[Code of Federal Regulations]

[Title 12, Volume 6]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 12CFR611.1030]



[Page 60]

 

                       TITLE 12--BANKS AND BANKING

 

                 CHAPTER VI--FARM CREDIT ADMINISTRATION

 

PART 611_ORGANIZATION--Table of Contents

 

      Subpart F_Bank Mergers, Consolidations and Charter Amendments

 

Sec. 611.1030  Board of directors of an agricultural credit bank.



    Each agricultural credit bank formed by the consolidation of a Farm 

Credit Bank and a bank for cooperatives 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. In electing such directors each association shall be 

entitled to cast a number of votes equal to the number of its voting 

stockholders.



[53 FR 50393, Dec. 15, 1988, as amended at 61 FR 67185, Dec. 20, 1996]