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Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 10:51:44 -04:00

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LegalText 12 U.S.C. § 2279a1 Board of directors us united_states_code code_section 12 BANKS AND BANKING 23 FARM CREDIT SYSTEM 2279a1 12 U.S.C. § 2279a1 current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip /us/usc/t12/s2279a1 data/legal/raw/us/code/title-12/usc12.xml 15587fbb005d26fbad9701f16e5be571e2663a63ac9761369b6231a3d5ad009b e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa e0ec8a4e9d9408b5c459924bd512c2dc738b4dc10397370ec7fa0f382b8ede26 2026-07-04 official
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12 U.S.C. § 2279a1 - Board of directors

Text

Each merged bank 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.

(Pub. L. 92181, title VII, § 7.1, as added Pub. L. 100233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1645; amended Pub. L. 100399, title IV, § 408(c), Aug. 17, 1988, 102 Stat. 1001.)

Notes

Editorial Notes

Amendments1988—Pub. L. 100399 struck out “for the district” in section catchline and amended text generally, revising and restating as a single unlettered paragraph provisions of former subsecs. (a) and (b).

Statutory Notes and Related Subsidiaries

Effective Date of 1988 AmendmentAmendment by Pub. L. 100399 effective as if enacted immediately after enactment of Pub. L. 100233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100399, set out as a note under section 2002 of this title.