12 Banks and Banking 6 1999-01-01 1999-01-01 false Selection of Bank officers and emplyees. 932.18 Section 932.18 FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK SYSTEM DIRECTORS, OFFICERS, AND EMPLOYEES OF THE BANKS Selection of Bank Officers and Employees
ยง 932.18 Selection of Bank officers and emplyees.

(a) Bank presidents. The board of directors of each bank may appoint a president, who shall be the chief executive officer of the Bank, subject to the following limitations:

(1) No appointment of a new Bank President shall be effective until approved by the Finance Board;

(2) A President shall serve at the pleasure of the Bank; and

(3) A President may be suspended or removed by the Finance Board for cause, which shall be communicated in writing to the President and the Bank.

(b) Bank employees other than the President. Each Bank may appoint or elect officers other than the President and may hire other employees of the Bank without prior Financial Board approval.

(c) Prohibition on employment contracts. A Bank shall not enter into an employment contract with an employee.

[62 FR 9, Jan. 2, 1997. Redesignated and amended at 63 FR 65692, Nov. 30, 1998]