BOARD OF DIRECTORS.

SEC. 2.11. [12 U.S.C. 2092] BOARD OF DIRECTORS. Each Federal land bank association shall elect from its voting shareholders a board of directors of such number, for such terms, in such manner, and with such qualifications as may be required by its bylaws except that, at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, stockholder, or agent of a System institution.