Title 12, Banks and BankingRelease 119-102
§2012 Board of Directors
Title 12 › CHAPTER 23 — FARM CREDIT SYSTEM › SUBCHAPTER I — FARM CREDIT BANKS › § 2012
Summary
Each Farm Credit Bank must elect a board of directors. The bank’s bylaws decide the board’s size, terms, how members are chosen, and who can serve. At least one board member must be elected by the other directors and cannot be a director, officer, employee, or stockholder of a System institution.
Full Legal Text
Title 12, §2012
Banks and Banking, Source: USLM XML via OLRC
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.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Prior Provisions
A prior section 2012, Pub. L. 92–181, title I, § 1.4, Dec. 10, 1971, 85 Stat. 584; Pub. L. 96–592, title I, § 101, Dec. 24, 1980, 94 Stat. 3437; Pub. L. 99–205, title II, § 205(d)(1), Dec. 23, 1985, 99 Stat. 1703; Pub. L. 100–233, title VII, § 705(a), title VIII, § 802(b), Jan. 6, 1988, 101 Stat. 1706, 1710; Pub. L. 100–399, title VI, § 604, Aug. 17, 1988, 102 Stat. 1006, related to corporate existence and general corporate powers, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
Amendments
1988—Pub. L. 100–399 struck out “from its voting stockholders” after “shall elect”.
Statutory Notes and Related Subsidiaries
Effective Date
of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
Effective Date
Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.
Reference
Citations & Metadata
Citation
12 U.S.C. § 2012
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102