{"identifier":"/us/usc/t12/s2012","title_num":"12","num":"§ 2012.","heading":"Board of directors","status":null,"guid":"idcf7ec2c4-b211-11e9-9e08-c54bc916790e","source_credit":"(Pub. L. 92–181, title I, § 1.4, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622; amended Pub. L. 100–399, title IV, § 401(c), Aug. 17, 1988, 102 Stat. 995.)","seq_in_title":1071,"parent_identifier":"/us/usc/t12/ch23/schI","ancestors":[{"identifier":"/us/usc/t12","level":"title","num":"Title 12—","heading":"BANKS AND BANKING","status":null,"is_section":false},{"identifier":"/us/usc/t12/ch23","level":"chapter","num":"CHAPTER 23—","heading":"FARM CREDIT SYSTEM","status":null,"is_section":false},{"identifier":"/us/usc/t12/ch23/schI","level":"subchapter","num":"SUBCHAPTER I—","heading":"FARM CREDIT BANKS","status":null,"is_section":false}],"xml":"<section xmlns=\"http://xml.house.gov/schemas/uslm/1.0\" xmlns:xsi=\"http://www.w3.org/2001/XMLSchema-instance\" xmlns:dc=\"http://purl.org/dc/elements/1.1/\" xmlns:dcterms=\"http://purl.org/dc/terms/\" style=\"-uslm-lc:I80\" id=\"idcf7ec2c4-b211-11e9-9e08-c54bc916790e\" identifier=\"/us/usc/t12/s2012\"><num value=\"2012\">§ 2012.</num><heading> Board of directors</heading><content>\n<p style=\"-uslm-lc:I11\" class=\"indent0\">Each Farm Credit 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.</p>\n</content><sourceCredit id=\"idcf7ee9d5-b211-11e9-9e08-c54bc916790e\">(<ref href=\"/us/pl/92/181/tI/s1\">Pub. L. 92–181, title I, § 1</ref>.4, as added <ref href=\"/us/pl/100/233/tIV/s401\">Pub. L. 100–233, title IV, § 401</ref>, <date date=\"1988-01-06\">Jan. 6, 1988</date>, <ref href=\"/us/stat/101/1622\">101 Stat. 1622</ref>; amended <ref href=\"/us/pl/100/399/tIV/s401/c\">Pub. L. 100–399, title IV, § 401(c)</ref>, <date date=\"1988-08-17\">Aug. 17, 1988</date>, <ref href=\"/us/stat/102/995\">102 Stat. 995</ref>.)</sourceCredit>\n<notes type=\"uscNote\" id=\"idcf7ee9d6-b211-11e9-9e08-c54bc916790e\">\n<note style=\"-uslm-lc:I74\" topic=\"priorProvisions\" id=\"idcf7ee9d7-b211-11e9-9e08-c54bc916790e\"><heading class=\"centered smallCaps\">Prior Provisions</heading><p style=\"-uslm-lc:I21\" class=\"indent0\">A prior section 2012, <ref href=\"/us/pl/92/181/tI/s1\">Pub. L. 92–181, title I, § 1</ref>.4, <date date=\"1971-12-10\">Dec. 10, 1971</date>, <ref href=\"/us/stat/85/584\">85 Stat. 584</ref>; <ref href=\"/us/pl/96/592/tI/s101\">Pub. L. 96–592, title I, § 101</ref>, <date date=\"1980-12-24\">Dec. 24, 1980</date>, <ref href=\"/us/stat/94/3437\">94 Stat. 3437</ref>; <ref href=\"/us/pl/99/205/tII/s205/d/1\">Pub. L. 99–205, title II, § 205(d)(1)</ref>, <date date=\"1985-12-23\">Dec. 23, 1985</date>, <ref href=\"/us/stat/99/1703\">99 Stat. 1703</ref>; <ref href=\"/us/pl/100/233/tVII/s705/a\">Pub. L. 100–233, title VII, § 705(a)</ref>, title VIII, § 802(b), <date date=\"1988-01-06\">Jan. 6, 1988</date>, <ref href=\"/us/stat/101/1706\">101 Stat. 1706</ref>, 1710; <ref href=\"/us/pl/100/399/tVI/s604\">Pub. L. 100–399, title VI, § 604</ref>, <date date=\"1988-08-17\">Aug. 17, 1988</date>, <ref href=\"/us/stat/102/1006\">102 Stat. 1006</ref>, related to corporate existence and general corporate powers, prior to the general amendment of this subchapter by <ref href=\"/us/pl/100/233/s401\">Pub. L. 100–233, § 401</ref>.</p>\n</note>\n<note style=\"-uslm-lc:I74\" topic=\"amendments\" id=\"idcf7ee9d8-b211-11e9-9e08-c54bc916790e\"><heading class=\"centered smallCaps\">Amendments</heading><p style=\"-uslm-lc:I21\" class=\"indent0\">1988—<ref href=\"/us/pl/100/399\">Pub. L. 100–399</ref> struck out “from its voting stockholders” after “shall elect”.</p>\n</note>\n<note style=\"-uslm-lc:I74\" topic=\"effectiveDateOfAmendment\" id=\"idcf7ee9d9-b211-11e9-9e08-c54bc916790e\"><heading class=\"centered smallCaps\">Effective Date of 1988 Amendment</heading><p style=\"-uslm-lc:I21\" class=\"indent0\">Amendment by <ref href=\"/us/pl/100/399\">Pub. L. 100–399</ref> effective immediately after amendment made by <ref href=\"/us/pl/100/233/s401\">section 401 of Pub. L. 100–233</ref>, which was effective 6 months after <date date=\"1988-01-06\">Jan. 6, 1988</date>, see <ref href=\"/us/pl/100/399/s1001/b\">section 1001(b) of Pub. L. 100–399</ref>, set out as a note under <ref href=\"/us/usc/t12/s2002\">section 2002 of this title</ref>.</p>\n</note>\n<note style=\"-uslm-lc:I74\" topic=\"effectiveDate\" id=\"idcf7ee9da-b211-11e9-9e08-c54bc916790e\"><heading class=\"centered smallCaps\">Effective Date</heading><p style=\"-uslm-lc:I21\" class=\"indent0\"><ref href=\"/us/pl/100/233/tIV/s401\">Pub. L. 100–233, title IV, § 401</ref>, <date date=\"1988-01-06\">Jan. 6, 1988</date>, <ref href=\"/us/stat/101/1622\">101 Stat. 1622</ref>, provided that this section is effective 6 months after <date date=\"1988-01-06\">Jan. 6, 1988</date>.</p>\n</note>\n</notes>\n</section>","provision":null,"duplicates":[],"release":{"label":"116-33","currency_date":"2019-07-25","congress":116,"law_num":33,"excluded_laws":[],"update_num":null,"seq":178,"is_partial":false,"caveat":null,"titles_affected":["12","18","26","28","34","38","40","44"],"ingested_titles":[]},"served_from":{"label":"116-33","currency_date":"2019-07-25","congress":116,"law_num":33,"excluded_laws":[],"update_num":null,"seq":178,"is_partial":false,"caveat":null,"titles_affected":["12","18","26","28","34","38","40","44"],"ingested_titles":[]},"content_first_seen":{"label":"116-33","currency_date":"2019-07-25","congress":116,"law_num":33,"excluded_laws":[],"update_num":null,"seq":178,"is_partial":false,"caveat":null,"titles_affected":["12","18","26","28","34","38","40","44"],"ingested_titles":[]},"is_exact":true,"note":null}