§ 3013. Board of Directors

Footnotes

1. 1 See References in Text note below.

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. 1978

   National Consumer Cooperative Bank Act

   Pub. L. 95–351 title I § 103 · 92 Stat. 499

   Enacted · 12 U.S.C. § 3013

   Pub. L. 95–351, title I, § 103, Aug. 20, 1978, 92 Stat. 502

   Source evidence

   Code source credit
   Pub. L. 95–351, title I, § 103, Aug. 20, 1978, 92 Stat. 502

   Enacted provision · exact public law section
   Sec. 103. board of directors (a) The Bank shall be governed by a Board of Directors 12 USC 3013. (hereinafter referred to as the “Board”) which shall consist of thirteen members. Subject to the provisions of subsection (b) of this section, all members of the Board shall be appointed by the President, with the advice and consent of the Senate, for terms of three years or until their successors have been appointed and qualified. The President shall appoint seven members of the Board from among the officers of the agencies and departments of the United States Government: Provided, That at any one time no more than one member shall be from any one agency or department. The remaining members shall be from the general public (and not from the officers or employees of the United States Government) but shall have extensive experience in the cooperative field representative of the following classes of cooperatives: (1) housing, (2) consumer goods, (3) low-income cooperatives, (4) consumer services, and (5) all other eligible cooperatives, and for these appointments the President shall consider nominees submitted by national associations of cooperatives. Any member appointed by the President may be removed at any time with or without cause by the President. If a vacancy occurs on the Board for any reason other than a resignation pursuant to subsection (b) of this section, a new member shall be appointed by the President to serve until the next annual meeting of the Bank, at which time the vacancy shall be filled for the remainder of the unexpired term by the President or the holders of class B and class C stock, as provided in this section 104. (b) At the first annual meeting occurring after the time when the amount of paid-in capital of the Bank attributable to the shares of class B stock and class C stock equals or exceeds $3,000,000, three members of the Board appointed by the President from the general public shall resign. Similarly, when the amount of paid-in capital attributable to the shares of class B and class C stock equals or exceeds $10,000,000 the terms of the other three members appointed by the President from the general public shall terminate. An additional member of the Board designated by the President (who shall be a member who had been appointed by the President) shall resign at each of the annual meetings occurring after the time when the amount of paid-in capital attributable to the class B and class C stock equals or exceeds seven-thirteenths and eight-thirteenths of the total amount of paid-in capital of the Bank. As members of the Board resign in accordance with the foregoing provisions, the directorships vacated shall be deemed shareholder directorships and shall be filled by the holders of class B stock and class C stock in accordance with the provisions of subsection (c) of this section. Five remaining members of the Board appointed by the President shall resign on the Final Government Equity Redemption Date. Thereafter, one member of the Board shall continue to be appointed by the President from among proprietors of small business concerns, as defined under section 3 of the Small Business Act, which are manufacturers or retailers. 14 USC 632. (c) At all elections of Directors by holders of class B stock and class C stock, nominations shall be made by the classes of eligible cooperatives specified in subsection (a). Vacant shareholder directorships shall be filled, whether by appointment or election, so that at any time when there are three or more shareholder directors on the board, there shall be at least one director representing each of the classes of housing cooperatives, low-income cooperatives, and consumer goods and services cooperatives. Each nominee for shareholder direc-torship of a particular class shall have at least three years experience as a director or senior officer in the class of cooperatives to be represented. No one class of cooperatives specified in subsection (a) shall be represented on the Board by more than three directors. (d) When all five remaining members of the Board appointed by the President have resigned pursuant to subsection (b) of this section, their successors and the successors to shareholder directors shall thereafter be elected pursuant to such rules as the Board may from time to time prescribe in the bylaws of the Bank. (e) No director shall be eligible to be elected for more than two consecutive full three-year terms. No officer of the Bank shall be eligible to serve simultaneously as a director on the Board of the Bank. The Bank shall give adequate advance notice to all voting stockholders of nominees and of the procedures for nominating other candidates. Each voting stockholder shall make the information required in this paragraph available to its members. (f) The Board shall annually elect from among its members a chairman and vice chairman and select a secretary who need not be a member. The Board shall establish the policies of the Bank governing its funding, lending, and other financial and technical assistance, and shall direct the management of the Bank. (g) The Board shall meet at least quarterly. Its meeting shall be Rules. open to members or representatives of all eligible cooperatives and other eligible organizations, as observers only, and to persons or representatives of groups who identify their interest in the Bank and who are invited to attend a meeting, subject to such rules as the Board may establish for the conduct of such meetings. Those rules shall include the manner of giving notice of meetings, the procedure for the conduct of meetings, the manner of submitting topics for the agenda, the allocation of time of presentations, and debate. The chairman, when sustained by the majority of the Board present, may adjourn the open meeting into an executive session on motion of the chairman, any Board member, or at the request of any applicant, borrower, officer, or employee when the matter under discussion involves an application, a loan, a personnel action, or other matter which might tend to impinge on the right of privacy of any person. (h) Members of the Board appointed by the President from among the officers of the agencies and departments of the United States Government shall not receive any additional compensation by virtue of their service on the Board. Until the Final Government Equity Redemption Date, members of the Board appointed by the President from among the general public or elected by the holders of the class B and class C stock shall (1) receive compensation at a rate equal to 5 USC 5332. note. the daily equivalent of the rate prescribed for grade GS–18 under section 5332 of title 5, United States Code, for each day that they are engaged in the performance of their duties on the Board, and (2) be allowed travel expenses, including per diem in lieu of subsistence, in the same manner as persons employed intermittently in the Government service are allowed expenses under section 5703(b) of title 5, United States Code, for each day that they are away from their homes or regular places of business in the performance of their duties on the Board.

2. 1979

   Pub. L. 96–149 § 1(a) · 93 Stat. 1089

   1. Inserted · 12 U.S.C. § 3013(a)

      Pub. L. 96–149, § 1(a), inserted provisions respecting appointment of a member from among proprietors of small business concerns

   2. Substituted · 12 U.S.C. § 3013(a)

      Pub. L. 96–149, § 1(a), substituted “fifteen” for “thirteen” which for purposes of codification had been editorially translated as “section 3014 of this title”

   3. Substituted · 12 U.S.C. § 3013(a)

      Pub. L. 96–149, § 1(a), substituted “eight” for “seven” which for purposes of codification had been editorially translated as “section 3014 of this title”

   4. Substituted · 12 U.S.C. § 3013(a)

      Pub. L. 96–149, § 1(a), substituted “this section” for “this section 104” which for purposes of codification had been editorially translated as “section 3014 of this title”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 96–149, § 1(a), inserted provisions respecting appointment of a member from among proprietors of small business concerns, and substituted “fifteen” for “thirteen”, “eight” for “seven”, and “this section” for “this section 104”, which for purposes of codification had been editorially translated as “section 3014 of this title”.

   Enacted provision · exact public law section
   (1) by striking out “thirteen” in the first sentence and inserting in lieu thereof “fifteen”;

3. 1979

   Pub. L. 96–149 § 1(b) · 93 Stat. 1089

   1. Substituted · 12 U.S.C. § 3013(b)

      Pub. L. 96–149, § 1(b), substituted provisions respecting criteria for resignations of initial two additional Board members and the additional Board member, for provisions respecting criteria for resignation of an additional Board member

   2. Substituted · 12 U.S.C. § 3013(b)

      Pub. L. 96–149, § 1(b), substituted “Five of the” for “Five”

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 96–149, § 1(b), substituted provisions respecting criteria for resignations of initial two additional Board members and the additional Board member, for provisions respecting criteria for resignation of an additional Board member, and substituted “Five of the” for “Five”.

   Enacted provision · exact public law section
   (1) by striking out “thirteen” in the first sentence and inserting in lieu thereof “fifteen”;

4. 1979

   Pub. L. 96–149 § 1(c) · 93 Stat. 1089

   Substituted · 12 U.S.C. § 3013(d)

   Pub. L. 96–149, § 1(c), substituted “five of the” for “all five”

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 96–149, § 1(c), substituted “five of the” for “all five”.

   Enacted provision · exact public law section
   (1) by striking out “thirteen” in the first sentence and inserting in lieu thereof “fifteen”;

5. 1979

   Pub. L. 96–149 § 1(d) · 93 Stat. 1089

   Inserted · 12 U.S.C. § 3013(h)

   Pub. L. 96–149, § 1(d), inserted provisions relating to Board member appointed from among proprietors of small businesses

   Source evidence

   Code amendment note
   Subsec. (h). Pub. L. 96–149, § 1(d), inserted provisions relating to Board member appointed from among proprietors of small businesses.

   Enacted provision · exact public law section
   (1) by striking out “thirteen” in the first sentence and inserting in lieu thereof “fifteen”;

6. 1981

   Pub. L. 97–35 § 393(a) · 95 Stat. 357

   Substituted · 12 U.S.C. § 3013(a)

   Pub. L. 97–35, § 393(a), substituted provisions relating to composition, term of office, and removal by the President, for provisions relating to composition, appointment, eligibility, removal, and vacancies

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 97–35, § 393(a), substituted provisions relating to composition, term of office, and removal by the President, for provisions relating to composition, appointment, eligibility, removal, and vacancies.

   Enacted provision · exact public law section
   (a) Subsections (a), (b), (c), and (d) of section 103 of such Act (12 U.S.C. 3013) are amended to read as follows: “(a) The Bank shall be governed by a Board of Directors (hereinafter in this Act referred to as the ‘Board’) which shall consist of 15 members. All members shall serve for a term of 3 years. After the expiration of the term of any member, such member may continue to serve until his successor has been elected or has been appointed and qualified. Any member appointed by the President may be removed Removal. for cause by the President. “(b) (1) The President shall appoint, by and with the advice and Appointment. consent of the Senate— “(A) one member who shall be selected from among proprietors of small business concerns, as defined under section 3 of the Small Business Act, which are manufacturers or retailers; 12 USC 371. “(B) one member who shall be selected from among the officers of the agencies and departments of the United States; and “(C) one member who shall be selected from among persons having extensive experience in the cooperative field representing low-income cooperatives eligible to borrow from the Bank. “(2) Twelve members of the Board shall be elected by the holders of class B stock and class C stock in accordance with the provisions of subsection (d) and the bylaws of the Bank. “(c) (1) On the day after the Final Government Equity Redemption Resignation. Date, all members of the Board of Directors of the Bank who were appointed by the President shall resign, except that— “(A) the member who shall have been appointed by the President from among proprietors of small business concerns, and “(B) one member who shall be designated by the President and who shall have been appointed by the President from among the officers and employees of the agencies and departments of the United States Government, may continue to serve until their successors have been appointed and qualified. “(2) Any member of the Board of Directors of the Bank who was elected by the holders of class B or class C stock before the Final Government Equity Redemption Date shall serve the remainder of the term for which such member was elected. “(3) Any member appointed pursuant to subsection (b)(1) shall be entitled to sit on any committee of the Board, but not more than one member so appointed may sit on any one committee. “(d) (1) All elections of members of the Board by the holders of class B stock and class C stock shall be conducted in accordance with the bylaws of the Bank. Such bylaws shall conform to the requirements of this section. Nominations for such elections shall be made by the following classes of cooperatives: (A) housing, (B) consumer goods, (C) low-income cooperatives, (D) consumer services, and (E) all other eligible cooperatives. “(2) (A) Vacant shareholder directorships shall be filled so that at Vacant shareholder directorships. any time when there are three or more shareholder directors on the Board, there shall be at least one director representing each of the following classes of cooperatives: (i) housing cooperatives, (ii) low-income cooperatives, and (ill) consumer goods and services cooperatives. “(B) Each nominee for a shareholder directorship of a particular class shall have at least three years experience as a director or senior officer in the class of cooperatives to be represented. “(C) No one class of cooperatives specified in paragraph (1) shall be represented on the Board by more than three directors.”,

   Effective date note
   Pub. L. 97–35, title III, § 393(c), Aug. 13, 1981, 95 Stat. 436, provided that: “The amendments made by subsections (a) and (b) [amending this section] shall take effect on the day after the Final Government Equity Redemption Date [Dec. 31, 1981].” For definition of “Final Government Equity Redemption Date”, see section 396(a) of Pub. L. 97–35, set out as a note under section 3012 of this title.

7. 1981

   Pub. L. 97–35 § 393(a) · 95 Stat. 357

   Substituted · 12 U.S.C. § 3013(b)

   Pub. L. 97–35, § 393(a), substituted provisions relating to appointment by the President, and election by the stockholders, for provisions relating to resignation and termination of terms of Presidential appointees, shareholder directorships, resignation of remaining Presidential appointees on Final Government Equity Redemption Date, and continuation of Presidential appointment power

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 97–35, § 393(a), substituted provisions relating to appointment by the President, and election by the stockholders, for provisions relating to resignation and termination of terms of Presidential appointees, shareholder directorships, resignation of remaining Presidential appointees on Final Government Equity Redemption Date, and continuation of Presidential appointment power.

   Enacted provision · exact public law section
   (a) Subsections (a), (b), (c), and (d) of section 103 of such Act (12 U.S.C. 3013) are amended to read as follows: “(a) The Bank shall be governed by a Board of Directors (hereinafter in this Act referred to as the ‘Board’) which shall consist of 15 members. All members shall serve for a term of 3 years. After the expiration of the term of any member, such member may continue to serve until his successor has been elected or has been appointed and qualified. Any member appointed by the President may be removed Removal. for cause by the President. “(b) (1) The President shall appoint, by and with the advice and Appointment. consent of the Senate— “(A) one member who shall be selected from among proprietors of small business concerns, as defined under section 3 of the Small Business Act, which are manufacturers or retailers; 12 USC 371. “(B) one member who shall be selected from among the officers of the agencies and departments of the United States; and “(C) one member who shall be selected from among persons having extensive experience in the cooperative field representing low-income cooperatives eligible to borrow from the Bank. “(2) Twelve members of the Board shall be elected by the holders of class B stock and class C stock in accordance with the provisions of subsection (d) and the bylaws of the Bank. “(c) (1) On the day after the Final Government Equity Redemption Resignation. Date, all members of the Board of Directors of the Bank who were appointed by the President shall resign, except that— “(A) the member who shall have been appointed by the President from among proprietors of small business concerns, and “(B) one member who shall be designated by the President and who shall have been appointed by the President from among the officers and employees of the agencies and departments of the United States Government, may continue to serve until their successors have been appointed and qualified. “(2) Any member of the Board of Directors of the Bank who was elected by the holders of class B or class C stock before the Final Government Equity Redemption Date shall serve the remainder of the term for which such member was elected. “(3) Any member appointed pursuant to subsection (b)(1) shall be entitled to sit on any committee of the Board, but not more than one member so appointed may sit on any one committee. “(d) (1) All elections of members of the Board by the holders of class B stock and class C stock shall be conducted in accordance with the bylaws of the Bank. Such bylaws shall conform to the requirements of this section. Nominations for such elections shall be made by the following classes of cooperatives: (A) housing, (B) consumer goods, (C) low-income cooperatives, (D) consumer services, and (E) all other eligible cooperatives. “(2) (A) Vacant shareholder directorships shall be filled so that at Vacant shareholder directorships. any time when there are three or more shareholder directors on the Board, there shall be at least one director representing each of the following classes of cooperatives: (i) housing cooperatives, (ii) low-income cooperatives, and (ill) consumer goods and services cooperatives. “(B) Each nominee for a shareholder directorship of a particular class shall have at least three years experience as a director or senior officer in the class of cooperatives to be represented. “(C) No one class of cooperatives specified in paragraph (1) shall be represented on the Board by more than three directors.”,

   Effective date note
   Pub. L. 97–35, title III, § 393(c), Aug. 13, 1981, 95 Stat. 436, provided that: “The amendments made by subsections (a) and (b) [amending this section] shall take effect on the day after the Final Government Equity Redemption Date [Dec. 31, 1981].” For definition of “Final Government Equity Redemption Date”, see section 396(a) of Pub. L. 97–35, set out as a note under section 3012 of this title.

8. 1981

   Pub. L. 97–35 § 393(a) · 95 Stat. 357

   Substituted · 12 U.S.C. § 3013(c)

   Pub. L. 97–35, § 393(a), substituted provisions relating to resignations, continuances, completion of term, and committee representation, for provisions relating to nominating criteria for appointment or election, and representational limitations

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 97–35, § 393(a), substituted provisions relating to resignations, continuances, completion of term, and committee representation, for provisions relating to nominating criteria for appointment or election, and representational limitations.

   Enacted provision · exact public law section
   (a) Subsections (a), (b), (c), and (d) of section 103 of such Act (12 U.S.C. 3013) are amended to read as follows: “(a) The Bank shall be governed by a Board of Directors (hereinafter in this Act referred to as the ‘Board’) which shall consist of 15 members. All members shall serve for a term of 3 years. After the expiration of the term of any member, such member may continue to serve until his successor has been elected or has been appointed and qualified. Any member appointed by the President may be removed Removal. for cause by the President. “(b) (1) The President shall appoint, by and with the advice and Appointment. consent of the Senate— “(A) one member who shall be selected from among proprietors of small business concerns, as defined under section 3 of the Small Business Act, which are manufacturers or retailers; 12 USC 371. “(B) one member who shall be selected from among the officers of the agencies and departments of the United States; and “(C) one member who shall be selected from among persons having extensive experience in the cooperative field representing low-income cooperatives eligible to borrow from the Bank. “(2) Twelve members of the Board shall be elected by the holders of class B stock and class C stock in accordance with the provisions of subsection (d) and the bylaws of the Bank. “(c) (1) On the day after the Final Government Equity Redemption Resignation. Date, all members of the Board of Directors of the Bank who were appointed by the President shall resign, except that— “(A) the member who shall have been appointed by the President from among proprietors of small business concerns, and “(B) one member who shall be designated by the President and who shall have been appointed by the President from among the officers and employees of the agencies and departments of the United States Government, may continue to serve until their successors have been appointed and qualified. “(2) Any member of the Board of Directors of the Bank who was elected by the holders of class B or class C stock before the Final Government Equity Redemption Date shall serve the remainder of the term for which such member was elected. “(3) Any member appointed pursuant to subsection (b)(1) shall be entitled to sit on any committee of the Board, but not more than one member so appointed may sit on any one committee. “(d) (1) All elections of members of the Board by the holders of class B stock and class C stock shall be conducted in accordance with the bylaws of the Bank. Such bylaws shall conform to the requirements of this section. Nominations for such elections shall be made by the following classes of cooperatives: (A) housing, (B) consumer goods, (C) low-income cooperatives, (D) consumer services, and (E) all other eligible cooperatives. “(2) (A) Vacant shareholder directorships shall be filled so that at Vacant shareholder directorships. any time when there are three or more shareholder directors on the Board, there shall be at least one director representing each of the following classes of cooperatives: (i) housing cooperatives, (ii) low-income cooperatives, and (ill) consumer goods and services cooperatives. “(B) Each nominee for a shareholder directorship of a particular class shall have at least three years experience as a director or senior officer in the class of cooperatives to be represented. “(C) No one class of cooperatives specified in paragraph (1) shall be represented on the Board by more than three directors.”,

   Effective date note
   Pub. L. 97–35, title III, § 393(c), Aug. 13, 1981, 95 Stat. 436, provided that: “The amendments made by subsections (a) and (b) [amending this section] shall take effect on the day after the Final Government Equity Redemption Date [Dec. 31, 1981].” For definition of “Final Government Equity Redemption Date”, see section 396(a) of Pub. L. 97–35, set out as a note under section 3012 of this title.

9. 1981

   Pub. L. 97–35 § 393(a) · 95 Stat. 357

   Substituted · 12 U.S.C. § 3013(d)

   Pub. L. 97–35, § 393(a), substituted provisions relating to nominations by cooperative classes, vacancies, and representational requirements for elections, for provisions relating to rules governing election of successors to resigned Presidential appointees and successors to shareholder directors

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 97–35, § 393(a), substituted provisions relating to nominations by cooperative classes, vacancies, and representational requirements for elections, for provisions relating to rules governing election of successors to resigned Presidential appointees and successors to shareholder directors.

   Enacted provision · exact public law section
   (a) Subsections (a), (b), (c), and (d) of section 103 of such Act (12 U.S.C. 3013) are amended to read as follows: “(a) The Bank shall be governed by a Board of Directors (hereinafter in this Act referred to as the ‘Board’) which shall consist of 15 members. All members shall serve for a term of 3 years. After the expiration of the term of any member, such member may continue to serve until his successor has been elected or has been appointed and qualified. Any member appointed by the President may be removed Removal. for cause by the President. “(b) (1) The President shall appoint, by and with the advice and Appointment. consent of the Senate— “(A) one member who shall be selected from among proprietors of small business concerns, as defined under section 3 of the Small Business Act, which are manufacturers or retailers; 12 USC 371. “(B) one member who shall be selected from among the officers of the agencies and departments of the United States; and “(C) one member who shall be selected from among persons having extensive experience in the cooperative field representing low-income cooperatives eligible to borrow from the Bank. “(2) Twelve members of the Board shall be elected by the holders of class B stock and class C stock in accordance with the provisions of subsection (d) and the bylaws of the Bank. “(c) (1) On the day after the Final Government Equity Redemption Resignation. Date, all members of the Board of Directors of the Bank who were appointed by the President shall resign, except that— “(A) the member who shall have been appointed by the President from among proprietors of small business concerns, and “(B) one member who shall be designated by the President and who shall have been appointed by the President from among the officers and employees of the agencies and departments of the United States Government, may continue to serve until their successors have been appointed and qualified. “(2) Any member of the Board of Directors of the Bank who was elected by the holders of class B or class C stock before the Final Government Equity Redemption Date shall serve the remainder of the term for which such member was elected. “(3) Any member appointed pursuant to subsection (b)(1) shall be entitled to sit on any committee of the Board, but not more than one member so appointed may sit on any one committee. “(d) (1) All elections of members of the Board by the holders of class B stock and class C stock shall be conducted in accordance with the bylaws of the Bank. Such bylaws shall conform to the requirements of this section. Nominations for such elections shall be made by the following classes of cooperatives: (A) housing, (B) consumer goods, (C) low-income cooperatives, (D) consumer services, and (E) all other eligible cooperatives. “(2) (A) Vacant shareholder directorships shall be filled so that at Vacant shareholder directorships. any time when there are three or more shareholder directors on the Board, there shall be at least one director representing each of the following classes of cooperatives: (i) housing cooperatives, (ii) low-income cooperatives, and (ill) consumer goods and services cooperatives. “(B) Each nominee for a shareholder directorship of a particular class shall have at least three years experience as a director or senior officer in the class of cooperatives to be represented. “(C) No one class of cooperatives specified in paragraph (1) shall be represented on the Board by more than three directors.”,

   Effective date note
   Pub. L. 97–35, title III, § 393(c), Aug. 13, 1981, 95 Stat. 436, provided that: “The amendments made by subsections (a) and (b) [amending this section] shall take effect on the day after the Final Government Equity Redemption Date [Dec. 31, 1981].” For definition of “Final Government Equity Redemption Date”, see section 396(a) of Pub. L. 97–35, set out as a note under section 3012 of this title.

10. 1981

    Pub. L. 97–35 § 393(b) · 95 Stat. 357

    1. Inserted · 12 U.S.C. § 3013(h)

       Pub. L. 97–35, § 393(b), inserted provisions relating to compensation of members elected by holders of class B and C stock, and provisions relating to payment of compensation and expenses by the Bank

    2. Substituted · 12 U.S.C. § 3013(h)

       Pub. L. 97–35, § 393(b), substituted provisions relating to members appointed under subsec. (b)(1)(C) of this section, for provisions relating to Final Government Equity Redemption Date, and members elected by holders of class B and C stock

    Source evidence

    Code amendment note
    Subsec. (h). Pub. L. 97–35, § 393(b), inserted provisions relating to compensation of members elected by holders of class B and C stock, and provisions relating to payment of compensation and expenses by the Bank, and substituted provisions relating to members appointed under subsec. (b)(1)(C) of this section, for provisions relating to Final Government Equity Redemption Date, and members elected by holders of class B and C stock.

    Enacted provision · exact public law section
    (b) Section 103(h) of such Act (12 U.S.C. 3013(h)) is amended— (1) in the second sentence thereof, by striking out “, until the Final Government Equity Redemption Date” and all that follows through “class B and class C stock” and inserting in lieu thereof “the member of the Board appointed pursuant to subsection (b)(1)(C)”; and (2) by adding at the end thereof the following: “The members of the Board who are elected by the holders of class B stock and class C stock shall be compensated in accordance with the bylaws of the Bank. All compensation and expenses paid to the members of the Board of Directors shall be paid by the Bank.”.

    Effective date note
    Pub. L. 97–35, title III, § 393(c), Aug. 13, 1981, 95 Stat. 436, provided that: “The amendments made by subsections (a) and (b) [amending this section] shall take effect on the day after the Final Government Equity Redemption Date [Dec. 31, 1981].” For definition of “Final Government Equity Redemption Date”, see section 396(a) of Pub. L. 97–35, set out as a note under section 3012 of this title.

15 of 15 references resolved to an enrolled provision