Page:United States Statutes at Large Volume 99 Part 2.djvu/571

 PUBLIC LAW 99-205—DEC. 23, 1985

99 STAT. 1681

"(I) one such member being elected from an institution and a district that, at the time of such election, is or is projected to be a net contributor of capital to the Corporation; "(II) one such member being elected from an institution and a district that, at the time of such election, is or is projected to be a net recipient of capital (other than through the sale of loans or other assets at fair market value) from the Corporation; and "(III) one such member being elected without regard to the restrictions in clause (i) and (ii). "(ii) Each such bank shall have the right to cast one vote to fill each such vacancy without regard to the number of voting shares owned by such bank. "(B) two members shall be appointed by the Chairman of the Farm Credit Administration Board. "(2) Members appointed by the Chairman under paragraph dXB) shall be selected from United States citizens— "(A) who are not borrowers from, shareholders in, or employees or agents of any institution of the Farm Credit System; and "(B) who are experienced in financial services and credit. "(3) The Farm Credit Administration Board shall, in its sole discretion and for purposes of the election of directors to the Capital Corporation only, project whether— "(A) institutions within a district are or will be a net contributor of capital to the Corporation, or "(B) the institutions within a district are or are expected to become net recipients of capital from the Corporation. "(4) The Farm Credit Administration Board shall issue regula- Regulations. tions providing for fair and equitable representation of all public and private interests on the Board of Directors of the Capital Corporation. The bylaws of the Corporation shall prescribe the procedures, established pursuant to regulations issued by the Board, under which directors of the Corporation will be nominated and elected. "(5) Notwithstanding paragraph (1), in the event the Secretary of the Treasury purchases any obligation of the Farm Credit System Capital Corporation under section 4.28J, and for so long as such Post, p. 1686. obligation remains outstanding, the Board of Directors of the Capital Corporation shall be expanded by two members, of which— "(A) one member shall be appointed by the Secretary of Agriculture; and "(B) one member shall be selected by the other members of the Board of the Capital Corporation, including the appointee of the Secretary of Agriculture, which member shall not be a— "(i) borrower from, shareholder in, or employee or agent of any institution of the Farm Credit System; or "(ii) a government employee. "(b) Members of the Board of Directors shall serve two-year terms, except that, of the members first elected or appointed to the Board of Directors, one elected member and one appointed member shall serve initial terms of one year. "(c) The Board of Directors shall elect, on an annual basis, a Chairman from among the members of the Board. "(d)(1) Members of the Board may succeed themselves and may serve until their successors are duly seated.

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