270
73d CONGRESS . SESS. I. CH. 98. JUNE 16, 1933 . shall represent the public interest and one shall represent national farm-loan associations and borrowers through agencies and such director shall be a borrower from a Federal land bank . The terms of office of local and district directors shall be three years ." Nominations .
(2) The tenth paragraph of such section (U.S .C ., title 12, sec. 42,p .1474.p 863
- Vol.
679) is amended to read as follows : u.s.c., p. 301.
"At l east two mont hs before an e lection of a local directo r the Division of districts . Land Bank Commissioner shall cause notice in writing to be sent to those entitled to nominate candidates for such local director . In Notice of. the case of an election of a director to represent national farm-loan associations and borrowers through agencies, such notice shall be sent to all na tional farm-l oan associati ons and borrow ers through agencies in the district ; in the case of an election to rep rese nt Production C redit Associa tions, such n otice shall be sent to all Production Credit Associations in the district
- andinthecaseofa
director to represent borrowers from Banks for Cooperatives, such notice shall be sent to all cooperatives which are borrowers at the time of sending notice . Within ten days of receipt of such notice those entitled to nominate the director shall forward nominations of residents of the distr ict to the La nd Bank Commis sioner . The Land Bank Commissioner shall, from such nominations, then pre- pare a list of candidates for such local director consisting of the ten nominees receiving the highest number of votes ." L ocal dire ctors .
(3) The eleventh paragraph of such section (U.S .C ., title 12, sec . Vol. 39, p. 383 , Vol. 42, p. 1476.
680) is amended to read as follows : us.C., p. 301. "At l east one mont h before the e lection of a local directo r the Land Bank Commissioner shall mail to each person or organization entitled to elect the local director the list of the ten candidates nom- Election of. inated in accordance with the tenth paragraph of this section . In the case of an election of a director to represent national farm-loan associations and borrowers through agencies, the directors of each farm-loan association shall cast the vote of such association for one of the candida tes on the li st . In voting under this section each such association shall be entitled to cast a number of votes equal to the number of stockholders of such association and each bo rrow er through agencies shall be entitled to cast one vote . In voting unde r this section each Production Credit Association shall be entitled to cast a number of votes equal to the number of the class B stockhold- ers of such associations . In voting under this section each cooper- ative which is a holder of stock in a Bank for Cooperatives (except the Governor of the Farm Credit Administration) shall be entitled to cast one vote . The votes shall be forwarded to the Land Bank Commis sioner and n o vot e shal l be c ounted unle ss for warded to him within ten days after the list of candidates is received . In case of a tie the Land Bank Commissioner shall determine the choice. The nominations from which the list of candidates is prepared, and the votes of the respective voters, as counted, shall be tabulated and preserved and shall be subjectt to examination by any candidate for at least one year after the results of the election is announced ." District directors.
(4) The sixth and seventh sentences of the twelfth paragraph of Director at large ; appointment, removal, such sec tion (U .S.C ., title 12, sec . 681) are amended to read as etc .
follows : " The Governor of the Farm Credit Administration shall select a director at large for the district who shall hold his office during a term of three years . Such seventh director may be removed by the Governor of the Farm Credit Administration at any time ." P rovis ions rest ricte d
(b) Subsection (a) shall apply only to the appointment or elec- to successors of present incumbents.
tion of the successors of directors of land banks whose regular terms Div ision of .
expire after t he effe ctive date of such s ubsect ion . The successors of
