§ 2012. — Board of directors.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2012]
TITLE 12--BANKS AND BANKING
CHAPTER 23--FARM CREDIT SYSTEM
SUBCHAPTER I--FARM CREDIT BANKS
Sec. 2012. Board of directors
Each Farm Credit Bank shall elect a board of directors of such
number, for such term, in such manner, and with such qualifications, as
may be required in its bylaws, except that, at least one member shall be
elected by the other directors, which member shall not be a director,
officer, employee, or stockholder of a System institution.
(Pub. L. 92-181, title I, Sec. 1.4, as added Pub. L. 100-233, title IV,
Sec. 401, Jan. 6, 1988, 101 Stat. 1622; amended Pub. L. 100-399, title
IV, Sec. 401(c), Aug. 17, 1988, 102 Stat. 995.)
Prior Provisions
A prior section 2012, Pub. L. 92-181, title I, Sec. 1.4, Dec. 10,
1971, 85 Stat. 584; Pub. L. 96-592, title I, Sec. 101, Dec. 24, 1980, 94
Stat. 3437; Pub. L. 99-205, title II, Sec. 205(d)(1), Dec. 23, 1985, 99
Stat. 1703; Pub. L. 100-233, title VII, Sec. 705(a), title VIII,
Sec. 802(b), Jan. 6, 1988, 101 Stat. 1706, 1710; Pub. L. 100-399, title
VI, Sec. 604, Aug. 17, 1988, 102 Stat. 1006, related to corporate
existence and general corporate powers, prior to the general amendment
of this subchapter by Pub. L. 100-233, Sec. 401.
Amendments
1988--Pub. L. 100-399 struck out ``from its voting stockholders''
after ``shall elect''.
Effective Date of 1988 Amendment
Amendment by Pub. L. 100-399 effective immediately after amendment
made by section 401 of Pub. L. 100-233, which was effective 6 months
after Jan. 6, 1988, see section 1001(b) of Pub. L. 100-399, set out as a
note under section 2002 of this title.
