12 USC § 2072 - Board of directors

---
identifier: "/us/usc/t12/s2072"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 2072 - Board of directors"
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "2072"
section_name: "Board of directors"
chapter_number: 23
chapter_name: "FARM CREDIT SYSTEM"
subchapter_number: "II"
subchapter_name: "FARM CREDIT ASSOCIATIONS"
part_number: "A"
part_name: "Production Credit Associations"
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 II, § 2.1, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1630; amended Pub. L. 100–399, title IV, § 401(n), Aug. 17, 1988, 102 Stat. 997; Pub. L. 102–237, title V, § 502(c), Dec. 13, 1991, 105 Stat. 1868.)"
---


# § 2072. Board of directors

Each production credit association shall elect from the voting members of such association, a board of directors of such number, for such terms, with such qualifications, and in such manner as may be required by the bylaws of the association, except that at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, stockholder, or agent of a System institution.

---

**Source Credit**: (Pub. L. 92–181, title II, § 2.1, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1630; amended Pub. L. 100–399, title IV, § 401(n), Aug. 17, 1988, 102 Stat. 997; Pub. L. 102–237, title V, § 502(c), Dec. 13, 1991, 105 Stat. 1868.)

## Editorial Notes

### Prior Provisions

A prior section 2072, .1, , ; , , ; , , ; , title VIII, §§ 802(i), 805(d), , , 1711, 1715; , title IX, § 901(b), , , 1007, related to corporate existence and general corporate powers, prior to the general amendment of this subchapter by .

### Amendments

1991— substituted “stockholder, or agent” for “or stockholder”.

1988— struck out the comma after “except that”.

## 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 in part that this section is effective 6 months after .