12 USC 3013 - Board of Directors

U.S Code last checked for updates: Nov 23, 2024

§ 3013.

Board of Directors

(a)

Composition; term of office; removal by President

(b)

Appointment by President; election by stockholders

(1)

The President shall appoint, by and with the advice and consent of the Senate—

(A)

one member who shall be selected from among proprietors of small business concerns, as defined under section 632 of title 15, which are manufacturers or retailers;

(B)

one member who shall be selected from among the officers of the agencies and departments of the United States; and

(C)

one member who shall be selected from among persons having extensive experience in the cooperative field representing low-income cooperatives eligible to borrow from the Bank.

(2)

Twelve members of the Board shall be elected by the holders of class B stock and class C stock in accordance with the provisions of subsection (d) and the bylaws of the Bank.

(c)

Resignations; continuances; completion of term; committee representation

(1)

On the day after the Final Government Equity Redemption Date, all members of the Board of Directors of the Bank who were appointed by the President shall resign, except that—

(A)

the member who shall have been appointed by the President from among proprietors of small business concerns, and

(B)

one member who shall be designated by the President and who shall have been appointed by the President from among the officers and employees of the agencies and departments of the United States Government,

may continue to serve until their successors have been appointed and qualified.

(2)

Any member of the Board of Directors of the Bank who was elected by the holders of class B or class C stock before the Final Government Equity Redemption Date shall serve the remainder of the term for which such member was elected.

(3)

Any member appointed pursuant to subsection (b)(1) shall be entitled to sit on any committee of the Board, but not more than one member so appointed may sit on any one committee.

(d)

Elections; nominations by cooperative classes; vacancies filled; representation requirements

(1)

All elections of members of the Board by the holders of class B stock and class C stock shall be conducted in accordance with the bylaws of the Bank. Such bylaws shall conform to the requirements of this section. Nominations for such elections shall be made by the following classes of cooperatives: (A) housing, (B) consumer goods, (C) low-income cooperatives, (D) consumer services, and (E) all other eligible cooperatives.

(2)

(A)

Vacant shareholder directorships shall be filled so that at any time when there are three or more shareholder directors on the Board, there shall be at least one director representing each of the following classes of cooperatives: (i) housing cooperatives, (ii) low-income cooperatives, and (iii) consumer goods and services cooperatives.

(B)

Each nominee for a shareholder directorship of a particular class shall have at least three years experience as a director or senior officer in the class of cooperatives to be represented.

(C)

No one class of cooperatives specified in paragraph (1) shall be represented on the Board by more than three directors.

(e)

Terms; officer of Bank not to serve as director; notice requirements of Bank and voting shareholders

(f)

Annual election of chairman and vice chairman and selection of secretary; eligibility; establishment of Bank policies and direction of management

(g)

Conduct of meetings; rules governing

(h)

Compensation and expenses

(Pub. L. 95–351, title I, § 103, Aug. 20, 1978, 92 Stat. 502; Pub. L. 96–149, Dec. 16, 1979, 93 Stat. 1089; Pub. L. 97–35, title III, § 393(a), (b), Aug. 13, 1981, 95 Stat. 435, 436.)

cite as: 12 USC 3013