Page:United States Statutes at Large Volume 48 Part 1.djvu/288

 262 Board of directors. Compositi on, ap- pointment, etc. Terms of office. Vacancies. No compensation ; expenses allowed. Choosing successors. Each b orrower e n- titled to one vote. Chairman and board. Powers. Central Bank. Capital stock. Authority of gov- ernor to increase or decrease. Limitation. Post, p. 263. Shares. Subscriptions for, to be paid from revolving fund, Agricultural Mar- keting Act. Vol.46,p.14;U.S.C., Supp. VI, p. 63. Lending power. Loans to cooperative associations. Vol.46,p.14. 73d CONGRESS. SESS. I. CH.'98. JUNE 16, 1933 . BOARD OF CENTRAL BANK SEa. 31 . (a) The board of directors of the Central Bank for Cooperatives shall consist of seven members, one of whom shall be the Coop erat ive B ank C ommi ssion er of the Farm Cred it Ad mini stra- tion, who shall be chairman of the board of directors. The other six directors shall be appointed by the governor, of whom the suc- cesssors of three first appointed shall be appointed from nominees sele cted b y borr owers as pro vided in subs ection (b). The terms of the directors first appointed shall be for one, two, and three years as designated by the governor at the time of appointment and their successors shall hold their offices during a term of three years, but a director appointed to fill a vacancy shall hold his office for the unexpired term of the director whose place he is selected to fill. Any appointed director may at any time be removed for cause by the governor. No compensation shall be paid any director as a dir ector of the c orpor atio n but t the cor porat ion, subje ct t o the approval of the governor, may allow directors a reasonable per diem and expenses. (b) The successors of three of the directors first appointed shall be selected one each year by the governor from among individuals nominated by borrowers (except Banks for Cooperatives). The governor shall, not less than sixty days prior to the end of the term of any director whose successor is to be appointed from among nominees as herein provided, or as soon as practicable after a vacan cy occurs in the o ffice of such dire ctor oth er than b y the exp ira- tion of his term, cause notice of the vacancy to be sent to each bor- rower eligible to vote for nominees. Each such borrower shall be eligible to cast one vote. The governor shall not count any ballot received after the expiration of thirty days after the sending of notice. From those (not exceeding three) receiving the highest number of votes, as shown by his count, the governor shall appoint the director. POWERS OF CHAIRMAN AND BOARD SEC. 32 . The chairman of the board of the corporation shall be the exec utive office r of t he cor porati on and the po wers o f the board of directors shall be such powers as may be prescribed in the charter and bylaws. CAPITAL STOCK OF CENTRAL BANK SEC. 33 . The capital stock of the central bank shall be in suet amount as the governor determines is required for the purpose of meeting the credit needs of eligible borrowers from the bank under this title, an d the gov ernor may from tim e to tim e increas e or decr ease such amount, subject to the limitations contained in sections 35 anc 37, in accordance with such needs. The stock of such bank shall bi divided into shares of $100 each. Out of the revolving fund creates under section 6 of the Agricultural Marketing Act, as amended, the governor, on behalf of the United States, shall subscribe for an( make payments for stock in the Central Bank and such payment shall be subject to call in whole or in part by the chairman of the board of the Central Bank with the approval of the governor . LENDING POWER OF CENTRAL BANK SEC . 34 . The Central Bank is authorized to make loans to cooper ativ e asso ciatio ns, as defin ed in the Agr icultu ral Ma rketin g Act, a amended, including amendments made in Title V of this Act, fo