; and (bb) for a term of either 3 or 4 years. (ii) Vacancies (I) In general Any vacancy in the membership of the appointed members of the Board— (aa) shall be filled in accordance with the bylaws of the Foundation established under subsection (d)(1)(B); and (bb) shall not affect the power of the remaining appointed members to execute the duties of the Board. (II) Filling unexpired term An individual appointed to fill a vacancy shall be appointed for the unexpired term of the member replaced. (III) Service until vacancy filled An appointed member of the Board may continue to serve on the Board after the expiration of the term of the member until a successor is appointed. (2) Chair (A) Initial chair The initial Chair of the Board shall be an initial ex-officio member elected by the initial ex-officio members of the Board for a 3-year term that shall expire on the appointment of the next Chair. (B) Chair after members are appointed On the termination of the term of service of the initial Chair under subparagraph (A), the appointed members of the Board shall elect an appointed member of the Board to serve as the Chair, who shall serve as the Chair for the entire remaining term of service of that member. (3) Compensation (A) In general Members of the Board may not receive compensation for service on the Board. (B) Certain expenses In accordance with the bylaws of the Foundation, members of the Board may be reimbursed for travel expenses, including per diem in lieu of subsistence, and other necessary expenses incurred in carrying out the duties of the Board. (d) Meetings and quorum (1) Meetings Not later than 180 days after the establishment of the appointed Board, the initial appointed members of the Board shall— (A) serve as incorporators; and (B) take such actions as are necessary— (i) to incorporate the Foundation; (ii) to establish the bylaws of the Foundation; (iii) to establish the general policies of the Foundation for carrying out the purpose described in subsection (b)(1)