Outside directors.

CFR · 2024-01-01 · US · Title 12

(a) (2) (i) Each Farm Credit bank must have at least two outside directors. (ii) Associations with total assets exceeding $500 million as of January 1 of each year must have no fewer than two outside directors on the board. However, this requirement does not apply if it causes the percent of stockholder-elected directors to be less than 75 percent of the board. (iii) Associations with $500 million or less in total assets as of January 1 of each year must have at least one outside director. (3) (b)

official document · source cfr-2024 · id 12:§ 611.220