; and (2) the President shall appoint 5 members to the Bilateral Negotiating Commission. (c) Initial meeting (1) In general Not later than 90 days after the date on which the members of the Bilateral Negotiating Commission are appointed under subsection (b), the Bilateral Negotiating Commission shall hold a meeting at such time and such place as the members of the Bilateral Negotiating Commission determine to be appropriate. (2) Establishment The initial meeting under paragraph (1) shall be considered to be the establishment of the Bilateral Negotiating Commission. (d) Duties The Bilateral Negotiating Commission shall— (1) (A) examine, discuss, and negotiate improvements to the Commonwealth-Estado Libre Asociado status; (B) draft a compact agreement that would replace the Act of July 3, 1950 (commonly known as the Puerto Rico Federal Relations Act of 1950 ) (64 Stat. 319, chapter 446), within the general framework of the Commonwealth-Estado Libre Asociado status; and (C) propose the draft compact agreement to eligible voters in a ratification vote in accordance with section 502(a)(1); (2) to the maximum extent practicable, complete the work of the Bilateral Negotiating Commission not later than 2 years after the date of the initial meeting of the Bilateral Negotiating Commission. (e) Collaboration The Commonwealth government and Federal agencies shall collaborate with the Bilateral Negotiating Commission in carrying out the duties of the Bilateral Negotiating Commission under this title. 502. Approval; effective date (a) Approval A compact agreement between the Federal Government and the Commonwealth government proposed by the Bilateral Negotiating Commission under section 501 shall take effect on the date of approval of the proposed compact agreement— (1) in a ratification vote by eligible voters in a special election that is held— (A) not later than 180 days after the date on which the Bilateral Negotiating Commission releases the proposed compact agreement