12 U.S.C. § 2123 — Board of directors

(a) In general Each bank for cooperatives shall elect a board of directors of such number, for such term, in such manner, and with such qualifications as can be required in its bylaws, except that at least one member is elected by the other directors, which member must not be a director^*, officer, employee, or stockholder of a System institution. (b) Nomination and election (1) In general If approved by the stockholders through a bylaw amendment, the nomination and election of one member from a bank for cooperatives is carried out with each voting stockholder of a bank for cooperatives having one vote, plus a number of votes (or fractional part of it) equal to— (A) the number of stockholders eligible to vote; multiplied by (B) the percentage (or fractional part of it) of the total equity interest (including allocated, but not unallocated, surplus and reserves) in the bank of all stockholders held by the individual voting stockholder at the close of the immediately preceding fiscal year of the bank. (2) Number of votes The total number of votes under this subsection is the number of voting stockholders of a bank for cooperatives multiplied by two.