[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: 12CFR611.340]



[Page 55]

 

                       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. 611.340  Security in voting.



    (a) Each bank and association must adopt policies and procedures 

that assure the security of all records and materials related to a 

stockholder vote including, but not limited to, ballots, proxy ballots, 

and other related materials.

    (b) Bank and association procedures must assure that ballots and 

proxy ballots are provided only to stockholders who are eligible to 

vote.

    (c) Ballots and proxy ballots must be safeguarded before the time of 

distribution or mailing to voting stockholders and after the time of 

receipt by the bank or association until disposal. In an election of 

directors, ballots, proxy ballots and election records must be retained 

at least until the end of the term of office of the director. In other 

stockholder votes, ballots, proxy ballots, and records must be retained 

for at least 3 years after the vote.

    (d) The voting procedures of each institution must provide for the 

establishment of a tellers committee or other designated group of 

persons which must be responsible for validating ballots and proxies and 

tabulating voting results. An institution and its officers, directors, 

and employees may not make any public announcement of the results of a 

stockholder vote before the tellers committee or other designated 

persons have validated the results of the vote.



[53 FR 50392, Dec. 15, 1988, as amended at 63 FR 64843, Nov. 24, 1998]