Director eligibility.

CFR · 2024-01-01 · US · Title 12

(a) (1) A citizen of the United States; and (2) An officer or director of a member that is located in the district in which the Bank is located and that meets all minimum capital requirements established by its appropriate Federal banking agency or appropriate State regulator. In the case of a director elected by the members, the institution of (b) (c) (1) A citizen of the United States; and (2) A bona fide resident of the district in which the Bank is located. (d) (i) Is an incumbent director, unless: (A) The incumbent director's term of office would expire before the new term of office would begin; and (B) The new term of office would not be barred by the term limit provision of section 7(d) of the Bank Act (12 U.S.C. 1427(d)); or (ii) Is a former director whose service would be barred by the term limit provision of section 7(d) of the Bank Act. (2) For purposes of applying the term limit provision of section 7(d) of the Bank Act (12 U.S.C. 1427(d)): (i) A term of office that is adjusted after July 30, 2008 to a period of fewer than four years shall not be deemed to be a full term; (ii) Any member director's election and service to a directorship with a three year term of office prior to July 30, 2008 shall be deemed to be a full term; (iii) Any three-year term of office that ends immediately before a term of office that is adjusted after July 30, 2008 to a period of fewer than four years, and any term of office commencing immediately following such adjusted term of office,

official document · source cfr-2024 · id 12:§ 1261.5