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 74 S T A T. ]

197

PUBLIC LAW 86-503-JUNE 11, 1960

Public Law 86-503 AN ACT To amend the Farm Credit Act of 1933 to provide for increased representation by regional banks for cooperatives on the Board of Directors of the Central Bank for Cooperatives. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the terms of office of directors of the Central Bank for Cooperatives established prior to January 1, 1961, shall continue through the 31st day of December 1960 and shall expire at the end of that day, and thereafter such Board shall be constituted in accordance with section 31 of the Farm Credit Act of 1933, as amended, which is hereby further amended to read as follows: " SEC. 31. BOARD or DIRECTORS or THE CENTRAL B A N K. — (a)

The

Central Bank for Cooperatives shall have thirteen directors, one from each of the twelve farm credit districts and a director-at-large. The director-at-large shall be appointed by the Governor by and with the advice and consent of the Federal F a r m Credit Board. Initially, directors from six of the farm credit districts shall be appointed by the Governor by and with the advice and consent of the Federal F a r m Credit Board and directors from the other six farm credit districts shall be elected by the board of directors of the regional bank for cooperatives in the district. The Farm Credit Administration shall designate the districts which shall be represented by appointed directors and which by elected directors. Except as otherwise required under subsections (b) and (c) of this section, a director appointed for a district shall be succeeded by a director elected in the same district and a director elected in a district shall be succeeded by a director appointed for the same district. The term of office of a director shall be three years, except that the terms of office for directors other than the director-at-large which begins January 1, 1961, shall be one year, two years, and three years, divided equally among elected and appointed directors as designated by the Farm Credit Administration. The F a r m Credit Administration shall prescribe rules and regulations and take all other action necessary to permit the elections required by this section. "(b) Whenever, as of June 30 of any year, the F a r m Credit Administration determines that the sum of the capital stock and subscriptions to the guaranty fund of the Central Bank held by persons other than the Governor on behalf of the United States and surplus and reserve accounts of said bank equals or exceeds 66% per centum of the total capital stock, subscriptions to the guaranty fund and surplus and reserve accounts of said bank, the directors from the farm credit districts for the terms beginning the next succeeding January 1 shall all be elected by the board of directors of the regional bank for cooperatives in the respective districts. "(c) Whenever, as of June 30 of any year, the number of elected directors exceeds six and the Farm Credit Administration determines that the sum of the capital stock and subscriptions to the guaranty fund of the Central Bank held by persons other than the Governor on behalf of the United States and surplus and reserve accounts of said bank does not equal or exceed 66% per centum of the total capital stock, subscriptions to the guaranty fund and surplus and reserve accounts of said bank, the directors from the farm credit districts for the terms beginning the next succeeding January 1 shall 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, until the number of elected directors is reduced to six. If directors

June 11, 1960 [S. 2977]

Central blinks for c o o p eratlves, directors.

69 Stat. 659. 12 USC ll34g.

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