12 USC § 2012 - Board of directors

---
identifier: "/us/usc/t12/s2012"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 2012 - Board of directors"
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "2012"
section_name: "Board of directors"
chapter_number: 23
chapter_name: "FARM CREDIT SYSTEM"
subchapter_number: "I"
subchapter_name: "FARM CREDIT BANKS"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Pub. L. 92–181, title I, § 1.4, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622; amended Pub. L. 100–399, title IV, § 401(c), Aug. 17, 1988, 102 Stat. 995.)"
---


# § 2012. Board of directors

Each Farm Credit Bank shall elect a board of directors of such number, for such term, in such manner, and with such qualifications, as may be required in its bylaws, except that, at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, or stockholder of a System institution.

---

**Source Credit**: (Pub. L. 92–181, title I, § 1.4, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622; amended Pub. L. 100–399, title IV, § 401(c), Aug. 17, 1988, 102 Stat. 995.)

## Editorial Notes

### Prior Provisions

A prior section 2012, .4, , ; , , ; , , ; , title VIII, § 802(b), , , 1710; , , , related to corporate existence and general corporate powers, prior to the general amendment of this subchapter by .

### Amendments

1988— struck out “from its voting stockholders” after “shall elect”.

## Statutory Notes and Related Subsidiaries

### Effective Date of 1988 Amendment

Amendment by  effective immediately after amendment made by , which was effective 6 months after , see , set out as a note under .

### Effective Date

, , , provided that this section is effective 6 months after .