Notice: The uscode.house.gov website is currently operating in a temporary format. While the United States Code remains available from its authoritative source, some website features and functionality are temporarily unavailable.
The United States Code Online is current through Public Law 119-120 (October 7, 2026).
Search & Browse Currency and Updating Classification Tables Popular Name Tool Positive Law Codification Editorial Reclassification Downloads
12 U.S.C. 2279a–1: 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
Jump To: Source CreditEditorial NotesAmendmentsStatutory Notes and Related SubsidiariesEffective Date of Amendment

§2279a–1. Board of directors

Each merged bank 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.

( Pub. L. 92–181, title VII, § 7 .1, as added Pub. L. 100–233, title IV, § 416 , Jan. 6, 1988 , 101 Stat. 1645 ; amended Pub. L. 100–399, title IV, § 408(c) , Aug. 17, 1988 , 102 Stat. 1001 .)

Editorial Notes

Amendments

1988⁠—Pub. L. 100–399 struck out “for the district” in section catchline and amended text generally, revising and restating as a single unlettered paragraph provisions of former subsecs. (a) and (b).

Statutory Notes and Related Subsidiaries

Effective Date of 1988 Amendment

Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.