appointed by the President, at least one of whom shall be veterans. (3) The President shall designate a member of the Board of Directors to serve as Chairperson of the Board. The Board shall select a Vice Chairperson from among its members. (4) (A) A member of the Board of Directors shall serve for a term of five years, except that the members first appointed shall be appointed for staggered terms as the President considers appropriate to ensure that the terms of no more than three members expire in the same year. (B) Any member appointed to fill a vacancy occurring before the expiration of the term for which the member’s predecessor was appointed shall be appointed only for the remainder of that term. A member may serve after the expiration of that member’s term until a successor has taken office. A vacancy on the Board shall not affect its powers, but shall be filled in the same manner in which the original appointment was made. (C) The term of each member may be renewed for an additional term, except that in no case shall any member serve more than two consecutive terms exceeding ten years. (D) During the absence or disability of the Secretary of Veterans Affairs or in the event of a vacancy in the office of Secretary, the Acting Secretary of Veterans Affairs shall serve as the member of the Board of Directors specified in paragraph (2)(A). (d) Duties In carrying out subsection (b), the Corporation shall— (1) transfer personnel and assets of the Department of Veterans Affairs to the Corporation pursuant to subsection (b) of section 2 of the Veterans Empowerment Act