---
kind: "section"
citation: "12 U.S.C. § 2012"
title: "12"
title_heading: "Banks and Banking"
number: "2012"
heading: "Board of directors"
release: "119-102"
url: "https://uscodex.org/usc/12/2012"
units:
  - "Chapter 23 — Farm Credit System"
  - "Subchapter I — Farm Credit Banks"
---

# §2012. Board of directors


Each Farm [Credit](/usc/12/5481.md?p=7) [Bank](/usc/12/1426a.md?p=g-1) shall elect a [board](/usc/12/221a.md?p=a) of [directors](/usc/12/2279bb.md?p=3) of such number, for such term, in such manner, and with such qualifications, as may be required in its bylaws, except that, at least one [member](/usc/12/1426a.md?p=g-1) shall be elected by the other [directors](/usc/12/2279bb.md?p=3), which [member](/usc/12/1426a.md?p=g-1) shall not be a [director](/usc/12/2279bb.md?p=3), officer, employee, or stockholder of a [System institution](/usc/12/2271.md?p=3).


## Source credit

(Pub. L. 92–181, title I, § 1.4, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622; amended Pub. L. 100–399, title IV, § 401(c), Aug. 17, 1988, 102 Stat. 995.)

## Notes

### Editorial Notes

### Prior Provisions

A prior section 2012, Pub. L. 92–181, title I, § 1.4, Dec. 10, 1971, 85 Stat. 584; Pub. L. 96–592, title I, § 101, Dec. 24, 1980, 94 Stat. 3437; Pub. L. 99–205, title II, § 205(d)(1), Dec. 23, 1985, 99 Stat. 1703; Pub. L. 100–233, title VII, § 705(a), title VIII, § 802(b), Jan. 6, 1988, 101 Stat. 1706, 1710; Pub. L. 100–399, title VI, § 604, Aug. 17, 1988, 102 Stat. 1006, related to corporate existence and general corporate powers, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.

### Amendments

1988—Pub. L. 100–399 struck out “from its voting stockholders” after “shall elect”.

### Statutory Notes and Related Subsidiaries

### Effective Date of 1988 Amendment

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

### Effective Date

Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.