12 U.S.C. § 2279aa–2 — Board of directors

(a) In general. (1) The Corporation^* must be managed by its Board^* of Directors. (2) The Board has 15 members: (A) 5 elected by holders of common stock who are insurance companies, banks, or other financial institutions or entities; (B) 5 elected by holders of common stock who are Farm Credit^* System institutions; and (C) 5 appointed by the President with the Senate’s advice and consent. The five appointed members must not be, and must not have been, officers or directors of financial institutions or entities; must represent the general public; no more than 3 may belong to the same political party; and at least 2 must have farming or ranching experience. (3)(A) Subject to paragraph (5), the Board fills a vacancy among elected members from people eligible for that position. (B) A vacancy among presidential appointees is filled in the same way as the original appointment. (4)(A) A member chosen as a representative of a bank, other financial institution or entity, insurance company, or Farm Credit System institution may continue only for up to 45 days after ceasing to be that representative. (B) A member appointed because the member had never been a director^* or officer of a financial institution or entity may continue only for up to 45 days after becoming such a director or officer. (5)(A) Presidential appointees serve at the President’s pleasure. (B) Members elected under subsection (b)(2)(A) and (B) are elected each year until the next annual meeting of the Corporation’s common stockholders and serve until successors are elected and qualified. A seat becoming vacant after the annual election is filled by Board members from the same category, only for the unexpired term. (C) A person^* appointed to fill a vacancy serves only the rest of the predecessor’s term. (D) A member may continue after the term ends until the successor takes office. (6) Eight members are a quorum. (7) A full-time United States officer or employee receives no extra pay for Board service. (8) The President designates one presidential appointee as chairperson. (9) The Board meets when the chairperson or a majority of members calls it. (b) Officers and staff. The Board may appoint and employ Corporation officers and employees, set their pay, and provide allowances and benefits the Board considers appropriate.