
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: 12USC2123]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
                 SUBCHAPTER III--BANKS FOR COOPERATIVES
 
                     Part A--Banks for Cooperatives
 
Sec. 2123. Board of directors

    (a)(1) Each bank for cooperatives not merged into the United Bank 
for Cooperatives or the National Bank for Cooperatives 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.
    (2)(A) If approved by the stockholders through a bylaw amendment, 
the nomination and election of one member from a bank for cooperatives 
(other than the National Bank for Cooperatives) shall be carried out 
with each voting stockholder of a bank for cooperatives having one vote, 
plus a number of votes (or fractional part thereof) equal to--
        (i) the number of stockholders eligible to vote; multiplied by
        (ii) the percentage (or fractional part thereof) 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.

    (B) The total number of votes under this paragraph shall be the 
number of voting stockholders of a bank for cooperatives multiplied by 
two.
    (b) The board of directors of the Central Bank for Cooperatives 
shall consist of one member elected by the board of each bank for 
cooperatives, including the United Bank for Cooperatives if the Central 
Bank for Cooperatives is not merged into such bank, and one member 
appointed by the Farm Credit Administration.

(Pub. L. 92-181, title III, Sec. 3.2, Dec. 10, 1971, 85 Stat. 603; Pub. 
L. 99-205, title II, Sec. 205(e)(2), Dec. 23, 1985, 99 Stat. 1705; Pub. 
L. 100-399, title IX, Sec. 901(d), Aug. 17, 1988, 102 Stat. 1007; Pub. 
L. 102-552, title V, Sec. 503, Oct. 28, 1992, 106 Stat. 4130.)


                               Amendments

    1992--Subsec. (a). Pub. L. 102-552 designated existing provisions as 
par. (1) and added par. (2).
    1988--Subsec. (a). Pub. L. 100-399 amended subsec. (a) generally. 
Prior to amendment, subsec. (a) read as follows: ``In the case of a 
district bank for cooperatives, the board of directors shall be the farm 
credit district board and in the case of the Central Bank for 
Cooperatives shall be a separate board of not more than thirteen 
members, one from each farm credit district and one at large. One 
district director of the Central Bank Board shall be elected by each 
district farm credit board and the member at large shall be appointed by 
the Farm Credit Administration.''
    Subsec. (b). Pub. L. 100-399 amended subsec. (b) generally. Prior to 
amendment, subsec. (b) read as follows: ``For the purposes of this 
section the provisions of sections 2222(b) and (c), 2225, 2226, and 2227 
of this title shall apply to and shall be the authority of the Central 
Bank for Cooperatives the same as though it were a district bank.''
    1985--Subsec. (a). Pub. L. 99-205 substituted ``Farm Credit 
Administration'' for ``Governor with the advice and consent of the 
Federal Farm Credit Board''.


                    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.


                    Effective Date of 1985 Amendment

    Amendment by Pub. L. 99-205 effective thirty days after Dec. 23, 
1985, see section 401 of Pub. L. 99-205, set out as a note under section 
2001 of this title.
