Page:United States Statutes at Large Volume 85.djvu/644

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[85 STAT. 614]
[85 STAT. 614]
PUBLIC LAW 92-000—MMMM. DD, 1971

614

PUBLIC LAW 92-181-DEC. 10, 1971

[85 STAT.

TITLE V—DISTRICT AND FARM CREDIT ADIVONISTRATION ORGANIZATION PART A—DISTRICT ORGANIZATION

.").(). (CREATION OF DISTRICTS.—There shall be not more than twelve farm credit districts in the United States, which may be designated by number, one of which districts shall include the Commonwealth of Puerto Rico. The boundaries of the twelve farm credit <listricts existing on the date of enactment of this Act may be readjusted from time to time by the Federal F a r m Credit Board, with the concurrence of the district boards involved. Two or more districts may be merged as provided in section 5.18(2). SKC.

SEC. 5.1. DISTRICT BOARDS OF DIRECTORS; MEMBERSHII'; ELIGIBILITY; TERMS.— (a) There shall be in each farm credit district a farm

<-redit board of directors composed of seven members. Each farm <;redit district board may include in its title the name of the city in which the banks of the System for the district are located or other geographical designation. (b) To be eligible for membership on a farm credit district board a person must be a citizen of the United States for at least ten years, and a resident of the district for at least two years. A person shall not be eligible who— (1) is or has, within one year next preceding the date of election or appointment, been a salaried officer or employee of the F a r m ('redit Administration or of any institution of the System; (2) has been convicted of a felony or adjudged liable in damages for fraud; or (3) if there is at the time of his election another resident of the same State who was elected to the district board by the same electorate, except where a district embraces only one State. No director of a district board shall be eligible to continue to serve in that capacity and his office shall become vacant if after his election or appointment as a member of a district board, he continues or becomes a salaried officer or employee of the F a r m Credit Administration, of any institution of the System, or a member of the Federal F a r m Credit Board, or if he becomes legally incompetent or is finally convicted of a felony or held liable in damages for fraud. In any event, no director shall, within one year after the date when he ceases to be a member of the board, be elected or designated to serve as a salaried employee of any bank or joint employee of the district for which he served as director. (c) The terms of district directors shall be for three years, except that the terms of appointed directors may be for a shorter or longer term to permit the staggering of such appointments over a three-year period but in no event shall such appointed director be eligible to serve for more than two full terms. SEC. 5.2. S A M E; NOMINATION; ELECTION; APPOINTMENT.—(a)

Two

of the district directors shall be elected by the Federal land bank associations, two by the production credit associations, and two by the borrowers from or subscribers to the guaranty fund of the bank for cooperatives. The seventh member shall be appointed by the Governor with the advice and consent of the Federal F a r m Credit Board. (b) At least two months before an election of an elected director the F a r m Credit Administration shall cause notice in writing to be sent to those entitled to nominate candidates for such elected director. I n the case of an election of a director by Federal land bank associations and borrowers through agencies, such notice shall be sent to all Fed-