Chapter LXXXIX: Section 125: That the board of directors of the National Land Credit

Bank shall consist of seventeen members, as follows:

_First_: Fifteen members of such board of directors shall be elected by the representatives of the local association present in person or by proxy.

_Second_: The Secretary of Agriculture of the United States shall ex officio be a member of said board.

_Third_: The President shall appoint a United States auditor, with the consent and approval of at least two-thirds of the members of the board elected by the representatives of the association. The term of service of the auditor shall be five years, and he shall be a member of the board of directors of said National Land Credit Bank.