12 U.S.C. § 2072
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.
12 U.S.C. § 2072
EDITORIAL NOTES
PRIOR PROVISIONSA 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.
AMENDMENTS1991- 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 AMENDMENT Amendment 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 DATEPub. 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.
- Director
- The term "Director" means the Director of the Bureau.
- credit
- The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.