Merger of similar banks

Banks organized or operating under this chapter may merge with banks in other districts operating under the same subchapter if the plan of merger is approved by— Sections 2279a–2 and 2279a–3 of this title shall apply to banks merged under this section. After a merger under subsection (a), a board of directors shall be created for the resulting bank. The board shall be composed of— The outside director elected under paragraph (2)(B) shall be experienced in financial services and credit, and within the 2-year period prior to such election, shall not have been a borrower from, shareholder in, or director, officer, employee, or agent of any institution of the Farm Credit System. If the other members of the board fail to elect an outside director, the Farm Credit Administration Board shall appoint a qualified person to serve on the board of directors until such member is so elected. Notwithstanding paragraph (2), the bylaws of the merged bank may, with the approval of the Farm Credit Administration, provide for a different number of directors to be selected in a different manner, except that the bylaws shall provide for at least one outside director.