101 STAT. 1606
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PUBLIC LAW 100-233—JAN. 6, 1988 "(2) acting for the banks of the Farm Credit System, subject to approval of the Farm Credit Administration, shall determine the amount, maturities, rates of interest, terms, and conditions of participation by the several banks in each issue of joint, consolidated, or System-wide obligations; and "(3) shall exercise such other powers as were provided to the Funding Corporation in accordance with its charter issued under section 4.25, in effect immediately before the date of the enactment of the Agricultural Credit Act of 1987. "(c) OFFICERS AND COMMITTEES.—
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"(1) DESIGNATION.—The board of directors may designate such officers and committees for such terms and such purposes as may be agreed on by the board. "(2) ISSUANCE OF OBLIGATIONS.—When appropriate to the board's functions under this section, a committee of the board of directors of the Corporation, or representatives thereof, may act on behalf of the board in connection with the issuance of joint, consolidated, and System-wide obligations. "(d) BOARD OF DIRECTORS.—
"(1) COMPOSITION.—The board of directors shall be composed of nine voting members and one nonvoting member, as follows: "(A) Four voting members shall be current or former directors of the System banks elected by the shareholders of the Corporation. _^fy. "(B) Three voting members shall be chief executive officers or presidents of System banks elected by the shareholders of the Corporation. ^^ "(C) Two voting members shall be appointed by the members elected under subparagraphs (A) and (B) after the elected members have received recommendations for such appointments from, and consulted with, the Secretary of pm^ €'• the Treasury and the Chairman of the Board of Governors of the Federal Reserve System. The appointed members shall be selected from United States citizens—
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"(i) who are not borrowers from, shareholders in, or employees or agents of any System institution, who are ^f " not affiliated with the Farm Credit Administration, and who are not actively engaged with a bank or investment organization that is a member of the Corporation's selling group for System-wide securities; and "(ii) who are experienced or knowledgeable in corporate and public finance, agricultural economics, and financial reporting and disclosure. "(D) The president of the Corporation shall serve as a nonvoting member of the board.
- In selecting candidates under subparagraphs (A) and (B), due
consideration shall be given to choosing individuals knowledgeable in sigricultural economics, public and corporate finance, and financial reporting and disclosure. "(2) NONVOTING REPRESENTATIVES.— "(A) ASSISTANCE BOARD.—During
the period in which the »; v Assistance Board is in existence, the board of directors of > the Assistance Board shall designate one of its directors to serve as a nonvoting representative to the board of direc?/i n, tors of the Corporation. • • "(B) INSURANCE CORPORATION.—After such period, the board of directors of the Farm Credit System Insurance
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