(a) The Board shall meet—
(1) not less than once during each month; and
(2) at additional times at the call of the Chairman.
(b)
(1) Except as provided in sections 8472(g)(1)(C) and 8474(a)(1) of this title, the Board shall perform the functions and exercise the powers of the Board on a majority vote of a quorum of the Board.
(2) A vacancy on the Board shall not impair the authority of a quorum of the Board to perform the functions and exercise the powers of the Board.
(c) Three members of the Board shall constitute a quorum for the transaction of business.
(d)
(1) Each member of the Board who is not an officer or employee of the Federal Government shall be compensated at the daily rate of basic pay for level IV of the Executive Schedule for each day during which such member is engaged in performing a function of the Board.
(2) A member of the Board shall be paid travel, per diem, and other necessary expenses under subchapter I of chapter 57 of this title while traveling away from such member's home or regular place of business in the performance of the duties of the Board.
(3) Payments authorized under this subsection shall be paid from the Thrift Savings Fund.
(e) The accrued annual leave of any employee who is a member of the Board or the Council shall not be charged for any time used in performing services for the Board or the Council.
References in Text
Level IV of the Executive Schedule, referred to in subsec. (d)(1), is set out in section 5315 of this title.
Amendments
1990—Subsec. (d)(1). Pub. L. 101–509 substituted "level IV of the Executive Schedule" for "grade GS–18 of the General Schedule".
Effective Date of 1990 Amendment
Amendment by Pub. L. 101–509 effective on such date as the President shall determine, but not earlier than 90 days, and not later than 180 days, after Nov. 5, 1990, see section 529 [title III, §305] of Pub. L. 101–509, set out as a note under section 5301 of this title.
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