Not less than eight nor more than thirteen directors of each Bank will be elected in accordance with the provisions of §§ 522.21 to 522.45.

[24 F.R. 9578, Dec. 1, 1959]
§ 522.23 Class directors.

Two of the elective directors shall be known as Class A directors, two as Class B and two as Class C, and shall hold office for terms of two years: Provided, That, in the case of the Federal Home Loan Bank of San Francisco, there shall be four elective directors who shall be known as Class A directors, three as Class B and three as Class C, and shall hold office for terms of two years. Each of these directors shall be a citizen of the United States, a bona fide resident of the district in which the Bank is located; shall be an officer or director of a member of the Bank in the group electing him and shall be deemed to be from the State in which such member is located. [24 F.R. 9578, Dec. 1, 1959]

§ 522.24 Directors-at-large.

Two of the elective directors shall be known as directors-at-large, shall be elected by the membership-at-large, without regard to classes, and shall hold office for terms of two years: Provided, That, in the case of the Federal Home Loan Bank of San Francisco, there shall be three elective directors who shall be known as directors-at-large, elected by the membership-at-large, without regard to classes, who shall hold office for terms of two years. Each of these directors shall be a citizen of the United States, a

bona fide resident of the Bank district and if affiliated, as an officer or director, with a member of the Bank, shall be deemed to be from the State in which such member is located. Each of these directors who is not affiliated, as an officer or director, with a member of the Bank, shall be deemed to be from the State in which he has established a bona fide residence.

[24 F.R. 9579, Dec. 1, 1959]

§ 522.25 Conduct of election.

The election of directors shall be held annually and shall be conducted by mail under the supervision of the Board. No nominations shall be accepted from members which were admitted to membership within the 10 calendar days prior to the date nomination certificates are to be forwarded to members as set forth in § 522.26 and no votes for the election of candidates shall be accepted from members which were admitted to membership within the 10 calendar days prior to the date election ballots are to be forwarded to members as set forth in §§ 522.30 and 522.36, respectively. [24 F.R. 9579, Dec. 1, 1959]

§ 522.26 Notification of nomination and

classification.

Not later than January 15 of each year the Board will mail to members, as of the immediately preceding December 31, forms upon which each member shall report the aggregate unpaid principal of its home mortgage loans at the close of said December 31. The forms shall be duly executed and mailed so as to be received by the Secretary to the Board not later than February 15. On the basis of the size of the members, as determined from the aggregate unpaid principal of each member's home mortgage loans appearing on such forms, the Board will establish lines of class demarcation for, and divide the members of each Bank into, classes A, B, and C. In the event the above described form shall not have been received from a member before the time limit specified in this section, the size of such member will be determined from the unpaid principal of its home mortgage loans appearing on the most recent report in the possession of the Board on the immediately preceding December 31. Any institution admitted to membership subsequent to the said December 31 will be classified on the basis of the unpaid principal of its

home mortgage loans appearing on the most recent report in the possession of the Board immediately preceding the date of admittance. The Board will then notify each member not later than August 1 of each year of its classification and of its right to nominate and will furnish each member with a list of the members in its class and a list of those holding directorships at that time in the Bank of which it is a member, reflecting each class directorship and each directorship-at-large and containing the name of each director, the date of expiration of the term of each director, the name and address of the member institution of which each class director is an officer or director and his title, the name and address of the institution with which each director-at-large is affiliated and his title, or, if not affiliated with an institution, his present or former occupation and the city and State of which he is a bona fide resident. At the same time each member will be furnished with a copy of the regulations in this part governing the nomination and election of Bank directors and the necessary nominating certificate and will be notified of each directorship to be filled from the membership-at-large and of each directorship to be filled in its class. [24 F.R. 9579, Dec. 1, 1959]

§ 522.27 Nominating certificates.

Each member, by resolution of its governing body, may nominate, or authorize one of its directors and one of its officers to nominate, a suitably qualified person for each directorship to be filled in its class and each directorship to be filled from the membership-atlarge. The certificate shall then be duly executed and mailed to the Secretary to the Board, so as to be delivered to his office in Washington, D.C., not later than August 31.

[24 F.R. 9579, Dec. 1, 1959]

Board receive from him, not later than September 20, an expression of preference in order to have his name placed on an election ballot. In each such case where the Board has received from a nominee an expression of . preference within the time referred to and the other information as required in this part, the Board will, in accordance with the preference expressed, designate the directorship for which the nominee shall be a candidate; however, if it appears to the Board that such action would impair, or result in such nominee having no chance of being elected on account of, the representation per State as set forth in § 522.32, the Board will designate such person as a candidate only for the directorship which appears to the Board to be the most suitable, if it also appears to the Board such person has a chance of being elected to such directorship. If it appears to the Board that a candidate has no chance of being elected to a directorship or to any of the directorships for which he has been nominated, on account of the representation per State as set forth in § 522.32, the name of such candidate will not be placed on an election ballot if he has made a request that his name not be so placed in such event.

[24 F.R. 9579, Dec. 1, 1959]

§ 522.32 State representation.

In determining the results of balloting by the members, the Board will, subject to the provisions of $$ 522.23, 522.24. 522.33 and 522.34, see that each State is represented on the new board of directors by at least the number of elective directors set forth below: Provided, There has been an eligible candidate from such State who has been voted for: