[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: 12CFR611.320]



[Page 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. 611.320  Impartiality in the election of directors.



    (a) Each System institution shall adopt policies and procedures that 

are designed to assure that the elections of board members are conducted 

in an impartial manner.

    (b) No employee or agent of a System institution shall take any 

part, directly or indirectly, in the nomination or election of members 

to the board of directors of a System institution, or make any 

statement, either orally or in writing, which may be construed as 

intended to influence any vote in such nominations, or elections. This 

paragraph shall not prohibit employees or agents from providing 

biographical and other similar information or engaging in other 

activities pursuant to policies and procedures for nominations and 

elections. This paragraph does not affect the right of an employee or 

agent to nominate or vote for directors of an institution in which the 

employee or agent is a voting member.

    (c) No property, facilities, or resources of any System institution 

shall be used by any candidate for nomination or election or by any 

other person for the benefit of any candidate for nomination or 

election, unless the same property, facilities, or resources are 

simultaneously available and made known to be available for use by all 

declared candidates.

    (d) No director, employee, or agent of a System institution shall, 

for the purpose of furthering the interests of any candidates for 

nomination or election, furnish or make use of records that are not made 

available for use by all declared candidates.

    (e) No System institution shall distribute or mail either directly 

or at the expense of the institution, any campaign materials for 

director candidates. Institutions shall request biographical information 

from all declared candidates who certify that they are eligible, restate 

such information in a standard format, and distribute or mail it with 

ballots or proxy ballots.