Page:United States Statutes at Large Volume 101 Part 3.djvu/392

 101 STAT. 1690

PUBLIC LAW 100-233—JAN. 6, 1988

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"(iii) of which members not more than 3 shall be members of the same political party; and f«? "(iv) of which members at least 2 shall be experienced in farming or ranching. "(3) PRESIDENTIAL APPOINTEES.—The President shall appoint the members of the permanent board referred to in paragraph (2)(C) not later than the later of— "(A) the date referred to in paragraph (1); or "(B) the expiration of the 270-day period beginning on the it effective date of this title, "(4) VACANCY.— "(A) ELECTED MEMBERS.—Subject to paragraph (6), a va-

cancy among the members elected to the permanent board in the manner described in subparagraph (A) or (B) of paragraph (2) shall be filled by the permanent board from among persons eligible for election to the position for which the vacancy exists. "(B) APPOINTED MEMBERS.—A vacancy among the members appointed to the permanent board under paragraph (2)(C) shall be filled in the manner in which the original appointment was made. "(5) CONTINUATION OF MEMBERSHIP.—If^

"(A) any member of the permanent board who was appointed or elected to the permanent board from among persons who are representatives of banks, other financial institutions or entities, insurance companies, or Farm Credit System institutions ceases to be such a representative; or "(B) any member who was appointed from persons who are not or have not been directors or officers of any financial institution or entity becomes a director or an officer of any financial institution or entity; such member may continue as a member for not longer than the 45-day period beginning on the date such member ceases to be such a representative, officer, or employee or becomes such a director or officer, as the case may be. "(6) TERMS.— "(A) APPOINTED MEMBERS.—The

members appointed by the President shall serve at the pleasure of the President. "(B) ELECTED MEMBERS.—The members elected under subparagraphs (A) and (B) of subsection (b)(2) shall each be elected annually for a term ending on the date of the next annual meeting of the common stockholders of the Corporation and shall serve until their successors are elected and qualified. Any seat on the permanent board that becomes vacant after the annual election of the directors shall be filled by the members of the permanent board from the same category of directors, but only for the unexpired portion of the term. "(C) VACANCY APPOINTMENT.—Any member appointed to fill a vacancy occurring before the expiration of the term for which the predecessor of the member was appointed shall be appointed only for the remainder of such term. "(D) SERVICE AFTER EXPIRATION OF TERM.—A member may serve after the expiration of the term of the member until the successor of the member has taken office.

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