12 USC 2270: Replacement of suspended or removed directors

12 USC 2270: Replacement of suspended or removed directors Text contains those laws in effect on May 5, 2024

From Title 12-BANKS AND BANKINGCHAPTER 23-FARM CREDIT SYSTEMSUBCHAPTER V-FARM CREDIT ADMINISTRATION ORGANIZATIONPart C-Enforcement Powers of Farm Credit Administration

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§2270. Replacement of suspended or removed directors

If at any time, because of the suspension or removal of one or more directors pursuant to section 2264 or 2265 of this title, there shall be on the board of directors of a System institution less than a quorum of directors not so suspended, the Chairman shall appoint persons to serve temporarily as directors in their place and stead so as to establish a quorum until such time as those who have been removed are reinstated or their respective successors are duly elected and take office.

(Pub. L. 92–181, title V, §5.34, as added Pub. L. 99–205, title II, §204, Dec. 23, 1985, 99 Stat. 1701 .)

Statutory Notes and Related Subsidiaries

Effective Date

Section effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as an Effective Date of 1985 Amendment note under section 2001 of this title.