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12 U.S.C. § 2123

Board of directors

United States · Title 12 — BANKS AND BANKING · Status: effective

Government Administration
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12 U.S.C. § 2123, Board of directors, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/438161
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Full text

Each 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. If approved by the stockholders through a bylaw amendment, the nomination and election of one member from a 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— The total number of votes under this subsection shall be the number of voting stockholders of a bank for cooperatives multiplied by two.

Legislative history

The public laws that enacted or amended this section. Tallies are for the whole bill as it passed each chamber — often an omnibus covering far more than this provision — not a vote on this section alone. The law that originally enacted this section predates the public laws loaded here, so only later amendments are listed.

  • Amended byPub. L. 99-205(S. 1884)1985-12-23
    Farm Credit Amendments Act of 1985
    House: no recorded tallySenate: no recorded tally
  • Amended byPub. L. 100-399(H.R. 3980)1988-08-17
    Agricultural Credit Technical Corrections Act of 1988
    House: no recorded tallySenate: no recorded tally
  • Amended byPub. L. 102-552(H.R. 6125)1992-10-28
    Farm Credit Banks and Associations Safety and Soundness Act of 1992
    House: no recorded tallySenate: no recorded tally
  • Amended byPub. L. 115-334(H.R. 2)2018-12-20
    Agriculture Improvement Act of 2018
    House: 369–47Senate: 87–13