12 U.S.C. § 2072 — Board of directors
submitted 38 years ago by Pub. L. 92-181 to r/title-12-BANKS-AND-BANKING · 69 words · no verdicts yet
This section requires each production credit association to elect a board of directors from its voting members. The bylaws set the board’s size, terms, qualifications, and election method, with one required independent member.
Each production credit* association must elect a board of directors from its voting members. The association’s bylaws determine the board’s number of members, terms, qualifications, and election method. At least one member must be elected by the other directors, and that member may not be a director*, officer, employee, stockholder, or agent of a System institution.
Each production credit* association shall elect from the voting members of such association, a board of directors of such number, for such terms, with such qualifications, and in such manner as may be required by the bylaws of the association, except that at least one member shall be elected by the other directors, which member shall not be a director*, officer, employee, stockholder, or agent of a System institution.
Source credit: (Pub. L. 92–181, title II, § 2.1, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1630; amended Pub. L. 100–399, title IV, § 401(n), Aug. 17, 1988, 102 Stat. 997; Pub. L. 102–237, title V, § 502(c), Dec. 13, 1991, 105 Stat. 1868.)
- 1988Enacted · Pub. L. 92-181 · 101 Stat. 1630
- 1988Amended · Pub. L. 100-399 · 102 Stat. 997
- 1991Amended · Pub. L. 102-237 · 105 Stat. 1868
A history note hasn’t been published yet. The record shows enactment by Pub. L. 92-181 on 1988-01-06.
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