12 U.S. Code § 2142 - Board of directors provisions
The initial board of directors of a consolidated bank shall include the members of the boards of directors of the farm credit districts who were elected by voting stockholders of the constituent district banks for cooperatives (as such banks existed on January 6, 1988) and who shall serve out the terms for which they were elected.
The nomination and election of the first member from each district shall be carried out on the basis provided for in section 2124(d) of this title.
The members of the board of directors of the consolidated bank shall serve for a term of 3 years.
Procedures for electing members of the board of directors of the consolidated bank under this subsection shall ensure that the beginning of the terms of such members coincide with the expiration of the terms of members of the interim board of directors of the bank under subsection (a).
The provisions of subsection (b) relating to the board of directors of the consolidated bank, other than the provisions relating to the initial composition, nomination, and election of the members of the board, may be modified on an affirmative vote of at least two-thirds of the voting stockholders of the bank, with each such stockholder to have, for such purposes, only one vote. Any proposals for modifying such provisions shall be submitted for a vote by such stockholders in accordance with procedures prescribed by the Farm Credit Administration.
1988—Subsec. (b)(2)(B)(i)(I). Pub. L. 100–399, § 407(d), amended subcl. (I) generally. Prior to amendment, subcl. (I) read as follows: “as of the final date of the fiscal year of the consolidated bank; or”.
Subsec. (b)(2)(C). Pub. L. 100–399, § 407(c), added subpar. (C).
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