---
kind: "section"
citation: "12 U.S.C. § 2092"
title: "12"
title_heading: "Banks and Banking"
number: "2092"
heading: "Board of directors"
release: "119-102"
url: "https://uscodex.org/usc/12/2092"
units:
  - "Chapter 23 — Farm Credit System"
  - "Subchapter II — Farm Credit Associations"
  - "Part B — Federal Land Bank Associations"
---

# §2092. Board of directors


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


## Source credit

(Pub. L. 92–181, title II, § 2.11, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1635; amended Pub. L. 102–237, title V, § 502(d), Dec. 13, 1991, 105 Stat. 1868.)

## Notes

### Editorial Notes

### Prior Provisions

A prior section 2092, Pub. L. 92–181, title II, § 2.11, Dec. 10, 1971, 85 Stat. 598, related to board of directors, 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”.

### Statutory Notes and Related Subsidiaries

### 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.