Page:United States Statutes at Large Volume 69.djvu/702

 660

Removal. Rules for nominations. etCo

PUBLIC LAW 347-AUG. 11, 1955

[69

ST A T.

Credit Board, and three shall be elected by the regional banks for cooperatives and cooperative associations: Provided, That the terms of office of directors established prior to the effective date of title I of the F a r m Credit Act of 1955 shall continue through the thirty-first day of December next following the effective date of said title I and shall expire at the end of that day. Three of the directors appointed by the F a r m Credit Administration shall be appointed for terms of one year, two years, and three years, respectively, as designated at the time of appointment and the fourth appointed director shall be appointed for a term of three years and thereafter each appointed director shall be appointed for a term of three years. Any appointed director may be removed at pleasure at any time by the F a r m Credit Administration. The F a r m Credit Administration shall prescribe rules and regulations for the nominations and elections required by this section. Sufficiently in advance of the first day of January next following the effective date of title I of the F a r m Credit Act of 1955, and at any time subsequent to the enactment thereof, the F a r m Credit Administration shall take all action necessary in order to permit the elections hereby provided and shall group the several farm credit districts into three areas, each of which shall be comprised of four contiguous farm credit districts, and a director shall be elected from nominees from each of such areas by regional banks for cooperatives of the area and cooperative associations of the area eligible to vote. The three elected directors shall be elected for terms of one year, two years, and three years, respectively, as shall be designated by the F a r m Credit Administration and thereafter elected directors shall be elected for terms of three years: Provided, That whenever, as determined by the F a r m Credit Administration, the sum of the capital stock and subscriptions to the guaranty fund of the central bank held by persons other than the Governor of the F a r m Credit Administration on behalf of the United States and surplus and reserve accounts of said bank shall equal or exceed 06% per centum of the total capital stock, subscriptions to the guaranty fund and surplus and reserve accounts of said bank as of the date six months before the expiration of the term of office of any appointed director, except the fourth appointed director, whose term next expires, the successor to such director shall be elected from nominees for a term of three years by regional banks for cooperatives of the area and cooperative associations of the area eligible to vote on a basis of areas comprised of two contiguous farm credit districts as designated by the F a r m Credit Administration. Appointed directors except the fourth appointed director shall continue to be replaced by elected directors in accordance with the foregoing provisions until the total number of elected directors shall be six, elected one from each of six such areas comprised of two contiguous farm credit districts. Whenever, as determined by the F a r m Credit Administration, the sum of the capital stock and subscriptions to the guaranty fund of the central bank held by persons other than the Governor of the F a r m Credit Administration on behalf of the United States and surplus and reserve accounts of said bank shall not equal or exceed 66% per centum of the total capital stock, subscriptions to the guaranty fund and surplus and reserve accounts of the banks as of the date six months before the expiration of the term of office of any elected director whose term next expires, the successor to such elected director shall, if the number of elected directors then exceeds three, be appointed by the Governor of the Farm Credit Administration by and with the advice and consent of the Federal F a r m Credit Board for a term of three years. I n any such case where only one additional appointed director is needed in order to increase

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