; and (B) may be reelected to serve an additional term, subject to the condition that the Chairperson may serve for not more than 2 consecutive terms. (d) Terms (1) In general The term of the members of the Board shall be 6 years, except that the agency heads shall designate staggered terms for the members initially appointed to the Board. (2) Reappointment A member of the Board may be reappointed to serve an additional term, subject to the condition that the member may serve for not more than 2 consecutive terms. (e) Vacancy A vacancy on the Board shall be filled— (1) by not later than 90 days after the date on which the vacancy occurs; and (2) in the manner in which the original appointment was made. (f) Transitions Any member of the Board may continue to serve after the expiration of the term for which the member was appointed or elected until a qualified successor has been appointed or elected. (g) Meetings and quorum (1) Meetings (A) In general The Board shall meet— (i) not less frequently than once each calendar year; and (ii) (I) at the call of— (aa) the Chairperson; or (bb) 3 or more members; or (II) as otherwise provided in the bylaws of the Corporation. (B) Initial meeting Not later than 150 days after the date of enactment of this chapter, the Board shall hold an initial meeting of the Board. (2) Quorum A quorum of the Board, consisting of a majority of the members of the Board, shall be required to conduct any business of the Board. (3) Approval of Board actions Except as otherwise provided, the threshold for approving Board actions shall be as set forth in the bylaws of the Corporation. (h) Reimbursement of expenses (1) In general A voting member of the Board— (A) shall serve without pay