Title 12Banks and BankingRelease 119-73

§2208 Prohibition against use of signed ballots

Title 12 › Chapter CHAPTER 23— - FARM CREDIT SYSTEM › Subchapter SUBCHAPTER IV— - PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF INSTITUTIONS OF THE SYSTEM › Part Part D— - Activities of Institutions of the System › § 2208

Last updated Apr 6, 2026|Official source

Summary

Signed ballots are banned in any stockholder vote (for example, elections or merger votes) at a Farm Credit System lending institution. It must protect the secret-ballot right.

Full Legal Text

Title 12, §2208

Banks and Banking — Source: USLM XML via OLRC

In any election or merger vote, or other proceeding subject to a vote of the stockholders (or subscribers to the guaranty fund of a bank for cooperatives), conducted by a lending institution of the Farm Credit System, the institution—
(1)may not use signed ballots; and
(2)shall implement measures to safeguard the voting process for the protection of the right of stockholders (or subscribers) to a secret ballot.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

1988—Pub. L. 100–233 amended section generally. Prior to amendment, section read as follows: “The provisions of (1) section 2074 of this title authorizing the Federal intermediate credit banks to lend to or discount paper for other financial institutions, and (2) section 2128(b) of this title authorizing the financing of certain domestic or foreign entities in connection with the import or export activities of cooperatives which are borrowers from the banks for cooperatives, shall expire on September 30, 1990, unless extended by Act of Congress prior to that date. Any contract or agreement entered into under the authority of either provision prior to its expiration shall remain in full force and effect notwithstanding such expiration.”

Reference

Citations & Metadata

Citation

12 U.S.C. § 2208

Title 12Banks and Banking

Last Updated

Apr 6, 2026

Release point: 119-73