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12 U.S.C. § 2094 — Board of directors
Federal law — U.S. Code and appendices · legal_authorities
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.
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Source location: Title 12, Chapter 23, § 2094; chapter-023-farm-credit-system.md
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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.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, acts June 16, 1933, ch. 98, title I, § 6, 48 Stat. 259; Aug. 6, 1953, ch. 335, § 11, 67 Stat. 395; July 26, 1956, ch. 741, title I, § 105(e), 70 Stat. 665; Oct. 17, 1968, Pub. L. 90–582, § 2(a), 82 Stat. 1145, covered purchase of stock of production credit associations and payment, retirement, and cancellation of stock. See [section 2094 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2094&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1131j
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 1131d, acts June 16, 1933, ch. 98, title II, § 20, 48 Stat. 259; July 26, 1956, ch. 741, title I, § 105(f), 70 Stat. 665, authorized organization of production credit associations and provided for charters, bylaws, powers of governor, and other powers of such associations. See [section 2093 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2093&num=0&edition=prelim).
Section 1131e, acts June 16, 1933, ch. 98, title II, § 21, 48 Stat. 260; Aug. 11, 1955, ch. 785, title II, § 201, 69 Stat. 663; July 26, 1956, ch. 741, title I, § 105(g), 70 Stat. 665, provided for capital stock of production credit associations and its value, classes, voting rights, limitations on transfer, exchange, and dividends. See [section 2094 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2094&num=0&edition=prelim).
Section 1131e–1, acts Aug. 6, 1953, ch. 335, § 16, 67 Stat. 399; July 26, 1956, ch. 741, title I, § 107(b), 70 Stat. 666; Oct. 17, 1968, Pub. L. 90–582, § 2(b), 82 Stat. 1145, provided for issuance of class C stock for production credit associations and conditions, privileges, restrictions, limitations, and qualifications placed on such stock.
Section 1131f, acts June 16, 1933, ch. 98, title II, § 22, 48 Stat. 261; Aug. 11, 1955, ch. 785, title II, § 202, 69 Stat. 663; July 26, 1956, ch. 741, title I, § 105(h), 70 Stat. 665; Oct. 3, 1961, Pub. L. 87–343, § 2(2), 75 Stat. 758; Oct. 4, 1965, Pub. L. 89–237, § 2(a), 78 Stat. 924, covered application of earnings of production credit associations and restoration of capital, impairment, surplus account, distribution of earnings, and allocation on a patronage basis. See [section 2095 of this title](https://uscode.house.gov/view.x
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1134 to 1134e
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Federal law — U.S. Code and appendices · legal_authorities
Page 1308
TITLE 12—BANKS AND BANKING
§ 2094
amended Pub. L. 100–399, title IV, § 401(u), Aug.
17, 1988, 102 Stat. 998.)
Editorial Notes
PRIOR PROVISIONS
A prior section 2093, Pub. L. 92–181, title II, § 2.12, Dec.
10, 1971, 85 Stat. 598; Pub. L. 96–592, title II, § 208, Dec.
24, 1980, 94 Stat. 3442; Pub. L. 99–205, title II, § 205(e)(11),
Dec. 23, 1985, 99 Stat. 1704; Pub. L. 100–233, title VII,
§ 705(d), Jan. 6, 1988, 101 Stat. 1707; Pub. L. 100–399, title
VI, § 604, Aug. 17, 1988, 102 Stat. 1006, related to general
corporate powers, prior to the general amendment of
this subchapter by Pub. L. 100–233, § 401.
AMENDMENTS
1988—Par. (7). Pub. L. 100–399, § 401(u)(1), substituted
‘‘provide by its board of directors for’’ for ‘‘elect by its
board of directors’’ and ‘‘serve as’’ for ‘‘be elected or
designated’’.
Par. (8). Pub. L. 100–399, § 401(u)(2), amended par. (8)
generally. Prior to amendment, par. (8) read as follows:
‘‘prescribe by its board of directors, association bylaws,
not inconsistent with law, providing for the classes of
association stock and the manner in which such stock
shall be issued, transferred, and retired; the officers
and employees of the association elected or provided
for, the property of the association that is acquired,
held, and transferred, the general business of the asso-
ciation conducted, and the privileges granted to the as-
sociation by law exercised and enjoyed;’’.
Par. (12). Pub. L. 100–399, § 401(u)(3), substituted
‘‘agreed to by’’ for ‘‘agreed to or delegated to’’.
Par. (22). Pub. L. 100–399, § 401(u)(4)–(6), added par. (22).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1988 AMENDMENT
Amendment by Pub. L. 100–399 effective immediately
after amendment made by section 401 of Pub. L. 100–233,
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