U.S. Code > Title 12 Banks and Banking > CHAPTER 23—FARM CREDIT SYSTEM (§§ 2001—2279cc) > SUBCHAPTER VI—ASSISTANCE TO FARM CREDIT SYSTEM (§§ 2278a—2278b11) > Part A—Assistance Board (§§ 2278a—2278a13) > § 2278a-2. Board of Directors

§ 2278a-2. Board of Directors

(a) Membership
The Board of Directors of the Assistance Board (hereinafter referred to in this part as the “Board of Directors”) shall consist of three members—
(1) one of which shall be the Secretary of the Treasury;
(2) one of which shall be the Secretary of Agriculture; and
(3) one of which shall be an agricultural producer experienced in financial matters, and appointed by the President, by and with the advice and consent of the Senate.
(b) Chairman
The Board of Directors shall elect annually a Chairman from among the members of the Board.
(c) Terms of office, succession, and vacancies
(1) Terms of office and succession
The term of each member of the Board of Directors shall expire when the Assistance Board is terminated.
(2) Vacancies
Vacancies on the Board of Directors shall be filled in the same manner as the vacant position was previously filled.
(d) Compensation of Board members
Members of the Board of Directors—
(1) appointed under paragraphs (1) and (2) of subsection (a) of this section shall receive reasonable allowances for necessary expenses of travel, lodging, and subsistence incurred in attending meetings and other activities of the Assistance Board, as set forth in the bylaws issued by the Board of Directors, except that such level shall not exceed the maximum fixed by subchapter I of chapter 57 of title 5 for officers and employees of the United States; and
(2) appointed under paragraph (3) of subsection (a) of this section shall receive compensation for the time devoted to meetings and other activities at a daily rate not to exceed the daily rate of compensation prescribed for Level III of the Executive Schedule under section 5314 of title 5 and reasonable allowances for necessary expenses of travel, lodging, and subsistence incurred in attending meetings and other activities of the Assistance Board, as set forth in the bylaws issued by the Board of Directors, except that such level shall not exceed the maximum fixed by subchapter I of chapter 57 of title 5 for officers and employees of the United States.
(e) Rules and records
The Board of Directors of the Assistance Board shall adopt such rules as it may deem appropriate for the transaction of the business of the Assistance Board, and shall keep permanent and accurate records and minutes of its acts and proceedings.
(f) Quorum required
A quorum shall consist of two members of the Board of Directors. All decisions of the Board shall require an affirmative vote of at least a majority of the members voting.
(g) Chief executive officer
A chief executive officer of the Assistance Board shall be selected by the Board of Directors of the Assistance Board and shall serve at the pleasure of the Board.