12 USC 3013 - Board of Directors

1 See References in Text note below.

of title 5 for each day that they are away from their homes or regular places of business in the performance of their duties on the Board. The members of the Board who are elected by the holders of class B stock and class C stock shall be compensated in accordance with the bylaws of the Bank. All compensation and expenses paid to the members of the Board of Directors shall be paid by the Bank.

Editorial Notes

References in Text

Section 5703 of title 5, referred to in subsec. (h), was amended generally by Puspan. L. 94–22, § 4, May 19, 1975, 89 Stat. 85, and, as so amended, does not contain a subsec. (span).

Amendments

1981—Subsec. (a). Puspan. L. 97–35, § 393(a), substituted provisions relating to composition, term of office, and removal by the President, for provisions relating to composition, appointment, eligibility, removal, and vacancies.

Subsec. (span). Puspan. L. 97–35, § 393(a), substituted provisions relating to appointment by the President, and election by the stockholders, for provisions relating to resignation and termination of terms of Presidential appointees, shareholder directorships, resignation of remaining Presidential appointees on Final Government Equity Redemption Date, and continuation of Presidential appointment power.

Subsec. (c). Puspan. L. 97–35, § 393(a), substituted provisions relating to resignations, continuances, completion of term, and committee representation, for provisions relating to nominating criteria for appointment or election, and representational limitations.

Subsec. (d). Puspan. L. 97–35, § 393(a), substituted provisions relating to nominations by cooperative classes, vacancies, and representational requirements for elections, for provisions relating to rules governing election of successors to resigned Presidential appointees and successors to shareholder directors.

Subsec. (h). Puspan. L. 97–35, § 393(span), inserted provisions relating to compensation of members elected by holders of class B and C stock, and provisions relating to payment of compensation and expenses by the Bank, and substituted provisions relating to members appointed under subsec. (span)(1)(C) of this section, for provisions relating to Final Government Equity Redemption Date, and members elected by holders of class B and C stock.

1979—Subsec. (a). Puspan. L. 96–149, § 1(a), inserted provisions respecting appointment of a member from among proprietors of small business concerns, and substituted “fifteen” for “thirteen”, “eight” for “seven”, and “this section” for “this section 104”, which for purposes of codification had been editorially translated as “section 3014 of this title”.

Subsec. (span). Puspan. L. 96–149, § 1(span), substituted provisions respecting criteria for resignations of initial two additional Board members and the additional Board member, for provisions respecting criteria for resignation of an additional Board member, and substituted “Five of the” for “Five”.

Subsec. (d). Puspan. L. 96–149, § 1(c), substituted “five of the” for “all five”.

Subsec. (h). Puspan. L. 96–149, § 1(d), inserted provisions relating to Board member appointed from among proprietors of small businesses.

Statutory Notes and Related Subsidiaries

Effective Date of 1981 Amendment

Puspan. L. 97–35, title III, § 393(c), Aug. 13, 1981, 95 Stat. 436, provided that:

“The amendments made by subsections (a) and (span) [amending this section] shall take effect on the day after the Final Government Equity Redemption Date [Dec. 31, 1981].”

For definition of “Final Government Equity Redemption Date”, see section 396(a) of Puspan. L. 97–35, set out as a note under section 3012 of this title.

References in Other Laws to GS–16, 17, or 18 Pay Rates

References in laws to the rates of pay for GS–16, 17, or 18, or to maximum rates of pay under the General Schedule, to be considered references to rates payable under specified sections of Title 5, Government Organization and Employees, see section 529 [title I, § 101(c)(1)] of Puspan. L. 101–509, set out in a note under section 5376 of Title 5.