§2203 — Title 12 Banks and Banking | U.S. Code

Summary

Each production credit association and each Federal land bank association must have stockholders pick a nominating committee at the annual meeting to serve the following year. The committee must contact farmers in the area, ask if they will serve, and present eligible candidates with at least two nominees for every open board seat. The committee should try to include people from all parts of the area and the different kinds of farming there. Association employees may not be nominated, elected, or serve on the board, and board members may not serve on the nominating committee. Nominations from the floor are allowed. Farm Credit Administration rules for bank director elections must also provide at least two nominees per seat and seek board representation of the area’s farming types.

Title 12, §2203

Banks and Banking — Source: USLM XML via OLRC

Each production credit association and each Federal land bank association shall elect a nominating committee by vote of the stockholders at the annual meeting to serve for the following year. Each nominating committee shall review lists of farmers from the association territory, determine their willingness to serve, and submit for election a slate of eligible candidates which shall include at least two nominees for each elective office to be filled. In doing so, the committee shall endeavor to assure representation to all sections of the association territory and as nearly as possible to all types of agriculture practiced within the area. Employees of the association shall not be eligible to be nominated, elected, or serve as a member of the board. Nominations shall also be accepted from the floor. Members of the board are not eligible to serve on the nominating committee. Regulations of the Farm Credit Administration governing the election of bank directors shall similarly assure a choice of two nominees for each elective office to be filled and that the bank board represent as nearly as possible all types of agriculture in the district.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1988—Pub. L. 100–399 substituted “bank directors” for “district directors” and “bank board” for “district board”.

Statutory Notes and Related Subsidiaries

Effective Date

of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

§2203 Nomination of association directors; representative selection of nominees