BANK FOR COOPERATIVES BOARD OF DIRECTORS.

SEC. 414. BANK FOR COOPERATIVES BOARD OF DIRECTORS. (a) Initial Board.— The initial board of each district bank for cooperatives shall be composed of the members of the district board (which is dissolved upon the creation of the district Farm Credit Bank) elected by the stockholders of the bank for cooperatives and one member elected by the other two members, which member shall not be a director, officer, employee, or stockholder of a System institution. The initial board shall operate for such term as is agreed to by the members of the board, except that such period shall not exceed two years. Thereafter, the board shall be elected and serve in accordance with section 3.0 of the Farm Credit Act of 1971. (b) Permanent Board.— Section 3.0 of the Act shall be amended— (1) by inserting “(a)” after the section designation; and (2) by adding at the end thereof the following new subsection: “(b) Each bank for cooperatives shall elect from its voting stockholders a board of directors of such number, for puch term, in such 101 STAT. 1642manner, and with such qualifications as may be required in its bylaws, except that, at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, or stockholder of a System institution.”.