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.
Section 126. That the members of the board of directors of the National Land Credit Bank who have been elected by the representatives of the local associations shall serve for a period of five years: Provided, however, That those first elected shall serve for one, two, three, four, and five years, respectively, and they shall divide themselves into five groups, and thereupon determine by lot how long each group shall serve.
Section 127. That the officers of the National Land Credit Bank shall consist of a president, vice-president, secretary, treasurer, and auditor.
Section 128. That the officers of the National Land Credit Bank, except the auditor, shall be appointed by the board of directors of said National Land Credit Bank, and they shall receive such salaries as the board of directors may determine: Provided, however, That the president shall receive eighteen thousand dollars per annum and that the auditor shall receive six thousand dollars per annum.
Section 129. That the city or place where the National Land Credit Bank shall conduct its business shall be selected and determined by the representatives of the local associations present in person or by proxy.
Section 130. That the annual meetings of the local associations shall be held on the first Monday of April in each year. The annual meeting of the State association shall be held on the first Monday of May in each year. The annual meeting of the National Land Credit Bank shall be held in the first Monday of June in each year.
Section 131. That upon the completion of the organization of the National Land Credit Bank, as herein provided, each local association shall transfer and pay over to the National Land Credit Bank 50 per centum or one-half of their cash paid-up capital amounting in the aggregate to at least twelve million five hundred thousand dollars, and they shall also transfer and pay over to their respective State associations 25 per centum or one-quarter of their cash paid-up capital amounting in the aggregate to at least six million two hundred and fifty thousand dollars.