12 USC 2279aa-2 - Board of directors

U.S Code last checked for updates: May 07, 2024

§ 2279aa–2.

Board of directors

(a)

In general

(1)

Establishment

(2)

Composition

The Board shall consist of 15 members, of which—

(A)

5 members shall be elected by holders of common stock that are insurance companies, banks, or other financial institutions or entities;

(B)

5 members shall be elected by holders of common stock that are Farm Credit System institutions; and

(C)

5 members shall be appointed by the President, by and with the advice and consent of the Senate—

(i)

which members shall not be, or have been, officers or directors of any financial institutions or entities;

(ii)

which members shall be representatives of the general public;

(iii)

of which members not more than 3 shall be members of the same political party; and

(iv)

of which members at least 2 shall be experienced in farming or ranching.

(3)

Vacancy

(A)

Elected members

(B)

Appointed members

(4)

Continuation of membership

If—

(A)

any member of the Board who was appointed or elected to the Board from among persons who are representatives of banks, other financial institutions or entities, insurance companies, or Farm Credit System institutions ceases to be such a representative; or

(B)

any member who was appointed from persons who are not or have not been directors or officers of any financial institution or entity becomes a director or an officer of any financial institution or entity;

such member may continue as a member for not longer than the 45-day period beginning on the date such member ceases to be such a representative, officer, or employee or becomes such a director or officer, as the case may be.

(5)

Terms

(A)

Appointed members

(B)

Elected members

(C)

Vacancy appointment

(D)

Service after expiration of term

(6)

Quorum

(7)

No additional pay for Federal officers or employees

(8)

Chairperson

(9)

Meetings

(b)

Officers and staff

(Pub. L. 92–181, title VIII, § 8.2, as added Pub. L. 100–233, title VII, § 702, Jan. 6, 1988, 101 Stat. 1688; amended Pub. L. 100–399, title VI, § 601(b), Aug. 17, 1988, 102 Stat. 1005; Pub. L. 115–334, title V, § 5411(43), Dec. 20, 2018, 132 Stat. 4684.)

cite as: 12 USC 2279aa-2