PUBLIC LAW 97-35—AUG. 13, 1981 (b) The amendments made by subsection (a) shall take effect on the day after the Final Government Equity Redemption Date.
95 STAT. 435 Effective date. 12 USC 3019 note.
BOARD OF DIRECTORS
SEC. 393. (a) Subsections (a), (b), (c), and (d) of section 103 of such Act (12 U.S.C. 3013) are amended to read as follows: "(a) The Bank shall be governed by a Board of Directors (hereinafter in this Act referred to as the 'Board') which shall consist of 15 members. AH members shall serve for a term of 3 years. After the expiration of the term of any member, such member may continue to serve until his successor has been elected or has been appointed and qualified. Any member appointed by the President may be removed Removal. for cause by the President. "(b)(1) The President shall appoint, by and with the advice and Appointment. consent of the Senate— "(A) one member who shall be selected from among proprietors of small business concerns, as defined under section 3 of the 12 USC 371. Small Business Act, which are manufacturers or retailers; "(B) one member who shall be selected from among the officers of the agencies and departments of the United States; and "(C) one member who shall be selected from among persons having extensive experience in the cooperative field representing low-income cooperatives eligible to borrow from the Bank. "(2) Twelve members of the Board shall be elected by the holders of class B stock and class C stock in accordance with the provisions of subsection (d) and the bylaws of the Bank. "(c)(1) On the day after the Final Government Equity Redemption Resignation. Date, all members of the Board of Directors of the Bank who were appointed by the President shall resign, except that— "(A) the member who shall have been appointed by the President from among proprietors of small business concerns, and "(B) one member who shall be designated by the President and who shall have been appointed by the President from among the officers and employees of the agencies and departments of the United States Government, may continue to serve until their successors have been appointed and qualified. "(2) Any member of the Board of Directors of the Bank who was elected by the holders of class B or class C stock before the Final Government Equity Redemption Date shall serve the remainder of the term for which such member was elected. "(3) Any member appointed pursuant to subsection (b)(1) shall be entitled to sit on any committee of the Board, but not more than one member so appointed may sit on any one committee. "(d)(1) All elections of members of the Board by the holders of class B stock and class C stock shall be conducted in accordance with the bylaws of the Bank. Such bylaws shall conform to the requirements of this section. Nominations for such elections shall be made by the following classes of cooperatives: (A) housing, (B) consumer goods, (C) low-income cooperatives, (D) consumer services, and (E) all other eligible cooperatives. "(2)(A) Vacant shareholder directorships shall be filled so that at Vacant any time when there are three or more shareholder directors on the shareholder Board, there shall be at least one director representing each of directorships. the following classes of cooperatives: (i) housing cooperatives, (ii)