12 U.S.C. § 2203 — Nomination of association directors; representative selection of nominees
submitted 55 years ago by Pub. L. 92-181 to r/title-12-BANKS-AND-BANKING · 186 words · no verdicts yet
Each covered association must elect a nominating committee and use it to select representative candidates for elective offices. Association employees may not serve on the board.
Each production credit* association and Federal land bank association must elect a nominating committee at the annual stockholders’ meeting to serve the following year. The committee must review farmer lists from the association’s territory, find out who is willing to serve, and submit eligible candidates for election, with at least two nominees for each elective office. It must try to represent every part of the territory and, as nearly as possible, every type of agriculture in the area. Association employees may not be nominated, elected, or serve on the board. Nominations from the floor must also be accepted. Board members may not serve on the nominating committee. Farm Credit Administration rules for electing bank directors must likewise provide two nominees for each elective office and make the bank board represent, as nearly as possible, all types of agriculture in the district.
Each production credit* association and each Federal land bank association shall elect a nominating committee by vote of the stockholders at the annual meeting to serve for the following year. Each nominating committee shall review lists of farmers from the association territory, determine their willingness to serve, and submit for election a slate of eligible candidates which shall include at least two nominees for each elective office to be filled. In doing so, the committee shall endeavor to assure representation to all sections of the association territory and as nearly as possible to all types of agriculture practiced within the area. Employees of the association shall not be eligible to be nominated, elected, or serve as a member of the board. Nominations shall also be accepted from the floor. Members of the board are not eligible to serve on the nominating committee. Regulations of the Farm Credit Administration governing the election of bank directors shall similarly assure a choice of two nominees for each elective office to be filled and that the bank board represent as nearly as possible all types of agriculture in the district.
Source credit: (Pub. L. 92–181, title IV, § 4.15, Dec. 10, 1971, 85 Stat. 613; Pub. L. 100–399, title IX, § 901(g), Aug. 17, 1988, 102 Stat. 1007.)
- 1971Enacted · Pub. L. 92-181 · 85 Stat. 613
- 1988Amended · Pub. L. 100-399 · 102 Stat. 1007
A history note hasn’t been published yet. The record shows enactment by Pub. L. 92-181 on 1971-12-10.
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