2017 US Code
Title 12 - Banks and Banking
Chapter 23 - Farm Credit System
Subchapter IV - Provisions Applicable to Two or More Classes of Institutions of the System
Part D - Activities of Institutions of the System
Sec. 2209 - Compensation of bank directors
| 12 U.S.C. § 2209 (2017) |
| §2209. Compensation of bank directors |
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(a) In general
The Farm Credit Administration shall monitor the compensation of members of the board of directors of a System bank received as compensation for serving as a director of the bank to ensure that the amount of the compensation does not exceed a level of $20,000 per year, as adjusted to reflect changes in the Consumer Price Index for all urban consumers published by the Bureau of Labor Statistics, unless the Farm Credit Administration determines that such level adversely affects the safety and soundness of the bank. (b) WaiverThe Farm Credit Administration may waive the limitation prescribed in subsection (a) under exceptional circumstances, as determined in accordance with regulations promulgated by the Farm Credit Administration. |
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(Pub. L. 92–181, title IV, §4.21, as added Pub. L. 100–399, title IV, §414, Aug. 17, 1988, 102 Stat. 1004; amended Pub. L. 102–552, title V, §509, Oct. 28, 1992, 106 Stat. 4132.) |
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AMENDMENTS
1992—Pub. L. 102–552 amended section generally. Prior to amendment, section read as follows: "No member of the board of directors of a System bank may receive more than $15,000 per year under this chapter as compensation for serving as a director of such bank." EFFECTIVE DATESection effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as an Effective Date of 1988 Amendment note under section 2002 of this title. |
| United States Code, 2012 Edition, Supplement 5, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 12 - BANKS AND BANKING CHAPTER 23 - FARM CREDIT SYSTEM SUBCHAPTER IV - PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF INSTITUTIONS OF THE SYSTEM Part D - Activities of Institutions of the System Sec. 2209 - Compensation of bank directors |
| section 2209 |
| 2017 |
| January 12, 2018 |
| No |
| standard |
| 102 Stat. 1004 106 Stat. 4132 |
| Public Law 92-181, Public Law 100-233, Public Law 100-399, Public Law 102-552 |
