; redemption (1) Voucher Each voucher disbursed by the Commission under this section shall have a value in dollars, redeemable upon presentation to the Commission, together with such documentation and other information as the Commission may require, for the purchase of broadcast airtime for political advertisements in accordance with this section. (2) Acceptance A broadcasting station shall accept vouchers in payment for the purchase of broadcast airtime for political advertisements in accordance with this section. (3) Redemption The Commission shall redeem vouchers accepted by broadcasting stations under paragraph (2) upon presentation, subject to such documentation, verification, accounting, and application requirements as the Commission may impose to ensure the accuracy and integrity of the voucher redemption system. (4) Expiration (A) Candidates A voucher may only be used to pay for broadcast airtime for political advertisements to be broadcast before midnight on the day before the date of the Federal election in connection with which it was issued and shall be null and void for any other use or purpose. (B) Exception for political party committees A voucher held by a political party committee may be used to pay for broadcast airtime for political advertisements to be broadcast before midnight on December 31st of the odd-numbered year following the year in which the voucher was issued by the Commission. (5) Voucher as expenditure under FECA The use of a voucher to purchase broadcast airtime constitutes an expenditure as defined in section 301(9)(A). (f) Definitions In this section: (1) Broadcasting station The term broadcasting station has the meaning given that term by section 315(f)(1) of the Communications Act of 1934. (2) Political party The term political party means a major party or a minor party as defined in section 9002 (3) or (4) of the Internal Revenue Code of 1986 ( 26 U.S.C. 9002 (3) or (4)). D Administrative provisions 531. Fair Elections Oversight Board (a) Establishment There is established