EQUITY VOTING FOR ONE DIRECTOR OF EACH BANK FOR COOPERATIVES.

SEC. 503. EQUITY VOTING FOR ONE DIRECTOR OF EACH BANK FOR COOPERATIVES. Section 3.2(a) of the Farm Credit Act of 1971 (12 U.S.C. 2123(a)) is amended— (1) by inserting “(1)” after “(a)”; and (2) by adding at the end the following new paragraph: “(2) (A) If approved by the stockholders through a bylaw amendment, the nomination and election of one member from a bank for cooperatives (other than the National Bank for Cooperatives) shall be carried out with each voting stockholder of a bank for 106 STAT. 4131cooperatives having one vote, plus a number of votes (or fractional part thereof) equal to— “(i) the number of stockholders eligible to vote; multiplied by “(ii) the percentage (or fractional part thereof) of the total equity interest (including allocated, but not unallocated, surplus and reserves) in the bank of all stockholders held by the individual voting stockholder at the close of the immediately preceding fiscal year of the bank. “(B) The total number of votes under this paragraph shall be the number of voting stockholders of a bank for cooperatives multiplied by two.”.