The Board shall meet at least once each calendar quarter at a Meetings. regular and specified time. It shall meet at such other times as the chairman or any three members of the Board may prescribe. (2) Any six members shall constitute a quorum for the transaction of the business of the Board. (3) Except as otherwise provided in this title, actions of the Board shall be determined by a majority vote of the members present and voting. (e) The Board shall from time to time promulgate rules and Rules and regulations, adopt resolutions, issue directives for the administration regulations. and transaction of its business and for the control of the Funds established by this title, and perform such other functions as may be necessary to carry out its responsibilities under this title. (fKl) AH administrative expenses incurred by the Board in carrying out this title, including compensation for the members of the Board, shall be paid out of funds appropriated for such purpose. (2) The budget prepared and submitted by the Mayor pursuant to section 442 of the District of Columbia Self-Government and Governmental Reorganization Act shall include recommended expenditures D.C. Code at a reasonable level for the forthcoming fiscal year for the adminis- 47-221. trative expenses of the Board. (3) The Mayor and the Council may establish the amount of funds Allocation of which will be allocated to the Board for administrative expenses, but funds. may not specify the purposes for which such funds may be expended or the amounts which may be expended for the various activities of the Board. (g)(1) The Board shall engage the services of competent investment counsel or counsels who shall be qualified under the Investment

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