
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: 12USC2278a-2]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
             SUBCHAPTER VI--ASSISTANCE TO FARM CREDIT SYSTEM
 
                        Part A--Assistance Board
 
Sec. 2278a-2. Board of Directors


(a) Membership

    The Board of Directors of the Assistance Board (hereinafter referred 
to in this part as the ``Board of Directors'') shall consist of three 
members--
        (1) one of which shall be the Secretary of the Treasury;
        (2) one of which shall be the Secretary of Agriculture; and
        (3) one of which shall be an agricultural producer experienced 
    in financial matters, and appointed by the President, by and with 
    the advice and consent of the Senate.

(b) Chairman

    The Board of Directors shall elect annually a Chairman from among 
the members of the Board.

(c) Terms of office, succession, and vacancies

                 (1) Terms of office and succession

        The term of each member of the Board of Directors shall expire 
    when the Assistance Board is terminated.

                            (2) Vacancies

        Vacancies on the Board of Directors shall be filled in the same 
    manner as the vacant position was previously filled.

(d) Compensation of Board members

    Members of the Board of Directors--
        (1) appointed under paragraphs (1) and (2) of subsection (a) of 
    this section shall receive reasonable allowances for necessary 
    expenses of travel, lodging, and subsistence incurred in attending 
    meetings and other activities of the Assistance Board, as set forth 
    in the bylaws issued by the Board of Directors, except that such 
    level shall not exceed the maximum fixed by subchapter I of chapter 
    57 of title 5 for officers and employees of the United States; and
        (2) appointed under paragraph (3) of subsection (a) of this 
    section shall receive compensation for the time devoted to meetings 
    and other activities at a daily rate not to exceed the daily rate of 
    compensation prescribed for Level III of the Executive Schedule 
    under section 5314 of title 5 and reasonable allowances for 
    necessary expenses of travel, lodging, and subsistence incurred in 
    attending meetings and other activities of the Assistance Board, as 
    set forth in the bylaws issued by the Board of Directors, except 
    that such level shall not exceed the maximum fixed by subchapter I 
    of chapter 57 of title 5 for officers and employees of the United 
    States.

(e) Rules and records

    The Board of Directors of the Assistance Board shall adopt such 
rules as it may deem appropriate for the transaction of the business of 
the Assistance Board, and shall keep permanent and accurate records and 
minutes of its acts and proceedings.

(f) Quorum required

    A quorum shall consist of two members of the Board of Directors. All 
decisions of the Board shall require an affirmative vote of at least a 
majority of the members voting.

(g) Chief executive officer

    A chief executive officer of the Assistance Board shall be selected 
by the Board of Directors of the Assistance Board and shall serve at the 
pleasure of the Board.

(Pub. L. 92-181, title VI, Sec. 6.2, as added Pub. L. 100-233, title II, 
Sec. 201, Jan. 6, 1988, 101 Stat. 1586; amended Pub. L. 102-237, title 
V, Sec. 502(l), Dec. 13, 1991, 105 Stat. 1869.)


                               Amendments

    1991--Subsec. (d)(1), (2). Pub. L. 102-237 substituted ``subchapter 
I'' for ``subchapter 1''.


                    Effective Date of 1991 Amendment

    Amendment by Pub. L. 102-237 effective as if included in the 
provision of the Food, Agriculture, Conservation, and Trade Act of 1990, 
Pub. L. 101-624, to which the amendment relates, see section 1101(b)(4) 
of Pub. L. 102-237, set out as a note under section 1421 of Title 7, 
Agriculture.
