
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: 12USC2209]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
     SUBCHAPTER IV--PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF 
                       INSTITUTIONS OF THE SYSTEM
 
            Part D--Activities of Institutions of the System
 
Sec. 2209. Compensation of bank directors


(a) In general

    The Farm Credit Administration shall monitor the compensation of 
members of the board of directors of a System bank received as 
compensation for serving as a director of the bank to ensure that the 
amount of the compensation does not exceed a level of $20,000 per year, 
as adjusted to reflect changes in the Consumer Price Index for all urban 
consumers published by the Bureau of Labor Statistics, unless the Farm 
Credit Administration determines that such level adversely affects the 
safety and soundness of the bank.

(b) Waiver

    The Farm Credit Administration may waive the limitation prescribed 
in subsection (a) of this section under exceptional circumstances, as 
determined in accordance with regulations promulgated by the Farm Credit 
Administration.

(Pub. L. 92-181, title IV, Sec. 4.21, as added Pub. L. 100-399, title 
IV, Sec. 414, Aug. 17, 1988, 102 Stat. 1004; amended Pub. L. 102-552, 
title V, Sec. 509, Oct. 28, 1992, 106 Stat. 4132.)


                               Amendments

    1992--Pub. L. 102-552 amended section generally. Prior to amendment, 
section read as follows: ``No member of the board of directors of a 
System bank may receive more than $15,000 per year under this chapter as 
compensation for serving as a director of such bank.''


                             Effective Date

    Section 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 an Effective Date of 1988 
Amendment note under section 2002 of this title.
