Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; Cumulative Voting

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Section 615.5230 of Farm Credit Administration (FCA) Regulations provides for cumulative voting by shareholders in the election of Farm Credit Bank (FCB) directors and requires the unanimous consent of the voting shareholders to eliminate such cumulative voting. The FCA proposes to amend Sec. 615.5230(a)(2) to provide that an FCB may eliminate cumulative voting in director elections with the consent of 75 percent of the bank's voting shareholders, instead of the currently required unanimous consent.