May a director be appointed to an FCS bank or association board of directors if the director was a System institution salaried officer or employee within the past year?
Our rule at section 611.310(a) prohibits any person from serving on a Farm Credit bank or an association’s board of directors if that person was a salaried officer or employee of any Farm Credit bank or association within 1 year preceding the date that the director’s term of office commences. This provision applies to all directors, whether they are appointed by the board or elected by the bank or association’s voting stockholders.
Related Questions
- May a director be appointed to an FCS bank or association board of directors if the director was a System institution salaried officer or employee within the past year?
- How is an outside directors independence different from that of other institution directors?
- How are the Director and Assistant Directors appointed?
