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12 U.S.C. 2092: Board of directorsText contains those laws in effect through Public Law 119-120 (October 7, 2026).
From Title 12-BANKS AND BANKINGCHAPTER 23-FARM CREDIT SYSTEM
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§2092. Board of directors

Each Federal land bank association shall elect from its voting shareholders a board of directors of such number, for such terms, in such manner, and with such qualifications as may be required by its bylaws 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, § 2 .11, as added Pub. L. 100–233, title IV, § 401 , Jan. 6, 1988 , 101 Stat. 1635 ; amended Pub. L. 102–237, title V, § 502(d) , Dec. 13, 1991 , 105 Stat. 1868 .)

Editorial Notes

Prior Provisions

A prior section 2092, Pub. L. 92–181, title II, § 2.11, Dec. 10, 1971, 85 Stat. 598, related to board of directors, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.

Amendments

1991⁠—Pub. L. 102–237 substituted “stockholder, or agent” for “or stockholder”.

Statutory Notes and Related Subsidiaries

Effective Date

Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.