7 CFR 1425.8 - Ownership and control.
(b) The CMA must provide evidence that:
(2) A majority of directors are active members of the CMA or authorized representatives of active members.
(c) An applicant cooperative or a CMA, not under the ownership or control, of its active members, may be approved by CCC if it is able to establish that, by retiring the equity of its inactive members or by obtaining new members, it can vest ownership and control in its active members, as required by this section, by a date specified by CCC.
Title 7 published on 2014-01-01
no entries appear in the Federal Register after this date.