106 STAT. 4104 PUBLIC LAW 102-552 —OCT. 28, 1992 TITLE II—FARM CREDIT SYSTEM INSURANCE CORPORATION SEC. 201. FARM CREDIT SYSTEM INSURANCE CORPORATION. (a) IN GENERAL. —Section 5.53 (12 U.S.C. 2277a-2) is amended to read as follows:
- «EC. SJ». BOARD OF DIRECTORS.
"(a) IN GENERAL.—
- (1) ESTABLISHMENT. —The management of the Corporation
shall be vested in a Board of Directors (referred to in this section as the 'Bosird'). The Board shall establish policies for the Corporation. The Board shall provide for the performance of all the powers and duties vested in the Corporation. "(2) APPOINTMENT.— The Board shall consist of three members, who shall be citizens of the United States and broadly President. representative of the public interest. Members of the Board shall be appointed by the President, by and with the advice and consent of the Senate. Not more than two members of the Board shall be members of the same political party. President. «(3) CHAIRPERSON.— Of the persons appointed to the Board, one shall be designated by the President to serve as Chairperson of the Board for the duration of the term of the member. "(4) POSTEMPLOYMENT PROHIBITION. —A member of the Board shall be ineligible during the time the member is in office and for 2 years thereafter to hold any office, position, or employment in any institution of the Farm Credit System, "(b) TERM OF OFFICE.— "(1) IN GENERAL. —The term of office of each member of the Board shall be 6 years, except that the terms of the two members, other than the Chairperson, first appointed under subsection (a) shall expire, one on the expiration of 2 years after the date of appointment, and one on the expiration of 4 years after the date of appointment. "(2) SUCCESSION. —Members of the Board shall not be appointed to succeed themselves, except that the members first appointed under subsection (a) for a term of less than 6 years may be reappointed for a full 6-year term and members appointed to fill imexpired terms of 3 years or less may be reappointed for a full 6-year term. "(S) VACANCIES.— Any vacancy shall be filled for the unexpired term on like appointment. Any member of the Board shall continue to serve as a member after the expiration of the term of the member until a successor has been appointed and qualified.
- (c) ORGANIZATION. —
"(1) OATH.— Each member of the Board, within 15 days after notice of appointment, shall subscribe to the oath of office. "(2) QUORUM.— The Board may transact business if a vacancy exists, if a quorum is present. A quorum shall consist of two members of the Board. "(3) MEETING. —The Board shall hold meetings at such times and places as the Board may fix and determine. The meetings shall be held on the call of the Chairperson or any - two Board members.
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