Pub. L. 84-347, tit. I, sec. 105

Sec. 105. Section 32 of the Farm Credit Act of 1933 is amended to read as follows: “Sec. 32. Powers of Board of Directors of Central Bank.— The Board of Directors of the Central Bank for Cooperatives shall elect a Chairman and a Vice Chairman from among its members. The powers of the Board of Directors shall be such powers as may be prescribed in the charter and bylaws with the approval of the Farm Credit Administration: Provided, That said Board without limitation of powers conferred by section 60 shall have power, subject to approval of the Farm Credit Administration, to appoint and fix the compensation of the chief executive officer and such other officers and employees, experts, and consultants as may be necessary for the efficient conduct of the bank’s business: Provided further, That the chief executive officer of the bank shall not be an officer or employee of the Farm Credit Administration.”