
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: 12USC2242]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
          SUBCHAPTER V--FARM CREDIT ADMINISTRATION ORGANIZATION
 
             Part B--Farm Credit Administration Organization
 
Sec. 2242. Farm Credit Administration Board


(a) Appointment

    The management of the Farm Credit Administration shall be vested in 
a Farm Credit Administration Board (referred to in this part as ``the 
Board''). The Board shall consist of three members, who shall be 
citizens of the United States and broadly representative of the public 
interest. Members of the Board shall be appointed by the President, by 
and with the advice and consent of the Senate. Not more than two members 
of the Board shall be members of the same political party. Of the 
persons thus appointed, one shall be designated by the President to 
serve as Chairman of the Board for the duration of the member's term. 
The members of the Board shall be ineligible during the time they are in 
office and for two years thereafter to hold any office, position, or 
employment in any institution of the Farm Credit System.

(b) Terms of office

    The term of office of each member of the Board shall be six years, 
except that the terms of the two members, other than the Chairman, first 
appointed under subsection (a) of this section shall expire, one on the 
expiration of two years after the date of appointment, and one on the 
expiration of four years after the date of appointment. Members of the 
Board shall not be appointed to succeed themselves, except that the 
members first appointed under subsection (a) of this section for a term 
of less than six years may be reappointed for a full six-year term and 
members appointed to fill unexpired terms of three years or less may be 
reappointed for a full six-year term. Any vacancy shall be filled for 
the unexpired term on like appointment. Any member of the Board shall 
continue to serve as such after the expiration of the member's term 
until a successor has been appointed and qualified.

(c) Organization

    Each member of the Board, within fifteen days after notice of 
appointment, shall subscribe to the oath of office. The Board may 
transact business if a vacancy exists, provided a quorum is present. A 
quorum shall consist of two members of the Board. The Board shall hold 
at least one meeting each month and such additional meetings at such 
times and places as it may fix and determine. Such meetings shall be 
held on the call of the Chairman or any two Board members. The Board 
shall adopt such rules as it deems appropriate for the transaction of 
business by the Board, and shall keep permanent and accurate records and 
minutes of the actions and proceedings of the Board.

(d) Compensation

    The members of the Board shall devote their full time and attention 
to the business of the Board. The Chairman of the Board shall receive 
compensation at the rate prescribed for level III of the Executive 
Schedule under section 5314 of title 5. Each of the other members of the 
Board shall receive compensation at the rate prescribed for level IV of 
the Executive Schedule under section 5315 of title 5. Each member of the 
Board shall be reimbursed for necessary travel, subsistence, and other 
expenses in the discharge of the member's official duties without regard 
to other laws with respect to allowance for travel and subsistence of 
officers and employees of the United States. This subsection shall be 
subject to the provisions of section 2245 of this title.

(e) Qualifications of Farm Credit Administration Board members

    The President shall appoint members of the Board who--
        (1) are experienced or knowledgeable in agricultural economics 
    and financial reporting and disclosure;
        (2) are experienced or knowledgeable in the regulation of 
    financial entities; or
        (3) have a strong financial, legal, or regulatory background.

(Pub. L. 92-181, title V, Sec. 5.8, Dec. 10, 1971, 85 Stat. 617; Pub. L. 
96-592, title V, Sec. 503, Dec. 24, 1980, 94 Stat. 3449; Pub. L. 99-205, 
title II, Sec. 201(1), Dec. 23, 1985, 99 Stat. 1688; Pub. L. 100-233, 
title IV, Sec. 431(a), Jan. 6, 1988, 101 Stat. 1658; Pub. L. 102-552, 
title I, Sec. 102, Oct. 28, 1992, 106 Stat. 4103.)


                               Amendments

    1992--Subsec. (e). Pub. L. 102-552 added subsec. (e).
    1988--Subsec. (c). Pub. L. 100-233 amended last sentence generally, 
substituting ``business by the Board,'' for ``its business'' and ``the 
actions and proceedings of the Board'' for ``its acts and proceedings''.
    1985--Pub. L. 99-205 amended section generally, substituting 
provisions of subsecs. (a) to (d) relating to the Farm Credit 
Administration Board for provisions of former subsecs. (a) to (i) which 
related to the Federal Farm Credit Board.
    1980--Subsec. (h). Pub. L. 96-592 substituted provisions relating to 
applicability of compensation under section 5332 of title 5, for 
provisions setting forth compensation at the rate of $100 a day.


                    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.


                Interim Implementation of 1985 Amendment

    For provisions authorizing interim implementation by Governor of 
Farm Credit Administration of amendments to this section by Pub. L. 99-
205, see section 402 of Pub. L. 99-205, set out as a note under section 
2241 of this title.
