Title 12 — Banks and BankingRelease 119-73not60
§2072 Board of Directors
Title 12 › Chapter 23— FARM CREDIT SYSTEM › Subchapter II— FARM CREDIT ASSOCIATIONS › Part A— Production Credit Associations › § 2072
Summary
Each production credit association must elect a board of directors from its voting members as the bylaws require. At least one member must be chosen by the other directors and may not be a director, officer, employee, stockholder, or agent of a System institution.
Full Legal Text
Title 12, §2072
Banks and Banking — Source: USLM XML via OLRC
Each production credit association shall elect from the voting members of such association, a board of directors of such number, for such terms, with such qualifications, and in such manner as may be required by the bylaws of the association, except that at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, stockholder, or agent of a System institution.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Prior Provisions
A prior section 2072, Pub. L. 92–181, title II, § 2.1, Dec. 10, 1971, 85 Stat. 591; Pub. L. 96–592, title II, § 201, Dec. 24, 1980, 94 Stat. 3439; Pub. L. 99–205, title II, § 205(e)(1), Dec. 23, 1985, 99 Stat. 1704; Pub. L. 100–233, title VII, § 705(c), title VIII, §§ 802(i), 805(d), Jan. 6, 1988, 101 Stat. 1707, 1711, 1715; Pub. L. 100–399, title VI, § 604, title IX, § 901(b), Aug. 17, 1988, 102 Stat. 1006, 1007, related to corporate existence and general corporate powers, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
Amendments
1991—Pub. L. 102–237 substituted “stockholder, or agent” for “or stockholder”. 1988—Pub. L. 100–399 struck out the comma after “except that”.
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 in part that this section is effective 6 months after Jan. 6, 1988.
Reference
Citations & Metadata
Citation
12 U.S.C. § 2072
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60