---
kind: "section"
citation: "12 U.S.C. § 2072"
title: "12"
title_heading: "Banks and Banking"
number: "2072"
heading: "Board of directors"
release: "119-102"
url: "https://uscodex.org/usc/12/2072"
units:
  - "Chapter 23 — Farm Credit System"
  - "Subchapter II — Farm Credit Associations"
  - "Part A — Production Credit Associations"
---

# §2072. Board of directors


Each production [credit](/usc/12/5481.md?p=7) [association](/usc/12/1828.md?p=s-4-E-i) shall elect from the voting [members](/usc/12/1426a.md?p=g-1) of such [association](/usc/12/1828.md?p=s-4-E-i), a [board](/usc/12/221a.md?p=a) of [directors](/usc/12/2279bb.md?p=3) of such number, for such terms, with such qualifications, and in such manner as may be required by the bylaws of the [association](/usc/12/1828.md?p=s-4-E-i), 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, stockholder, or agent of a [System institution](/usc/12/2271.md?p=3).


## Source credit

(Pub. L. 92–181, title II, § 2.1, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1630; amended Pub. L. 100–399, title IV, § 401(n), Aug. 17, 1988, 102 Stat. 997; Pub. L. 102–237, title V, § 502(c), Dec. 13, 1991, 105 Stat. 1868.)

## Notes

### Editorial Notes

### Prior Provisions

A prior section 2072, Pub. L. 92–181, title II, § 2.1, Dec. 10, 1971, 85 Stat. 591; Pub. L. 96–592, title II, § 201, Dec. 24, 1980, 94 Stat. 3439; Pub. L. 99–205, title II, § 205(e)(1), Dec. 23, 1985, 99 Stat. 1704; Pub. L. 100–233, title VII, § 705(c), title VIII, §§ 802(i), 805(d), Jan. 6, 1988, 101 Stat. 1707, 1711, 1715; Pub. L. 100–399, title VI, § 604, title IX, § 901(b), Aug. 17, 1988, 102 Stat. 1006, 1007, related to corporate existence and general corporate powers, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.

### Amendments

1991—Pub. L. 102–237 substituted “stockholder, or agent” for “or stockholder”.

1988—Pub. L. 100–399 struck out the comma after “except that”.

### 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 in part that this section is effective 6 months after Jan. 6, 1988.