69
STAT.]
661
PUBLIC LAW 347-AUG. 11, 1955
the total number of appointed directors to four, and the terms of office of more than one elected director next expire, the F a r m Credit Administration shall designate the one of such next expiring terms of office which shall be replaced by the additional appointed director. Any vacancy in the Board whether filled by appointment or by election shall be filled for the unexpired term in the same manner in which the vacant office was filled. Each regional bank for cooperatives, each cooperative association which is a direct borrower from the central bank, each holder of one or more shares of class C stock in a regional bank for cooperatives which is eligible to vote under section 42(a)(3), and each holder of one or more shares of stock in the central bank or any regional bank for cooperatives issued before the effective date of title I of the F a r m Credit Act of 1955 which is eligible to vote shall be eligible to vote for directors of the central bank and each such holder shall be entitled to one vote only without regard to the number of shares held in any one or more of said banks, and the vote of any such holder of stock in more than one bank shall be cast only with respect to elections in the area in which is located the main office of such holder. Elected direcjtors shall have been, for at least two years, residents of the area for which they are elected. No person shall be eligible for nomination, election, or appointment as a director if such person has within one year next preceding the commencement of the term been a salaried officer or employee of the F a r m Credit Administration or of any corporation operating under its supervision. Any person who is a member of the Federal i V r m Credit Board or a district farm credit board when appointed or elected as director shall resign as a member of the Federal F a r m Credit Board or the district board before assuming his duties as director of the central bank. No person who becomes such director shall be eligible to continue to serve if he becomes a member of the Federal F a r m Credit Board or any district farm credit board or an officer or employee of the Farm Credit Administration or an officer or employee of any corporation operating under the supervision of the F a r m Credit Administration." SEC. 105. Section 32 of the F a r m Credit Act of 1933 is amended to read as follows:
Vacancies.
12 USC 1134h. C h a i r m a n and
" SEC. 32. POWERS OF BOARD OF DIRECTORS OF CENTRAL B A N K. — The Vice Chairman.
Board of Directors of the Central Bank for Cooperatives shall elect a Chairman and a Vice Chairman from among its members. The powers of the Board of Directors shall be such powers as may be prescribed in the charter and bylaws with the approval of the Farm Credit Administration: Provided, That said Board without limitation of powers conferred by section 60 shall have power, subject to approval of the Farm Credit Administration, to appoint and fix the compensation of the chief executive officer and such other officers and employees, experts, and consultants as may be necessary for the efficient conduct of the bank's business: Provided further, That the chief executive officer of the bank shall not be an officer or employee of the F a r m Credit Administration." SEC. 106. Section 38 of the Farm Credit Act of 1933 is amended by adding at the end of said section the following new sentence: "After the effective date of title I of the F a r m Credit Act of 1955 any amendment in the terms of the charter issued to any bank for cooperatives and any regulation issued under authority of this section or otherwise affecting lending operations of any such bank shall be consistent with the principle that the central bank shall make loans only in cases where it is not practicable for the loan to be made by a regional bank."
12 USC 1134J. Charter amendments, etc»
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