Sarbanes-oxley act of 2002

9 Sec. 
101 
SARBANES-OXLEY ACT OF 2002 
2
The Supreme Court held this paragraph to be unconstitutional in the case Free Enterprise 
Fund v. Public Company Accounting Oversight Board (2010). 
(i) the terms of office of the initial Board members 
(other than the chairperson) shall expire in annual in-
crements, 1 on each of the first 4 anniversaries of the 
initial date of appointment; and 
(ii) any Board member appointed to fill a vacancy 
occurring before the expiration of the term for which 
the predecessor was appointed shall be appointed only 
for the remainder of that term. 
(B) T
ERM LIMITATION
.—No person may serve as a 
member of the Board, or as chairperson of the Board, for 
more than 2 terms, whether or not such terms of service 
are consecutive. 
(6)
2
R
EMOVAL FROM OFFICE
.—A member of the Board may 
be removed by the Commission from office, in accordance with 
section 107(d)(3), for good cause shown before the expiration of 
the term of that member. 
(f) P
OWERS OF THE
B
OARD
.—In addition to any authority grant-
ed to the Board otherwise in this Act, the Board shall have the 
power, subject to section 107— 
(1) to sue and be sued, complain and defend, in its cor-
porate name and through its own counsel, with the approval 
of the Commission, in any Federal, State, or other court; 
(2) to conduct its operations and maintain offices, and to 
exercise all other rights and powers authorized by this Act, in 
any State, without regard to any qualification, licensing, or 
other provision of law in effect in such State (or a political sub-
division thereof); 
(3) to lease, purchase, accept gifts or donations of or other-
wise acquire, improve, use, sell, exchange, or convey, all of or 
an interest in any property, wherever situated; 
(4) to appoint such employees, accountants, attorneys, and 
other agents as may be necessary or appropriate, and to deter-
mine their qualifications, define their duties, and fix their sala-
ries or other compensation (at a level that is comparable to pri-
vate sector self-regulatory, accounting, technical, supervisory, 
or other staff or management positions); 
(5) to allocate, assess, and collect accounting support fees 
established pursuant to section 109, for the Board, and other 
fees and charges imposed under this title; and 
(6) to enter into contracts, execute instruments, incur li-
abilities, and do any and all other acts and things necessary, 
appropriate, or incidental to the conduct of its operations and 
the exercise of its obligations, rights, and powers imposed or 
granted by this title. 
(g) R
ULES OF THE
B
OARD
.—The rules of the Board shall, sub-
ject to the approval of the Commission— 
(1) provide for the operation and administration of the 
Board, the exercise of its authority, and the performance of its 
responsibilities under this Act; 
(2) permit, as the Board determines necessary or appro-
priate, delegation by the Board of any of its functions to an in-
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December 21, 2020 
G:\COMP\SEC\SARBANES-OXLEY ACT OF 2002.XML
As Amended Through P.L. 116-222, Enacted December 18, 2020

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