Pub. L. 84-347, tit. IV, sec. 401

Sec. 401. (a) Section 5 (b) of the Farm Credit Act of 1937, as amended, is amended by changing the sixth sentence thereof to read as follows: “After the date of enactment of the Farm Credit Act of 1955, no person shall be eligible for election or appointment to membership on said Board if such person has within one year next preceding the commencement of the term been a salaried officer or employee of the Farm Credit Administration, or a salaried officer or employee of any corporation operating under the supervision of the Farm Credit Administration,”. (b) Section 5 (d) of the Farm Credit Act of 1937, as amended, is amended— (1) by substituting “six months” for “three months” wherever it occurs in paragraph (2) thereof; and (2) by adding at the end thereof a new paragraph as follows: “(4) As directed by the Farm Credit Administration, the election of a director under section 5 (d) (2) by any group may be begun any time within six months before the expiration of the term of office to which the director is to succeed, subject to the required determination being made as of the date six months before the expiration of such term of office that a director so elected by such group is to serve in lieu of a district director (or third district director).”