; and (2) low administrative costs. (b) Asset managers The Board shall select asset managers to manage the Fund, subject to the following conditions: (1) The Board shall select a number of asset managers necessary to ensure that no asset manager shall be responsible for managing the greater of— (A) $500,000,000,000; or (B) 10 percent of the Fund’s assets. (2) The Board shall limit any contract with an asset manager to a maximum of 5 years. 205. Administrative provisions (a) Board meetings The Board shall meet— (1) not less than once during each month; and (2) at additional times at the call of the Chair. (b) Board governance (1) In general Except as provided in section 201(g)(1)(C), the Board shall perform the functions and exercise the powers of the Board on a majority vote of a quorum of the Board. (2) Quorum 3 members of the Board shall constitute a quorum for the transaction of business. (3) Effect of vacancy A vacancy on the Board shall not impair the authority of a quorum of the Board to perform the functions and exercise the power of the Board. (c) Board compensation (1) In general Each member of the Board shall be compensated at the daily rate of basic pay for level IV of the Executive Schedule for each day during which such member is engaged in performing a function of the Board. (2) Per diem, etc A member of the Board shall be paid travel, per diem, and other necessary expenses while traveling away from such member’s home or regular place of business in the performance of the duties of the Board. (3) Payment from fund Payments authorized under this subsection shall be paid from the Fund as administrative expenses permitted under section 101(e). 206. Fiduciary responsibilities