; (2) 2 shall be appointed who have experience operating small businesses; and (3) 2 shall be appointed who have experience providing investment advice to small businesses and low-income workers. (c) Head of council; terms; vacancies (1) In general The Chair of the Board shall designate 1 member of the Council to serve as head of the Council. (2) Term A member of the Council shall be appointed for a term of 4 years. (3) Vacancies (A) In general A vacancy in the Council shall be filled in the manner in which the original appointment was made and shall be subject to any conditions which applied with respect to the original appointment. (B) Term An individual chosen to fill a vacancy shall be appointed for the unexpired term of the member replaced. (C) Expiration The term of any member shall not expire before the date on which the member’s successor takes office. (d) Majority approval The Council shall act by resolution of a majority of the members. (e) Duties The Council shall— (1) advise the Board and the Executive Director on matters relating to— (A) investment policies for the Fund; and (B) the administration of title I of this Act; and (2) perform such other duties as the Board may direct with respect to investment funds established in accordance with title I. 203. Executive Director (a) In general (1) Appointment The Board shall appoint, without regard to the provisions of law governing appointments in the competitive service, an Executive Director by action agreed to by a majority of the members of the Board. (2) Qualifications The Executive Director shall have substantial experience, training, and expertise in the management of financial investments and pension benefit plans. (b) Duties The Executive Director shall— (1) carry out the policies established by the Board; (2) invest and manage the Fund in accordance with investment policies and other policies established by the Board; (3) administer the provisions of this Act