§2203 Nomination of Association Directors; Representative Selection of Nominees

Summary

Each production credit association and each Federal land bank association must have a nominating committee chosen by a vote of the stockholders at the annual meeting to serve the next year. The committee reviews local farmers, checks if they will serve, and presents a list with at least two nominees for every open office. The committee should try to include people from all parts of the area and from the different kinds of farming there. Association employees cannot be nominated, elected, or serve on the board, and current board members cannot sit on the nominating committee. People can also make nominations during the meeting. Rules from the Farm Credit Administration for bank director elections must likewise provide at least two nominees for each open office and aim to have the bank board represent the various types of agriculture in the district.