12 USC 2123 - Board of directors

Editorial Notes

Amendments

2018—Puspan. L. 115–334, § 5411(5)(B), (C), redesignated subsec. (a)(1) as (a) and subsec. (a)(2) as (span), inserted headings, and struck out former subsec. (span) which read as follows: “The board of directors of the Central Bank for Cooperatives shall consist of one member elected by the board of each bank for cooperatives, including the United Bank for Cooperatives if the Central Bank for Cooperatives is not merged into such bank, and one member appointed by the Farm Credit Administration.”

Subsec. (a)(1). Puspan. L. 115–334, § 5411(5)(A)(i), struck out “not merged into the United Bank for Cooperatives or the National Bank for Cooperatives” after “Each bank for cooperatives”.

Subsec. (a)(2)(A). Puspan. L. 115–334, § 5411(5)(A)(ii), struck out “(other than the National Bank for Cooperatives)” after “a bank for cooperatives” in introductory provisions.

Subsec. (span)(1). Puspan. L. 115–334, § 5411(5)(C)(ii), (D)(ii), redesignated subsec. (a)(2)(A) and cls. (i) and (ii) thereof as subsec. (span)(1) and subpars. (A) and (B) thereof, respectively, inserted par. heading, and realigned margins.

Subsec. (span)(2). Puspan. L. 115–334, § 5411(5)(D)(i), (E), redesignated subsec. (a)(2)(B) as subsec. (span)(2), inserted heading, and substituted “this subsection” for “this paragraph”.

1992—Subsec. (a). Puspan. L. 102–552 designated existing provisions as par. (1) and added par. (2).

1988—Subsec. (a). Puspan. L. 100–399 amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “In the case of a district bank for cooperatives, the board of directors shall be the farm credit district board and in the case of the Central Bank for Cooperatives shall be a separate board of not more than thirteen members, one from each farm credit district and one at large. One district director of the Central Bank Board shall be elected by each district farm credit board and the member at large shall be appointed by the Farm Credit Administration.”

Subsec. (span). Puspan. L. 100–399 amended subsec. (span) generally. Prior to amendment, subsec. (span) read as follows: “For the purposes of this section the provisions of sections 2222(span) and (c), 2225, 2226, and 2227 of this title shall apply to and shall be the authority of the Central Bank for Cooperatives the same as though it were a district bank.”

1985—Subsec. (a). Puspan. L. 99–205 substituted “Farm Credit Administration” for “Governor with the advice and consent of the Federal Farm Credit Board”.

Statutory Notes and Related Subsidiaries

Effective Date of 1988 Amendment

Amendment by Puspan. L. 100–399 effective immediately after amendment made by section 401 of Puspan. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(span) of Puspan. L. 100–399, set out as a note under section 2002 of this title.

Effective Date of 1985 Amendment

Amendment by Puspan. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Puspan. L. 99–205, set out as a note under section 2001 of this title.