12 U.S. Code § 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, § 1.4, as added Pub. L. 100–233, title IV, § 401,Jan. 6, 1988, 101 Stat. 1622; amended Pub. L. 100–399, title IV, § 401(c),Aug. 17, 1988, 102 Stat. 995.)
Prior Provisions

A prior section 2012,Pub. L. 92–181, title I, § 1.4, Dec. 10, 1971, 85 Stat. 584; Pub. L. 96–592, title I, § 101,Dec. 24, 1980, 94 Stat. 3437; Pub. L. 99–205, title II, § 205(d)(1),Dec. 23, 1985, 99 Stat. 1703; Pub. L. 100–233, title VII, § 705(a), title VIII, § 802(b),Jan. 6, 1988, 101 Stat. 1706, 1710; Pub. L. 100–399, title VI, § 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, § 401.

1988—Pub. L. 100–399struck out “from its voting stockholders” after “shall elect”.
Effective Date of 1988 Amendment

Amendment by Pub. L. 100–399effective immediately after amendment made by section 401 ofPub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) ofPub. L. 100–399, set out as a note under section 2002 of this title.

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013

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12 USCDescription of ChangeSession YearPublic LawStatutes at Large

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12 CFR - Banks and Banking



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