
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC2012]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
                     SUBCHAPTER I--FARM CREDIT BANKS
 
Sec. 2012. Board of directors

    Each Farm Credit Bank shall elect a board of directors of such 
number, for such term, in such manner, and with such qualifications, as 
may be required in its bylaws, except that, at least one member shall be 
elected by the other directors, which member shall not be a director, 
officer, employee, or stockholder of a System institution.

(Pub. L. 92-181, title I, Sec. 1.4, as added Pub. L. 100-233, title IV, 
Sec. 401, Jan. 6, 1988, 101 Stat. 1622; amended Pub. L. 100-399, title 
IV, Sec. 401(c), Aug. 17, 1988, 102 Stat. 995.)


                            Prior Provisions

    A prior section 2012, Pub. L. 92-181, title I, Sec. 1.4, Dec. 10, 
1971, 85 Stat. 584; Pub. L. 96-592, title I, Sec. 101, Dec. 24, 1980, 94 
Stat. 3437; Pub. L. 99-205, title II, Sec. 205(d)(1), Dec. 23, 1985, 99 
Stat. 1703; Pub. L. 100-233, title VII, Sec. 705(a), title VIII, 
Sec. 802(b), Jan. 6, 1988, 101 Stat. 1706, 1710; Pub. L. 100-399, title 
VI, Sec. 604, Aug. 17, 1988, 102 Stat. 1006, related to corporate 
existence and general corporate powers, prior to the general amendment 
of this subchapter by Pub. L. 100-233, Sec. 401.


                               Amendments

    1988--Pub. L. 100-399 struck out ``from its voting stockholders'' 
after ``shall elect''.


                    Effective Date of 1988 Amendment

    Amendment by Pub. L. 100-399 effective immediately after amendment 
made by section 401 of Pub. L. 100-233, which was effective 6 months 
after Jan. 6, 1988, see section 1001(b) of Pub. L. 100-399, set out as a 
note under section 2002 of this title.
