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 System Banks Boards of Directors |
Each Bank is governed by a board of directors that is responsible for establishing policies and procedures for the operation of the Bank. Each Bank's bylaws provide for the number, term, manner of election and qualifications of the Bank's board. The board of directors is comprised of directors elected by the stockholders and at least one non-affiliated director appointed by the stockholder-elected directors. The appointed member cannot be a director, officer, employee or stockholder of a System institution. The boards of directors represent the interests of the stockholders of their particular institution.
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