PUBLIC LAW 100-233—JAN. 6, 1988
101 STAT. 1689
such a representative or becomes such a director or officer, as the case may be. "(5) TERMS.—The members of the interim board shall be appointed for the life of such board. "(6) QUORUM.—5 members of the interim board shall constitute a quorum. "(7) CHAIRPERSON.—The President shall designate 1 of the President of U.S. members of the interim board as the chairperson of the interim board. "(8) MEETINGS.—The interim board shall meet at the call of the chairperson or a majority of its members. "(9) VOTING COMMON STOCK.— "(A) INITIAL OFFERING.—Upon the appointment of suffi-
cient members of the interim board to convene a meeting with a quorum present, the interim board shall arrange for an initial offering of common stock and shall take whatever other actions are necessary to proceed with the operations of the Corporation. "(B) PURCHASERS.—Subject
to subparagraph
(C), the
voting common stock shall be offered to banks, other financial entities, insurance companies, and System institutions under such terms and conditions as the interim board may adopt. "(C) DISTRIBUTION.—The voting stock shall be fairly and broadly offered to ensure that no institution or institutions acquire a disproportionate amount of the total amount of voting common stock outstanding of a class and that capital contributions and issuances of voting common stock for the contributions are fairly distributed between entities eligible to hold class A and class B stock, as provided under section 8.4. "(10) TERMINATION.—The interim board shall terminate when the permanent board of directors established in subsection O> t) first meets with a quorum present. 'G)) PERMANENT BOARD.—
"(1) ESTABLISHMENT.—Immediately after the date that banks, other financial institutions or entities, insurance companies, and System institutions have subscribed and fully paid for at least $20,000,000 of common stock of the Corporation, the Corporation shall arrange for the election and appointment of a permanent board of directors. After the termination of the interim board, the Corporation shall be under the management of the permanent board. "(2) COMPOSITION.—The permanent board shall consist of 15 members, of which— "(A) 5 members shall be elected by holders of common stock that are insurance companies, banks, or other financial institutions or entities; "(B) 5 members shall be elected by holders of common stock that are Farm Credit System institutions; and "(C) 5 members shall be appointed by the President, by and with the advice and consent of the Senate— "(i) which members shall not be, or have been, officers or directors of any financial institutions or entities; "(ii) which members shall be representatives of the general public;
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