Page:United States Statutes at Large Volume 94 Part 1.djvu/687

 PUBLIC LAW 96-294—JUNE 30, 1980

94 STAT. 637

shall serve for a term of five years, one shall serve for a term of four years, one shall serve for a term of three years, one shall serve for a term of two years, and one shall serve for a term of one year, (2) Upon expiration of the initial term of each initial Director, each Director appointed thereafter shall serve for a term of seven years. Whenever a vacancy shall occur on the Board of Directors, the President shall appoint, by and with the advice and consent of the Senate, an individual to fill such vacancy for the remainder of the applicable term. Upon the expiration of a term, a Director may continue to serve for a maximum of one year or until a successor shall have been appointed and shall have taken office, whichever occurs first. (8) Any Director may be removed from office by the President only Removal. for neglect of duty, or malfeasance in office. (c) The President shall designate, at the time of appointment of a Director, whether such Director, other than the Chairman, will serve in either a full-time or part-time capacity. Directors serving in a parttime capacity may not hold any full-time salaried position in the Federal Government or in any State or local government. Directors serving in a full-time capacity shall hold no other salaried position. (d) Before assuming office, each Director shall take an oath faith- Oath, fully to discharge the duties thereof. All Directors shall be citizens of the United States. (e) The Board of Directors shall meet at any time pursuant to the call of the Chairman and as may be provided by the bylaws of the Corporation, but not less than quarterly. A majority of the Board of Directors shall constitute a quorum, and any action by the Board of Directors shall be effected by majority vote of all members of the Board of Directors. The Board of Directors shall adopt, and may from time to time amend, such bylaws as are necessary for the proper management and functioning of the Corporation. (f)(1) All meetings of the Board of Directors held to conduct official Open meetings. business of the Corporation shall be open to public observation, and shall be preceded by reasonable public notice. Pursuant to such Exceptions. bylaws as it may establish, the Board of Directors may close a meeting if the meeting is likely to disclose— (A) information which is likely to adversely sdfect financial or securities markets or institutions; (B) information the premature disclosure of which would be likely to— (i) lead to speculation in securities, commodities, minerals, or land; or (ii) impede— (I) the ability of the Corporation to establish procurement or synthetic fuel project selection criteria; or (II) its ability to negotiate a contract for financial assistance; or (C) matters or information exempted from public disclosure pursuant to paragraph (1), (2), (4), (5), or (6) of subsection (c) of section 552b, title 5 of the United States Code. (2) The determination to close any meeting of the Board of Directors for any of the purposes specified in subparagraphs (A) through (C) of paragraph (1) shall be made in a meeting of the Board of Directors open to public observation preceded by reasonable notice. The Board of Directors shall prepare minutes of any meeting which is closed to the public and such minutes shall be made promptly available to the public, except for those portions thereof which, in the

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