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12 U.S.C. § 308 — Terms of directors; vacancies
Federal law — U.S. Code and appendices · legal_authorities
At the first meeting of the full board of directors of each Federal reserve bank, it shall be the duty of the directors of classes A, B, and C, respectively, to designate one of the members of each class whose term of office shall expire in one year from the 1st of January nearest to date of such meeting, one whose term of office shall expire at the end of two years from said date, and one whose term of office shall expire at the end of three years from said date. Thereafter every director of a Federal reserve bank chosen as hereinbefore provided shall hold office for a term of three years. Vacancies that may occur in the several classes of directors of Federal reserve banks may be filled in the manner provided for the original selection of such directors, such appointees to hold office for the unexpired terms of their predecessors.
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Stable record: federal_law:legal_authorities:record_usc_20e74a55a5ec3fa397f764c0
Source file: Laws/federal/codes/united-states-code/title-12/section-308-terms-of-directors-vacancies--7208841502.md
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Source location: Title 12, Chapter 3, § 308; chapter-003-federal-reserve-system.md
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At the first meeting of the full board of directors of each Federal reserve bank, it shall be the duty of the directors of classes A, B, and C, respectively, to designate one of the members of each class whose term of office shall expire in one year from the 1st of January nearest to date of such meeting, one whose term of office shall expire at the end of two years from said date, and one whose term of office shall expire at the end of three years from said date. Thereafter every director of a Federal reserve bank chosen as hereinbefore provided shall hold office for a term of three years. Vacancies that may occur in the several classes of directors of Federal reserve banks may be filled in the manner provided for the original selection of such directors, such appointees to hold office for the unexpired terms of their predecessors.
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Federal law — U.S. Code and appendices · legal_authorities
Every Federal reserve bank shall be conducted under the supervision and control of a board of directors.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 301
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Federal law — U.S. Code and appendices · legal_authorities
Page 110
TITLE 12—BANKS AND BANKING
§ 305
designated for such purpose by the holding company af-
filiate.
1933—Act June 16, 1933, inserted proviso at end of sec-
ond par.
1930—Act June 26, 1930, amended last par.
Statutory Notes and Related Subsidiaries
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of
Federal Reserve Board to Board of Governors of the
Federal Reserve System.
§ 305. Class C directors; selection; ‘‘Federal re-
serve agent’’
Class C directors shall be appointed by the
Board of Governors of the Federal Reserve Sys-
tem. They shall have been for at least two years
residents of the district for which they are ap-
pointed, one of whom shall be designated by said
board as chairman of the board of directors of
the Federal reserve bank and as ‘‘Federal re-
serve agent.’’ He shall be a person of tested
banking experience and in addition to his duties
as chairman of the board of directors of the Fed-
eral reserve bank he shall be required to main-
tain, under regulations to be established by the
Board of Governors of the Federal Reserve Sys-
tem, a local office of said board on the premises
of the Federal reserve bank. He shall make reg-
ular reports to the Board of Governors of the
Federal Reserve System and shall act as its offi-
cial representative for the performance of the
functions conferred upon it by this chapter. He
shall receive an annual compensation to be fixed
by the Board of Governors of the Federal Re-
serve System and paid monthly by the Federal
reserve bank to which he is designated. One of
the directors of class C shall be appointed by the
Board of Governors of the Federal Reserve Sys-
tem as deputy chairman to exercise the powers
of the chairman of the board when necessary. In
case of the absence of the
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 308
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