[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: 12CFR611.310] [Page 53-54] TITLE 12--BANKS AND BANKING CHAPTER VI--FARM CREDIT ADMINISTRATION PART 611_ORGANIZATION--Table of Contents Subpart C_Election of Directors and Other Voting Procedures Sec. 611.310 Eligibility for membership on bank and association boards and subsequent employment. Subparts A-B [Reserved] Subpart C_Election of Directors and Other Voting Procedures Sec. 611.310 Eligibility for membership on bank and association boards and subsequent employment. 611.320 Impartiality in the election of directors. 611.330 Confidentiality in voting. 611.340 Security in voting. 611.350 Application of cooperative principles to the election of directors. Subpart D_Rules for Compensation of Board Members 611.400 Compensation of bank board members. Subpart E_Transfer of Authorities 611.500 General. 611.501 Procedures. 611.505 Farm Credit Administration review. 611.510 Approval procedures. 611.515 Information statement. 611.520 Plan of transfer. 611.525 Stockholder reconsideration. Subpart F_Bank Mergers, Consolidations and Charter Amendments 611.1000 General authority. 611.1010 Bank charter amendment procedures. 611.1020 Requirements for mergers or consolidations of banks. 611.1030 Board of directors of an agricultural credit bank. 611.1040 Creation of new associations. Subpart G_Mergers, Consolidations, and Charter Amendments of Associations 611.1120 General authority. 611.1121 Charter amendment procedures. 611.1122 Requirements for mergers or consolidations. 611.1123 Merger or consolidation agreements. 611.1124 Territorial adjustments. 611.1125 Treatment of associations not approving districtwide mergers. Subpart H_Rules for Inter-System Fund Transfers 611.1130 Inter-System transfer of funds and equities. Subpart I_Service Organizations 611.1135 Incorporation of service corporations. 611.1136 Regulation and examination of service organizations. 611.1137 Title VIII service corporations. Subpart J-O [Reserved] Subpart P_Termination of System Institution Status 611.1200 Applicability of this subpart. 611.1205 Definitions that apply in this subpart. 611.1210 Commencement resolution and advance notice. 611.1215 Prohibited acts. 611.1220 Filing of termination application. 611.1221 Filing of termination application--timing. 611.1222 Plan of termination--contents. 611.1223 Information statement--contents. 611.1230 FCA review and approval. 611.1240 Voting record date and stockholder approval. 611.1245 Stockholder reconsideration. 611.1250 Preliminary exit fee estimate. 611.1255 Exit fee calculation. 611.1260 Payment of debts and assessments--terminating association. 611.1265 Retirement of a terminating association's investment in its affiliated bank. 611.1270 Repayment of obligations--terminating bank. 611.1275 Retirement of equities held by other System institutions. 611.1280 Dissenting stockholders' rights. 611.1285 Loan refinancing by borrowers. 611.1290 Continuation of borrower rights. Authority: Secs. 1.3, 1.13, 2.0, 2.10, 3.0, 3.21, 4.12, 4.15, 4.20, 4.21, 5.9, 5.10, 5.17, 6.9, 6.26, 7.0-7.13, 8.5(e) of the Farm Credit Act (12 U.S.C. 2011, 2021, 2071, 2091, 2121, 2142, 2183, 2203, 2208, 2209, 2243, 2244, 2252, 2278a-9, 2278b-6, 2279a--2279f-1, 2279aa-5(e)); secs. 411 and 412 of Pub. [[Page 54]] L. 100-233, 101 Stat. 1568, 1638; secs. 409 and 414 of Pub. L. 100-399, 102 Stat. 989, 1003, and 1004. Source: 37 FR 11415, June 7, 1972, unless otherwise noted. Subparts A-B [Reserved] Source: 53 FR 50392, Dec. 15, 1988, unless otherwise noted. (a) No person shall be eligible for membership on a bank or association board who is or has been, within 1 year preceding the date the term of office begins, a salaried officer or employee of any bank or association in the System. (b) No bank or association director shall be eligible to continue to serve in that capacity and his or her office shall become vacant if after election as a member of the board, he or she becomes legally incompetent or is convicted of a felony or held liable in damages for fraud. (c) No bank director shall, within 1 year after the date when he or she ceases to be a member of the board, serve as a salaried officer or employee of such bank, or any association with which the bank has a discount or agent relationship. (d) No director of an association shall, within 1 year after he or she ceases to be a member of the board, serve as a salaried officer or employee of such association. [53 FR 50392, Dec. 15, 1988, as amended at 54 FR 37095, Sept. 7, 1989]