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【正文】 uant to the laws of 1 or more States, provided that, if 1 of those 2 members is the chairperson, he or she may not have been a practicing certified public accountant for at least 5 years prior to his or her appointment to the Board. (3) FULLTIME INDEPENDENT SERVICE.—Each member of the Board shall serve on a fulltime basis, and may not, concurrent with service on the Board, be employed by any other person or engage in any other professional or business activity. No member of the Board may share in any of the profits of, or receive payments from, a public accounting firm (or any other person, as determined by rule of the Commission), other than fixed continuing payments, subject to such conditions as the Commission may impose, under standard arrangements for the retirement of members of public accounting firms. (4) APPOINTMENT OF BOARD MEMBERS.— (A) INITIAL BOARD.—Not later than 90 days after the Deadline. date of enactment of this Act, the Commission, after consultation with the Chairman of the Board of Governors 116 STAT. 752 PUBLIC LAW 107–204—JULY 30, 2020 of the Federal Reserve System and the Secretary of the Treasury, shall appoint the chairperson and other initial members of the Board, and shall designate a term of service for each. (B) VACANCIES.—A vacancy on the Board shall not affect the powers of the Board, but shall be filled in the same manner as provided for appointments under this section. (5) TERM OF SERVICE.— (A) IN GENERAL.—The term of service of each Board member shall be 5 years, and until a successor is appointed, except that— (i) the terms of office of the initial Board members (other than the chairperson) shall expire in annual increments, 1 on each of the first 4 anniversaries of the initial date of appointment。 and (ii) any Board member appointed to fill a vacancy occurring before the expiration of the term for which the predecessor was appointed shall be appointed only for the remainder of that term. (B) TERM LIMITATION.—No person may serve as a member of the Board, or as chairperson of the Board, for more than 2 terms, whether or not such terms of service are consecutive. (6) REMOVAL FROM OFFICE.—A member of the Board may be removed by the Commission from office, in accordance with section 107(d)(3), for good cause shown before the expiration of the term of that member. (f) POWERS OF THE BOARD.—In addition to any authority granted to the Board otherwise in this Act, the Board shall have the power, subject to section 107— (1) to sue and be sued, plain and defend, in its corporate name and through its own counsel, with the approval of the Commission, in any Federal, State, or other court。 (2) to conduct its operations and maintain offices, and to exercise all other rights and powers authorized by this Act, in any State, without regard to any qualification, licensing, or other provision of law in effect in such State (or a political subdivision thereof)。 (3) to lease, purchase, accept gifts or donations of or otherwise acquire, improve, use, sell, exchange, or convey, all of or an interest in any property, wherever situated。 (4) to appoint such employees, accountants, attorneys, and other agents as may be necessary or appropriate, and to determine their qualifications, define their duties, and fix their salaries or other pensation (at a level that is parable to private sector selfregulatory, accounting, technical, supervisory, or other staff or management positions)。 (5) to allocate, assess, and collect accounting support fees established pursuant to section 109, for the Board, and other fees and charges imposed under this title。 and Contracts. (6) to enter into contracts, execute instruments, incur liabilities, and do any and all other acts and things necessary, appropriate, or incidental to the conduct of its operations and the exercise of its obligations, rights, and powers imposed or granted by this title. PUBLIC LAW 107–204—JULY 30, 2020 116 STAT. 753 (g) RULES OF THE BOARD.—The rules of the Board shall, subject to the approval of the Commission— (1) provide for the operation and administration of the Board, the exercise of its authority, and the performance of its responsibilities under this Act。 (2) permit, as the Board determines necessary or appro priate, delegation by the Board of any of its functions to an individual member or employee of the Board, or to a division of the Board, including functions with respect to hearing, deter mining, ordering, certifying, reporting, or otherwise acting as to any matter, except that— (A) the Board shall retain a discretionary right to review any action pursuant to any such delegated function, upon its own motion。 (B) a person shall be entitled to a review by the Board with respect to any matter so delegated, and the decision of the Board upon such review shall be deemed to be the action of the