Page:United States Statutes at Large Volume 42 Part 1.djvu/1502

 SIXTY-SEVENTH CONGRESS. Sess. IV. C11. 252. 1923. 1475 agency to nominate one candidate for each division. Within ten days of receipt of such notice each national farm-loan association and borrower through agencies shall forward nominations of residents of their respective divisions for one director for such division to said Farm Loan Commissioner. The Farm Loan Commissioner u“°'°°¤‘“d•*•¤· shall then prepare a list of candidates for local directors, consisting of the ten persons receiving the highest number of votes from national farm-loan associations and orrowers through agencies for each division. “At least one month before said election the Farm Loan Commis- V°“”€ md °'°°*·*°¤· sioner shall mail to each national farm-loan association and to each borrower through agencies the list of candidates for their respective divisions. The directors of each national farm-loan association shall cast the vote of said association for one of the candidates on said list and shall forward said vote to the said Farm Loan Commissioner within ten days after said list of candidates is received. In voting Bm °"°°°°’ °°°‘ under this section each association shall be entitled to east a number of votes equal to the total voting strength of the stockholders in association meetings, and each borrower through a ncies shall be entitled to cast one vote for each share of stock hel? by him in the Federal land bank not exceeding twenty shares, and shall forward said vote to the said Farm Loan Commissioner within ten days after said list of candidates is received. The candidate receiving the highest number of votes in his division shall be declared elected as local director of the Federal land bank district from his division. In case of a tie, the Farm Loan Commissioner shall determine the choice. The nominations from which the list of candidates is pre- w,d,’*•,,•{,_·,Yf“r•;•,Q},,§¤*°,*_;_* pared, and the votes of the respective associations and borrowers through agencies for such candidates, as counted, shall be tabulated and preserved, subyect to examination by any candidate, for at least one year after the result of the election is announced. “ The Federal Farm Loan Board shall designate one of the dis- £¥,§;,°}g,’{,';€,j_?{,’,m_ tr-ict directors to serve until December 31, 1924, one to serve till ¤r¤¤f- December 31, 1925, and one to serve till December 31, 1926. After their- first appointment each district director shall be appointed for Tm, lm, , a term of three years. At the first regxular meeting of the board of namiin ° dk directors of each Federal land bank the local directors shall designate one of their members to serve till December 31, 1924, one to serve till December 31, 1925, and one to serve till December 31, 1926. Thereafter each local director shall be chosen as hereinbefore provided and shall hold office for a term of three years. Any vacancies that may occur in the board of directors shal be filled or the unexpired term in the manner provided herein for the original selection of such directors. At the same time that the associations and {§{$§.fj,},'f‘¥°· borrowers through agencies nominate the candidates for the local directors, each association and each borrower through agencies shall also nominate one candidate for director at large for the entire district, and from the three persons having the Egreatest number of votes for nominee for director at large, the ederal Farm Loan Board shall select a director at largg, whose term of office shall terminate on the 31st day of Decem r, 1925, and every three years · thereafter. Such seventh director may be removed by the Federal _,,_§°’¤°"°‘ '°’ °°°’°· Farm Loan Board for neglect of duty, incapacity for the work, or malfeasance in office, after charges duly preferred and a hear1ng had thereon, and in such cases the associations of the district shall in like manner nominate candidates for another director at large, to fill the vacancy, for whom the Federal Farm Loan _Board shall in same manner select a successor, but any person who is removed can not be nominated to succeed himself. The board of directors thus selected shall, upon qualification, immediately take over the management of each bank.