
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: 12USC2278b-2]

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


(a) Board of Directors

                           (1) Composition

        The Board of Directors of the Financial Assistance Corporation 
    (hereinafter referred to in this part as the ``Board of Directors'') 
    shall consist of the Board of Directors of the Federal Farm Credit 
    Banks Funding Corporation.

                            (2) Chairman

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

                          (3) Compensation

        The members of the Board of Directors shall receive compensation 
    for the time devoted to meetings and other activities of the Board 
    and reasonable allowances for necessary expenses of travel, lodging, 
    and subsistence incurred in attending meetings and other activities 
    of the Board of Directors in amounts not exceeding levels set by the 
    Farm Credit Administration Board.

(b) Rules and records

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

(c) Quorum required

    No business may be conducted at a meeting of the Board of Directors 
unless a quorum of the members of the Board is present, and a vote to 
approve an action requires a majority vote of the members voting.

(d) Chief executive officer

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

(Pub. L. 92-181, title VI, Sec. 6.22, as added Pub. L. 100-233, title 
II, Sec. 201, Jan. 6, 1988, 101 Stat. 1595; amended Pub. L. 100-399, 
title II, Sec. 201(o), Aug. 17, 1988, 102 Stat. 991.)


                               Amendments

    1988--Subsec. (a)(1). Pub. L. 100-399 substituted ``part'' for 
``chapter''.


                    Effective Date of 1988 Amendment

    Amendment by Pub. L. 100-399 effective as if enacted immediately 
after enactment of Pub. L. 100-233, which was approved Jan. 6, 1988, see 
section 1001(a) of Pub. L. 100-399, set out as a note under section 2002 
of this title.
