(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.
(Added Pub. L. 99–335, title I, §101(a), June 6, 1986, 100 Stat. 581; amended Pub. L. 101–509, title V, §529 [title I, §101(b)(9)(K)], Nov. 5, 1990, 104 Stat. 1427, 1442.)
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