Page:United States Statutes at Large Volume 50 Part 1.djvu/730

 75TH CONGRESS. 1ST SESSION-CH. 704 AUGUST 19, 1937 (e) At least two months before an election of an elected director the Farm Credit Administration shall cause notice in writing to be sent t o those entit led to nominat e cand idates for suc h elec ted dir ector. In the case of an election of a director by national farm loan associa- tions and borrowers through agencies, such notice shall be sent to all national farm loan asso ciations and borrowers thr ough agencies in the district ; in the case of an election by production credit associa- tions, such notice shall be sent to all production credit associations in the district ; arid in the case of an election by cooperatives which are stockholders or subscribers to the guaranty fund of the bank for cooperatives of the district, such notice shall be sent to all coopera- tives which are stockholders or subscribers to the guaranty fund at the time of sending notice. After receipt of such notice those entitled to nominate the director shall forward nominations of resi- dents of the district to the Farm Credit Administration. The Farm Credit Ad ministration s hall, from th e nominations received with in thirty days after the sending of such notice, prepare a list of candi- dates for such elected director cons isting of the ten nominees receiving the highest number of votes. (f) At least one month before the election of an elected director the Farm Credit Administration shall mail to each person or organ ization entit led to elect t he ele cted di rector the li st of t he ten candidates nominated in accordance with the preceding paragraph of this section. In the case of an election of a director by national farm loan associations and borrowers through agencies, the directors of each farm loan association shall cast the vote of such association for one of the candidates on the list. In voting under this section each such association shall be entitled to cast a number of votes equal to the number of stockholders of such association and each borrower through agencies shall be entitled to cast one vote. In voting under this section each production credit association shall be entitled to cast a number of votes equal to the number of the class B stock- holders of such association. In voting under this section each coop- erative which is a holder of stock in, or a subscriber to the guaranty fund of, the bank for cooperatives shall be entitled to cast one vote. The votes shall be forwarded to the Farm Credit Administration and no vo te shal l be c ounted unless receiv ed by i t withi n thir ty days after the sending of such list of candidates. In case of a tie the Farm Credit Administration shall determine the choice. T he nom inatio ns from which the list of candidates is prepared, and the votes of the respective voters, as counted, shall be tabulated and preserved and shall be subject to examination by any candidate for at least one year after the re sult o f the e lection is an nounced. (g) The terms of office of all directors shall be three years. Any vacancies that may occur in the farm credit board shall be filled for the unexpired term in the manner provided herein for the original selec tion of such directo rs. (h) Members of each farm credit board shall have been, for at least two years, residents of the district for which they are appointed or el ected. From and after the date of enactment of this Act, no person shall be eligible for election or appointment as a member of any district farm credit board, and no person hereafter elected or appointed as a member of any district farm credit board shall be eligible to continue to serve as such, if in either case said person is an officer or employee of any Federal land bank, Federal intermedi- ate credit bank, production credit corporation, or bank for coopera- tives. No district director, excepting any third district di rector selected as hereinabove specified, shall, during his continuance in office, be a d irector, officer, or employee of any ins titution, associatio n, 125151 °-3745 Notice and proce- dure of nominating elected directors Notice and proce- du re for ele cti on. Terms of office. Qualifications. 705 Limi tat ion on en- gaging in business.