Title 12, Banks and BankingRelease 119-73not60
§2279a–1 Board of Directors
Title 12 › Chapter 23— FARM CREDIT SYSTEM › Subchapter VII— RESTRUCTURING OF SYSTEM INSTITUTIONS › Part A— Merger of Banks Within a District › § 2279a–1
Summary
Merged banks must elect boards under bylaws; one member chosen by other directors must be unaffiliated with System institutions.
Full Legal Text
Title 12, §2279a–1
Banks and Banking, Source: USLM XML via OLRC
Each merged 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
Amendments
1988—Pub. L. 100–399 struck out “for the district” in section catchline and amended text generally, revising and restating as a single unlettered paragraph provisions of former subsecs. (a) and (b).
Statutory Notes and Related Subsidiaries
Effective Date
of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.
Reference
Citations & Metadata
Citation
12 U.S.C. § 2279a–1
Title 12, Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60