Page:United States Statutes at Large Volume 95.djvu/700

 95 STAT. 674

PUBLIC LAW 97-35—AUG. 13, 1981 "(d) BOARD OF DIRECTORS.—(1) The Board of Directors of the

Association shall consist of five individuals, as follows: "(A) The Chairman, who shall be the individual serving as Chairman on the effective date of this subsection, until the expiration of his term of office or his resignation, or his replacement, who shall be selected by the outgoing Chairman and the other members of the Board. "(B) The Secretary of Transportation. "(C) The Comptroller General of the United States. "(D) The Chairman of the Commission. "(E) The Chairman of the Board of Directors of the Corporation. "(2) The Chairman may not have any employment or other direct financial relationship with any railroad. The Chairman shall receive $300 per diem when engaged in the actual performance of his duties plus reimbursement for travel, subsistence, and other necessary expenses incurred in the performance of such duties. (e) TERM OF OFFICE.—The term of office of the Chairman of the Board of Directors of the Association shall expire on December 31, 1983. The Chairman may be reappointed and the term of the Chairman shall be 3 years. "(f) QUORUM.—Three members of the Board of Directors, or their representatives, shall constitute a quorum for the transaction of any function of the Association. "(g) The Board of Directors shall, on the effective date of this subsection, assume the functions previously performed by the Finance Committee. "(h) The members of the Board of Directors may send representatives to meetings of such Board, and such representatives may exercise full powers of the members.". FUNCTIONS OF U S R A

45 USC 726. Ante, p. 653.

SEC. 1148. (a) Section 202 of the Regional Rail Reorganization Act of 1973 (45 U.S.C. 712) is amended— (1) by striking out subsections (a) and (b) and inserting in lieu thereof the following new subsection: "(a) GENERAL.—The Association is authorized to— "(1) monitor the financial performance of the Corporation; "(2) review whether the goals and requirements of this Act are met; "(3) purchase or otherwise acquire or receive, and hold and dispose of securities (whether debt or equity) of the Corporation under sections 216 and 217 of this Act and exercise all of the rights, privileges, and powers of a holder of any such securities; "(4) purchase accounts receivable of the Corporation in accordance with section 217 of this Act; and "(5) appoint and fix the compensation of such personnel as the Association considers necessary and appropriate."; and (2) by redesignating subsections (c) through (j) as subsections (b) through (i), respectively. (b) The section heading of section 202 of the Regional Rail Reorganization Act of 1973 is amended by striking out "GENERAL POWERS AND DUTIES" and inserting in lieu thereof "FUNCTIONS". (c) The item relating to section 202 in the table of contents of the Regional Rail Reorganization Act of 1973 is amended to read as follows: "Sec. 202. Functions of the Association.".

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