FEDERAL · 12 U.S.C. · Chapter 23
Board of Directors
Current through Pub. L. 119-102
(a)Establishment
The Corporation shall be managed by a Board of Directors that shall consist of the members of the Farm Credit Administration Board.
(b)Chairman
The Board of Directors shall be chaired by any Board member other than the Chairman of the Farm Credit Administration Board.
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12 U.S.C. § 2277a–2 (Board of Directors) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Source Credit
History
(Pub. L. 92–181, title V, §5.53, as added Pub. L. 100–233, title III, §302, Jan. 6, 1988, 101 Stat. 1611; amended Pub. L. 102–552, title II, §201(a), Oct. 28, 1992, 106 Stat. 4104; Pub. L. 104–105, title II, §219(a), Feb. 10, 1996, 110 Stat. 184.)
Editorial Notes
Editorial Notes
Amendments
1996—Pub. L. 104–105 amended section generally. Prior to amendment, section related to Board of Directors, including provisions relating to establishment, appointment, chairperson, postemployment prohibition, terms of office, succession, vacancies, oath, quorum, meetings, rules and records, compensation, and expenses.
1992—Pub. L. 102–552 amended section generally. Prior to amendment, section read as follows:
"(a) Establishment.—The Corporation shall be managed by a Board of Directors that shall consist of the members of the Farm Credit Administration Board.
"(b) Chairman.—The Board of Directors shall be chaired by any Board member other than the Chairman of the Farm Credit Administration Board."
Statutory Notes and Related Subsidiaries
Effective Date of 1992 Amendment; Transition Provision
Pub. L. 102–552, title II, §201(c), Oct. 28, 1992, 106 Stat. 4105, provided that:
"(1) In general.—The amendments made by this section [amending this section and sections 5314 and 5315 of Title 5, Government Organization and Employees] shall become effective on January 1, 1996.
"(2) Transitional provision.—The Board of Directors of the Farm Credit System Insurance Corporation as established by section 5.53 of the Farm Credit Act of 1971 (12 U.S.C. 2277a–2) (as it existed before the amendments made by subsection (a) of this section) shall continue in existence and continue to manage the Farm Credit System Insurance Corporation until at least two members are appointed by the President, by and with the advice and consent of the Senate, to the new Board established by section 5.53 of such Act (as amended by subsection (a) of this section)."
Amendments
1996—Pub. L. 104–105 amended section generally. Prior to amendment, section related to Board of Directors, including provisions relating to establishment, appointment, chairperson, postemployment prohibition, terms of office, succession, vacancies, oath, quorum, meetings, rules and records, compensation, and expenses.
1992—Pub. L. 102–552 amended section generally. Prior to amendment, section read as follows:
"(a) Establishment.—The Corporation shall be managed by a Board of Directors that shall consist of the members of the Farm Credit Administration Board.
"(b) Chairman.—The Board of Directors shall be chaired by any Board member other than the Chairman of the Farm Credit Administration Board."
Statutory Notes and Related Subsidiaries
Effective Date of 1992 Amendment; Transition Provision
Pub. L. 102–552, title II, §201(c), Oct. 28, 1992, 106 Stat. 4105, provided that:
"(1) In general.—The amendments made by this section [amending this section and sections 5314 and 5315 of Title 5, Government Organization and Employees] shall become effective on January 1, 1996.
"(2) Transitional provision.—The Board of Directors of the Farm Credit System Insurance Corporation as established by section 5.53 of the Farm Credit Act of 1971 (12 U.S.C. 2277a–2) (as it existed before the amendments made by subsection (a) of this section) shall continue in existence and continue to manage the Farm Credit System Insurance Corporation until at least two members are appointed by the President, by and with the advice and consent of the Senate, to the new Board established by section 5.53 of such Act (as amended by subsection (a) of this section)."