Title 12 — Banks and BankingRelease 119-73not60
§2092 Board of Directors
Title 12 › Chapter 23— FARM CREDIT SYSTEM › Subchapter II— FARM CREDIT ASSOCIATIONS › Part B— Federal Land Bank Associations › § 2092
Summary
Elect a board from voting shareholders under the bylaws; the directors must also pick at least one member who is not tied to System institutions.
Full Legal Text
Title 12, §2092
Banks and Banking — Source: USLM XML via OLRC
Each Federal land bank association shall elect from its voting shareholders a board of directors of such number, for such terms, in such manner, and with such qualifications as may be required by its bylaws 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 2092, Pub. L. 92–181, title II, § 2.11, Dec. 10, 1971, 85 Stat. 598, related to board of directors, 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”.
Statutory Notes and Related Subsidiaries
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. § 2092
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60