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12 U.S.C. § 2125 — Board of directors
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Each bank for cooperatives 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.
**(b) Nomination and election**
(1) **In general** — If approved by the stockholders through a bylaw amendment, the nomination and election of one member from a bank for cooperatives shall be carried out with each voting stockholder of a bank for cooperatives having one vote, plus a number of votes (or fractional part thereof) equal to—
(A) the number of stockholders eligible to vote; multiplied by
(B) the percentage (or fractional part thereof) of the total equity interest (including allocated, but not unallocated, surplus and reserves) in the bank of all stockholders held by the individual voting stockholder at the close of the immediately preceding fiscal year of the bank.
(2) **Number of votes** — The total number of votes under this subsection shall be the number of voting stockholders of a bank for cooperatives multiplied by two.
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Stable record: federal_law:legal_authorities:record_usc_2390eae08a4cc6b50074fce9
Source file: Laws/federal/codes/united-states-code/title-12/section-2125-board-of-directors--001caf477a.md
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Source location: Title 12, Chapter 23, § 2125; chapter-023-farm-credit-system.md
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**(a) In general** Each bank for cooperatives 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.
**(b) Nomination and election**
(1) **In general** — If approved by the stockholders through a bylaw amendment, the nomination and election of one member from a bank for cooperatives shall be carried out with each voting stockholder of a bank for cooperatives having one vote, plus a number of votes (or fractional part thereof) equal to—
(A) the number of stockholders eligible to vote; multiplied by
(B) the percentage (or fractional part thereof) of the total equity interest (including allocated, but not unallocated, surplus and reserves) in the bank of all stockholders held by the individual voting stockholder at the close of the immediately preceding fiscal year of the bank.
(2) **Number of votes** — The total number of votes under this subsection shall be the number of voting stockholders of a bank for cooperatives multiplied by two.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 92–181, title VIII, § 8.38, as added Pub. L. 104–105, title I, § 117, Feb. 10, 1996, 110 Stat. 168, related to recapitalization of Corporation.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Voluntary liquidation** The Corporation may voluntarily liquidate only with the consent of, and in accordance with a plan of liquidation approved by, the Farm Credit Administration Board.
**(b) Involuntary liquidation**
(1) **In general** — The Farm Credit Administration Board may appoint a conservator or receiver for the Corporation under the circumstances specified in [section 2183(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2183/b&num=0&edition=prelim).
(2) **Application** — In applying [section 2183(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2183/b&num=0&edition=prelim) to the Corporation under paragraph (1)—
(A) the Corporation shall also be considered insolvent if the Corporation is unable to pay its debts as they fall due in the ordinary course of business;
(B) a conservator may also be appointed for the Corporation if the authority of the Corporation to purchase qualified loans or issue or guarantee loan-backed securities is suspended; and
(C) a receiver may also be appointed for the Corporation if—
(i)
(I) the authority of the Corporation to purchase qualified loans or issue or guarantee loan-backed securities is suspended; or
(II) the Corporation is classified under [section 2279bb–4 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279bb-4&num=0&edition=prelim) as within level III or IV and the alternative actions available under part B are not satisfactory; and
(ii) the Farm Credit Administration determines that the appointment of a conservator would not be appropriate.
(3) **No effect on supervisory actions** — The grounds for appointment of a conservator for the Corporation
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Federal law — U.S. Code and appendices · legal_authorities
Page 1314
TITLE 12—BANKS AND BANKING
§ 2125
cept that if such holder has not been a borrower
from the bank in which it holds such stock with-
in a period of two years next preceding the date
fixed by the Farm Credit Administration prior
to the commencement of voting, it shall not be
entitled to vote.
(e) Nonvoting investment stock
Nonvoting investment stock may be issued in
such series and in such amounts as may be de-
termined by the board and may be exchanged for
voting stock or sold or transferred to any person
subject to the approval of the issuing bank.
(f) Participation certificates
Participation certificates may be issued to
parties to whom voting stock may not be issued.
(Pub. L. 92–181, title III, § 3.3, Dec. 10, 1971, 85
Stat. 603; Pub. L. 96–592, title III, § 302, Dec. 24,
1980, 94 Stat. 3443; Pub. L. 99–205, title II,
§ 205(e)(3), (4), Dec. 23, 1985, 99 Stat. 1705; Pub. L.
100–233, title VIII, §§ 802(o), 805(k), Jan. 6, 1988,
101 Stat. 1712, 1715; Pub. L. 110–234, title V,
§§ 5402, 5403(a), May 22, 2008, 122 Stat. 1154; Pub.
L. 110–246, § 4(a), title V, §§ 5402, 5403(a), June 18,
2008, 122 Stat. 1664, 1915.)
Editorial Notes
CODIFICATION
Pub. L. 110–234 and Pub. L. 110–246 made identical
amendments to this section. The amendments by Pub.
L. 110–234 were repealed by section 4(a) of Pub. L.
110–246.
AMENDMENTS
2008—Subsec. (b). Pub. L. 110–246, § 5402, which di-
rected substitution of ‘‘par’’ for ‘‘per’’, could not be ex-
ecuted because ‘‘per’’ did not appear.
Subsec. (c)(ii), (iii). Pub. L. 110–246, § 5403(a), added cl.
(ii) and redesignated former cl. (ii) as (iii).
1988—Subsec. (a). Pub. L. 100–233, § 802(o)(1), struck
out ‘‘, with the approval of Farm Credit Administra-
tion,’’ after ‘‘board determines’’.
Subsec. (b). Pub. L
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