Federal · Title 12 — Banks and Banking
12 U.S.C. § 2123: Board of directors
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Each bank for cooperatives shall elect a board of directors of such number, for such term, in such manner, 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. the number of stockholders eligible to vote; multiplied by 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. The total number of votes under this subsection shall be the number of voting stockholders of a bank for cooperatives multiplied by two.
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