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.