Each production credit association shall elect from the voting members of such association, a board of directors of such number, for such terms, with such qualifications, and in such manner as may be required by the bylaws of the association, except that at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, stockholder, or agent of a System institution.
Pub. L. 92–181, title II, § 2Pub. L. 100–233, title IV, § 401101 Stat. 1630Pub. L. 100–399, title IV, § 401(n)102 Stat. 997Pub. L. 102–237, title V, § 502(c)105 Stat. 1868(.1, as added , , ; amended , , ; , , .)
Editorial Notes
Prior Provisions
Pub. L. 92–181, title II, § 285 Stat. 591Pub. L. 96–592, title II, § 20194 Stat. 3439Pub. L. 99–205, title II, § 205(e)(1)99 Stat. 1704Pub. L. 100–233, title VII, § 705(c)101 Stat. 1707Pub. L. 100–399, title VI, § 604102 Stat. 1006Pub. L. 100–233, § 401A prior section 2072, .1, , ; , , ; , , ; , title VIII, §§ 802(i), 805(d), , , 1711, 1715; , title IX, § 901(b), , , 1007, related to corporate existence and general corporate powers, prior to the general amendment of this subchapter by .
Amendments
Pub. L. 102–2371991— substituted “stockholder, or agent” for “or stockholder”.
Pub. L. 100–3991988— struck out the comma after “except that”.
Statutory Notes and Related Subsidiaries
Effective Date of 1988 Amendment
Pub. L. 100–399section 401 of Pub. L. 100–233section 1001(b) of Pub. L. 100–399section 2002 of this titleAmendment by effective immediately after amendment made by , which was effective 6 months after , see , set out as a note under .
Effective Date
Pub. L. 100–233, title IV, § 401101 Stat. 1622, , , provided in part that this section is effective 6 months after .