Page:United States Statutes at Large Volume 99 Part 2.djvu/579

 PUBLIC LAW 99-205—DEC. 23, 1985

99 STAT. 1689

A quorum shall consist of two members of the Board. The Board shall hold at least one meeting each month and such additional meetings at such times and places as it may fix and determine. Such meetings shall be held on the call of the Chairman or any two Board members. The Board shall adopt such rules as it deems appropriate Records. for the transaction of its business and shall keep permanent and accurate records and minutes of its acts and proceedings. "(d) The members of the Board shall devote their full time and attention to the business of the Board. The Chairman of the Board shall receive compensation at the rate prescribed for level III of the Executive Schedule under section 5314 of title 5 of the United States Code. Each of the other members of the Board shall receive compensation at the rate prescribed for level IV of the Executive Schedule under section 5315 of title 5 of the United States Code. Each member of the Board shall be reimbursed for necessary travel, subsistence, and other expenses in the discharge of the member's official duties without regard to other laws with respect to allowance for travel and subsistence of officers and employees of the United States. This subsection shall be subject to the provisions of section 5.11 of this Act. Post, p. 1690. "SEC. 5.9. POWERS OF THE BOARD; CIVIL PROCEEDINGS.—The Board 12 USC 2243. shall manage and administer, and establish policies for, the Farm Credit Administration. It— "(1) shall approve the rules and regulations for the implementation of this Act not inconsistent with its provisions; "(2) shall provide for the examination of the condition of, and general regulation of the performance of the powers, functions, and duties vested in, each institution of the Farm Credit System; "(3) shall provide for the performance of all the powers and duties vested in the Farm Credit Administration; and "(4) may require such reports as it deems necessary from the institutions of the Farm Credit System. "SEC. 5.10. CHAIRMAN; RESPONSIBIUTIES; GOVERNING STAND- 12 USC 2244. ARDS.—(a) The Chairman of the Board shall be the executive officer of the Board and the chief executive officer of the Farm Credit Administration. The Chairman shall be responsible for directing the implementation of the policies and regulations adopted by the Board and the execution of all of the administrative functions and duties of the Farm Credit Administration. The Chairman shall be the spokesman for the Board and the Farm Credit Administration and shall represent the Board and the Farm Credit Administration in their official relations within the Government. Under policies adopted by the Board, the Chairman shall consult on a regular basis with the Secretary of the Treasury in connection with the exercise by the System of the powers conferred under section 4.2 of this Act, with 12 USC 2153. the Board of Governors of the Federal Reserve System in connection with the effect of System lending activities on national monetary policy, and with the Secretary of Agriculture in connection with the effect of System policies on farmers and the agricultural economy. "(b) In carrying out responsibilities under this Act, the Chairman of the Board shall be governed by general policies adopted by the Board and by such regulatory decisions, findings, and determinations as the Board may by law be authorized to make and, as to third persons, all acts of the Chairman of the Board shall be conclusively presumed to be in compliance with such general policies and regulatory decisions, findings, and determinations.

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