Page:United States Statutes at Large Volume 75.djvu/527

 75 S T A T. ]

PUBLIC LAW 87-211-SEPT. 8, 1961

487

in which such State is located such number of elective directorships, and shall so designate the directorship or directorships thus added, that the number of elective directorships designated as representing the members located in such State will equal said total number. Any elective directorship so added shall exist only until the expiration of its first term. The Board shall, with respect to each member of a Member. Designation Federal home loan bank, designate the State in the district of such State location. of bank in which such member shall, for the purposes of this subsection and subsection (b) of this section, be deemed to be located, and may from time to time change any such designation, but if the principal place of business of any such member is located in a State of such district it shall be the duty of the Board to designate such State as the State in which such member shall, for said purposes, be deemed to be located. As used in the second sentence of this subsection, the Definitions. term 'total number of elective directorships' means the total number of elective directorships on the board of directors of the bank of the district in which such State was located on December 31, 1960, and the term 'members' where used for the second time in such sentence means members of such bank. Directorsihips. " (d) The term of each elective directorship shall be two years and Tenure. the term of ench appointive directorship shall be four years. If any person, before or after, or partly before and partly after, the date of the enactment of this sentence, has been elected to each of three consecutive full terms as an elective director of a Federal home loan bank in any elective directorship or elective directorships and has served for all or part of each of said terms, such person shall not be eligible for election to an elective directorship of such bank for a term which begins earlier than two years after the expiration of the last expiring of said three terms. The Board is hereby authorized to pre- Rules and reguscribe such rules and regulations as it may deem necessary or appro- lations. priate for the nomination and election of directors of Federal home loan banks, including, without limitation on the generality of the foregoing, rules and regulations with respect to the breaking of ties and with respect to the inclusion of more than one directorship on a single ballot and the methods of voting and of determining the results of voting in such cases. "(e) Each term, outstanding on the effective date of the amendment to this section abolishing the division of elective directors into classes, of an elective or appointive directorship then existing shall continue until its original date of expiration, and any elective or appointive directorship in existence on said date shall continue to exist to the same extent as if it had been established by or under this section on or after said date. The Board in its discretion may shorten the next succeeding term of any such elective directorship to one year, and may fill such term by appointment. The term 'States' or 'State' "S t a t as used in this section shall mean the States of the Union and the •'State.'» District of Columbia. "(f) In the event of a vacancy in any appointive or elective director- Vacancies. ship, such vacancy shall be filled through appointment by the Board for the unexpired term: Provided, That if any director shall cease to have the qualifications set forth in subsection (a), or if any elective director shall cease to have any qualification set forth in this section, the office held by such director shall immediately become vacant, but such director may continue to act as such director until his successor assumes the vacated office or the term of such office expires, whichever shall first occur. Ch " (g) The Board shall designate one of the directors of each bank vie e aci r m a n and h al rm a n, to be chairman, and one to be vice chairman, of the board of directors designation. of such bank.

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