Page:United States Statutes at Large Volume 101 Part 3.djvu/345

 PUBLIC LAW 100-233—JAN. 6, 1988

101 STAT. 1643

"(A) FIRST MEMBER.—The nomination and election of the

first member from each district shall be carried out on the basis provided for in section 3.3(d). "(B) SECOND MEMBER.—

"(i) IN GENERAL.—The nomination and election of the second member from each district shall be carried out with each voting stockholder of the consolidated bank located in the district having one vote, plus a number of votes (or fractional part thereof) equal to the number of stockholders eligible to vote in that district multiplied by the percentage (or fractional part thereof) of the total equity interest (including allocated, but not unallocated, surplus and reserves) in the consolidated bank of all such stockholders located in that district held by the individual voting stockholder— "(I) as of the final date of the fiscal year of the consolidated bank; or "(II) with respect to the first election held under this subsection, as of such date as the Farm Credit Administration shall prescribe, "(ii) TOTAL NUMBER OF VOTES.—The total number of votes for each district under this subparagraph shall be the number of voting stockholders of the consolidated bank located in the district multiplied by two.

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"(3) TERMS.—

"(A) IN GENERAL.—The members of the board of directors of the consolidated bank shall serve for a term of 3 years. "(B) TIMING OF ELECTIONS.—Procedures for electing members of the board of directors of the consolidated bank under this subsection shall ensure that the beginning of the terms of such members coincide with the expiration of the terms of members of the interim board of directors of the bank under subsection (a). "(4) FCA REGULATIONS.—The nomination and election of the members of the board of directors of the consolidated bank under this subsection shall be carried out in accordance with regulations issued by the Farm Credit Administration. "(c) MODIFICATION OF BOARD OF DIRECTORS PROVISIONS.—The

provisions of subsection (b) relating to the board of directors of the consolidated bank, other than the provisions relating to the initial composition, nomination, and election of the members of the board, may be modified on an affirmative vote of at least two-thirds of the voting stockholders of the bank, with each such stockholder to have, for such purposes, only one vote. Any proposals for modifying such provisions shall be submitted for a vote by such stockholders in accordance with procedures prescribed by the Farm Credit Administration. "SEC. 3.22. CREDIT DELIVERY OFFICE.

"On a determination by the board of directors of the United Bank for Cooperatives or the National Bank for Cooperatives that the bank's loan portfolio is concentrated in any one district or districts (according to the district boundaries in effect immediately prior to the effective date of the merger), the bank may consider the creation of regional service centers to accommodate such loan concentrations.

12 USC 2143.

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