12 C.F.R. § 915.10 Selection of appointive directors.
Title 12 - Banks and Banking
(a) Selection. In accordance with the Act, the Finance Board, in its sole discretion, shall select all appointive directors. (b) Term of office. The term of office of each appointive directorship shall be three years, except as adjusted pursuant to section 7(d) of the Act (12 U.S.C. 1427(d)) to achieve a staggered board, and shall commence on January 1. In appointing directors for the terms commencing on January 1, 2001 and 2002, respectively, the Finance Board shall adjust the terms of any appointive directorships as necessary to achieve the one-third staggering of the board of directors required by section 7(d) of the Act (12 U.S.C. 1427(d)), in accordance with the requirements of this part and the applicable matrix from the Appendix to this part. In the case of a discretionary appointive directorship that is terminated pursuant to §915.3(b)(5), the term of office of the directorship shall end after the close of business on December 31 of that year. [63 FR 65690, Nov. 30, 1998, as amended at 65 FR 41569, July 6, 2000; 67 FR 12845, Mar. 20, 2002]
Title 12: Banks and Banking
PART 915—BANK DIRECTOR ELIGIBILITY, APPOINTMENT AND ELECTIONS
§ 915.10 Selection of appointive directors.
