Page:United States Statutes at Large Volume 122.djvu/2807

 12 2 STA T . 2 784PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 ofdirect or s of aF edera lH o m e L oa nB an kwh oisan officer or director of a mem b er instit u tion that is located in the district in which the Federal Home Loan Bank is located , or the directorshi p held b y such a person, respec - ti v ely .’ ’ by strikin g‘ ‘elective’’ each place that term appears, other than in subsections (d), (e), and (f), and inserting ‘‘member’’; ( 3 ) in subsection (b) — ( A ) by striking the subsection heading and all that follows through ‘‘ E ach elective directorship’’ and inserting the following
 * (2)

‘‘(b) DIRECTO R SH I P S.— ‘‘( 1 ) M E MB ER D IRECTORSHIPS.—Each member directorship’’; and (B) by adding at the end the following: ‘‘(2) IN DEPENDENT DIRECTORSHIPS.— ‘‘(A) E L ECTIONS.—Each independent director— ‘‘(i) shall be elected by the members entitled to vote, from among eligible persons nominated, after con- sultation with the Advisory C ouncil of the Bank, by the board of directors of the Bank; and ‘‘(ii) shall be elected by a plurality of the votes of the members of the Bank at large, with each member having the number of votes for each such directorship as it has under paragraph (1) in an election to fill member directorships. ‘‘(B) CRITERI A .— N ominees shall meet all applicable re q uirements prescribed in this section. ‘‘(C) NOMINATION AND ELECTION PROCED U RES.— P roce- dures for nomination and election of independent directors shall be prescribed by the bylaws of each Federal Home Loan Bank, in a manner consistent with the rules and regulations of the Agency.’’; ( 4 ) in subsection (c)— (A) by striking ‘‘elective’’ each place that term appears and inserting ‘‘member’’, e x cept— (i) in the second sentence, the second place that term appears; and (ii) each place that term appears in the fifth sen- tence; and (B) in the second sentence— (i) by inserting ‘‘(A) except as provided in clause (B) of this sentence,’’ before ‘‘if at any time’’; and (ii) by inserting before the period at the end the following: ‘‘, and (B) clause (A) of this sentence shall not apply to the directorships of any Federal Home Loan Bank resulting from the merger of any 2 or more such Banks’’; ( 5 ) in subsection (d)— (A) in the first sentence— (i) by striking ‘‘, whether elected or appointed,’’; and (ii) by striking ‘‘3 years’’ and inserting ‘‘4 years’’; (B) in the second sentence—

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