§ 2123. Board of directors

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1971

   Farm Credit Act of 1971

   Pub. L. 92–181 title III § 3 · 85 Stat. 583

   Enacted · 12 U.S.C. § 2123

   Pub. L. 92–181, title III, § 3.2, Dec. 10, 1971, 85 Stat. 603

   Source evidence

   Code source credit
   Pub. L. 92–181, title III, § 3.2, Dec. 10, 1971, 85 Stat. 603

   Enacted provision · exact public law section
   (3) Make contracts.

2. 1985

   Farm Credit Amendments Act of 1985

   Pub. L. 99–205 title II § 205(e)(2) · 99 Stat. 1678

   Substituted · 12 U.S.C. § 2123(a)

   Pub. L. 99–205 substituted “Farm Credit Administration” for “Governor with the advice and consent of the Federal Farm Credit Board”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 99–205 substituted “Farm Credit Administration” for “Governor with the advice and consent of the Federal Farm Credit Board”.

   Enacted provision · exact public law section
   (2) in the first sentence of section 2.2(d), striking out “the Governor of the Farm Credit Administration, and may”;

3. 1988

   Agricultural Credit Technical Corrections Act of 1988

   Pub. L. 100–399 title IX § 901(d) · 102 Stat. 989

   Amended · 12 U.S.C. § 2123(a)

   Pub. L. 100–399 amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “In the case of a district bank for cooperatives, the board of directors shall be the farm credit district board and in the case of the Central Bank for Cooperatives shall be a separate board of not more than thirteen members, one from each farm credit district and one at large. One district director of the Central Bank Board shall be elected by each district farm credit board and the member at large shall be appointed by the Farm Credit Administration.”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 100–399 amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “In the case of a district bank for cooperatives, the board of directors shall be the farm credit district board and in the case of the Central Bank for Cooperatives shall be a separate board of not more than thirteen members, one from each farm credit district and one at large. One district director of the Central Bank Board shall be elected by each district farm credit board and the member at large shall be appointed by the Farm Credit Administration.”

   Enacted provision · exact public law section
   (d) Subsections (a) and (b) of section 3.2 are amended to read as 12 USC 2123. follows: “(a) Each bank for cooperatives not merged into the United Bank for Cooperatives or the National Bank for Cooperatives 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. “(b) The board of directors of the Central Bank for Cooperatives shall consist of one member elected by the board of each bank for cooperatives, including the United Bank for Cooperatives if the Central Bank for Cooperatives is not merged into such bank, and one member appointed by the Farm Credit Administration.”.

   Effective date note
   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.

4. 1988

   Agricultural Credit Technical Corrections Act of 1988

   Pub. L. 100–399 title IX § 901(d) · 102 Stat. 989

   Amended · 12 U.S.C. § 2123(b)

   Pub. L. 100–399 amended subsec. (b) generally. Prior to amendment, subsec. (b) read as follows: “For the purposes of this section the provisions of sections 2222(b) and (c), 2225, 2226, and 2227 of this title shall apply to and shall be the authority of the Central Bank for Cooperatives the same as though it were a district bank.”

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 100–399 amended subsec. (b) generally. Prior to amendment, subsec. (b) read as follows: “For the purposes of this section the provisions of sections 2222(b) and (c), 2225, 2226, and 2227 of this title shall apply to and shall be the authority of the Central Bank for Cooperatives the same as though it were a district bank.”

   Enacted provision · exact public law section
   (d) Subsections (a) and (b) of section 3.2 are amended to read as 12 USC 2123. follows: “(a) Each bank for cooperatives not merged into the United Bank for Cooperatives or the National Bank for Cooperatives 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. “(b) The board of directors of the Central Bank for Cooperatives shall consist of one member elected by the board of each bank for cooperatives, including the United Bank for Cooperatives if the Central Bank for Cooperatives is not merged into such bank, and one member appointed by the Farm Credit Administration.”.

   Effective date note
   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.

5. 1992

   Farm Credit Banks and Associations Safety and Soundness Act of 1992

   Pub. L. 102–552 title V § 503 · 106 Stat. 4102

   1. Amended · 12 U.S.C. § 2123(a)

      Pub. L. 102–552 designated existing provisions as par. (1)

   2. Added · 12 U.S.C. § 2123(a)

      Pub. L. 102–552 added par. (2)

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 102–552 designated existing provisions as par. (1) and added par. (2).

   Enacted provision · exact public law section
   SEC. 503. EQUITY VOTING FOR ONE DIRECTOR OF EACH BANK FOR COOPERATIVES. Section 3.2(a) of the Farm Credit Act of 1971 (12 U.S.C. 2123(a)) is amended— (1) by inserting “(1)” after “(a)”; and (2) by adding at the end the following new paragraph: “(2) (A) If approved by the stockholders through a bylaw amendment, the nomination and election of one member from a bank for cooperatives (other than the National Bank for Cooperatives) shall be carried out with each voting stockholder of a bank for cooperatives having one vote, plus a number of votes (or fractional part thereof) equal to— “(i) the number of stockholders eligible to vote; multiplied by “(ii) the percentage (or fractional part thereof) of the total equity interest (including allocated, but not unallocated, surplus and reserves) in the bank of all stockholders held by the individual voting stockholder at the close of the immediately preceding fiscal year of the bank. “(B) The total number of votes under this paragraph shall be the number of voting stockholders of a bank for cooperatives multiplied by two.”.

6. 2018

   Agriculture Improvement Act of 2018

   Pub. L. 115–334 § 5411(5)(B) · 132 Stat. 4490

   1. Redesignated · 12 U.S.C. § 2123

      Pub. L. 115–334, § 5411(5)(B), (C), redesignated subsec. (a)(1) as (a) and subsec. (a)(2) as (b)

   2. Inserted · 12 U.S.C. § 2123

      Pub. L. 115–334, § 5411(5)(B), (C), inserted headings

   3. Struck · 12 U.S.C. § 2123

      Pub. L. 115–334, § 5411(5)(B), (C), struck out former subsec. (b) which read as follows: “The board of directors of the Central Bank for Cooperatives shall consist of one member elected by the board of each bank for cooperatives, including the United Bank for Cooperatives if the Central Bank for Cooperatives is not merged into such bank, and one member appointed by the Farm Credit Administration.”

   Source evidence

   Code amendment note
   Pub. L. 115–334, § 5411(5)(B), (C), redesignated subsec. (a)(1) as (a) and subsec. (a)(2) as (b), inserted headings, and struck out former subsec. (b) which read as follows: “The board of directors of the Central Bank for Cooperatives shall consist of one member elected by the board of each bank for cooperatives, including the United Bank for Cooperatives if the Central Bank for Cooperatives is not merged into such bank, and one member appointed by the Farm Credit Administration.”

   Enacted provision · exact public law section
   (B) by striking subsection (b);

7. 2018

   Agriculture Improvement Act of 2018

   Pub. L. 115–334 § 5411(5)(A)(i) · 132 Stat. 4490

   Struck · 12 U.S.C. § 2123(a)(1)

   Pub. L. 115–334, § 5411(5)(A)(i), struck out “not merged into the United Bank for Cooperatives or the National Bank for Cooperatives” after “Each bank for cooperatives”

   Source evidence

   Code amendment note
   Subsec. (a)(1). Pub. L. 115–334, § 5411(5)(A)(i), struck out “not merged into the United Bank for Cooperatives or the National Bank for Cooperatives” after “Each bank for cooperatives”.

   Enacted provision · exact public law section
   (i) in paragraph (1), by striking “not merged into the United Bank for Cooperatives or the National Bank for Cooperatives”; and

8. 2018

   Agriculture Improvement Act of 2018

   Pub. L. 115–334 § 5411(5)(A)(ii) · 132 Stat. 4490

   Struck · 12 U.S.C. § 2123(a)(2)(A)

   Pub. L. 115–334, § 5411(5)(A)(ii), struck out “(other than the National Bank for Cooperatives)” after “a bank for cooperatives” in introductory provisions

   Source evidence

   Code amendment note
   Subsec. (a)(2)(A). Pub. L. 115–334, § 5411(5)(A)(ii), struck out “(other than the National Bank for Cooperatives)” after “a bank for cooperatives” in introductory provisions.

   Enacted provision · exact public law section
   (ii) in paragraph (2)(A), in the matter preceding clause (i), by striking “(other than the National Bank for Cooperatives)”;

9. 2018

   Agriculture Improvement Act of 2018

   Pub. L. 115–334 § 5411(5)(C)(ii) · 132 Stat. 4490

   1. Redesignated · 12 U.S.C. § 2123(b)(1)

      Pub. L. 115–334, § 5411(5)(C)(ii), (D)(ii), redesignated subsec. (a)(2)(A) and cls. (i) and (ii) thereof as subsec. (b)(1) and subpars. (A) and (B) thereof, respectively

   2. Inserted · 12 U.S.C. § 2123(b)(1)

      Pub. L. 115–334, § 5411(5)(C)(ii), (D)(ii), inserted par. heading, and realigned margins

   Source evidence

   Code amendment note
   Subsec. (b)(1). Pub. L. 115–334, § 5411(5)(C)(ii), (D)(ii), redesignated subsec. (a)(2)(A) and cls. (i) and (ii) thereof as subsec. (b)(1) and subpars. (A) and (B) thereof, respectively, inserted par. heading, and realigned margins.

   Enacted provision · exact public law section
   (ii) by striking “(2)(A) If approved” and inserting the following: “(b) Nomination and Election.— “(1) In general.— If approved” ;

10. 2018

    Agriculture Improvement Act of 2018

    Pub. L. 115–334 § 5411(5)(D)(i) · 132 Stat. 4490

    1. Redesignated · 12 U.S.C. § 2123(b)(2)

       Pub. L. 115–334, § 5411(5)(D)(i), (E), redesignated subsec. (a)(2)(B) as subsec. (b)(2)

    2. Inserted · 12 U.S.C. § 2123(b)(2)

       Pub. L. 115–334, § 5411(5)(D)(i), (E), inserted heading

    3. Substituted · 12 U.S.C. § 2123(b)(2)

       Pub. L. 115–334, § 5411(5)(D)(i), (E), substituted “this subsection” for “this paragraph”

    Source evidence

    Code amendment note
    Subsec. (b)(2). Pub. L. 115–334, § 5411(5)(D)(i), (E), redesignated subsec. (a)(2)(B) as subsec. (b)(2), inserted heading, and substituted “this subsection” for “this paragraph”.

    Enacted provision · exact public law section
    (i) in subparagraph (B), by striking “(B) The total” and inserting the following: “(2) Number of votes.— The total” ; and

16 of 16 references resolved to an enrolled provision