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12 U.S.C. § 304 — Class A and class B directors; selection

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 304 — Class A and class B directors; selection

Directors of class A and class B shall be chosen in the following manner: The Board of Governors of the Federal Reserve System shall classify the member banks of the district into three general groups or divisions designating each group by number. Each group shall consist as nearly as may be of banks of similar capitalization. Each member bank shall be permitted to nominate to the chairman of the board of directors of the Federal reserve bank of the district one candidate for director of class A and one candidate for director of class B. The candidates so nominated shall be listed by the chairman, indicating by whom nominated, and a copy of said list shall, within fifteen days after its completion, be furnished by the chairman to each member bank. Each member bank by a resolution of the board or by an amendment to its bylaws shall authorize its president, cashier, or some other officer to cast the vote of the member bank in the elections of class A and class B directors: Provided, That whenever any member banks within the same Federal Reserve district are subsidiaries of the same bank holding company within the meaning of the Bank Holding Company Act of 1956 [[12 U.S.C. 1841](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim) et seq.], participation in any such nomination or election by such member banks, including such bank holding company if it is also a member bank, shall be confined to one of such banks, which may be designated for the purpose by such holding company.

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Source file: Laws/federal/codes/united-states-code/title-12/section-304-class-a-and-class-b-directors-selection--b8c7aac78e.md
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Source location: Title 12, Chapter 3, § 304; chapter-003-federal-reserve-system.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 301 — Powers and duties of board of directors; suspension of member bank for undue use of bank credit

Every Federal reserve bank shall be conducted under the supervision and control of a board of directors.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1841 — Definitions

**(a)** (1) Except as provided in paragraph (5) of this subsection, “bank holding company” means any company which has control over any bank or over any company that is or becomes a bank holding company by virtue of this chapter. (2) Any company has control over a bank or over any company if— (A) the company directly or indirectly or acting through one or more other persons owns, controls, or has power to vote 25 per centum or more of any class of voting securities of the bank or company; (B) the company controls in any manner the election of a majority of the directors or trustees of the bank or company; or (C) the Board determines, after notice and opportunity for hearing, that the company directly or indirectly exercises a controlling influence over the management or policies of the bank or company. (3) For the purposes of any proceeding under paragraph (2)(C) of this subsection, there is a presumption that any company which directly or indirectly owns, controls, or has power to vote less than 5 per centum of any class of voting securities of a given bank or company does not have control over that bank or company. (4) In any administrative or judicial proceeding under this chapter, other than a proceeding under paragraph (2)(C) of this subsection, a company may not be held to have had control over any given bank or company at any given time unless that company, at the time in question, directly or indirectly owned, controlled, or had power to vote 5 per centum or more of any class of voting securities of the bank or company, or had already been found to have control in a proceeding under paragraph (2)(C). (5) Notwithstanding any other provision of this subsection— (A) No bank and no company owning or controlling voting shares of a bank is a bank hold

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1841 — Definitions

Page 1216 TITLE 12—BANKS AND BANKING § 1841 Sec. 1842. Acquisition of bank shares or assets. 1843. Interests in nonbanking organizations. 1844. Administration. 1845. Repealed. 1846. Reservation of rights to States. 1847. Penalties. 1848. Judicial review. 1848a. Repealed. 1849. Saving provision. 1850. Acquisition of subsidiary and tying arrange- ment: Federal Reserve Board proceedings; application for authorization; competitor as party in interest and person aggrieved; judi- cial review. 1850a. Securities holding companies. 1851. Prohibitions on proprietary trading and cer- tain relationships with hedge funds and pri- vate equity funds. 1852. Concentration limits on large financial firms. § 1841. Definitions (a)(1) Except as provided in paragraph (5) of this subsection, ‘‘bank holding company’’ means any company which has control over any bank or over any company that is or becomes a bank holding company by virtue of this chapter. (2) Any company has control over a bank or over any company if— (A) the company directly or indirectly or acting through one or more other persons owns, controls, or has power to vote 25 per centum or more of any class of voting securi- ties of the bank or company; (B) the company controls in any manner the election of a majority of the directors or trustees of the bank or company; or (C) the Board determines, after notice and opportunity for hearing, that the company di- rectly or indirectly exercises a controlling in- fluence over the management or policies of the bank or company. (3) For the purposes of any proceeding under paragraph (2)(C) of this subsection, there is a presumption that any company which directly or indirectly owns, controls, or has power to vote less than 5 per centum of any

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 304 — Class A and class B directors; selection

Page 109 TITLE 12—BANKS AND BANKING § 304 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. § 303. Qualifications and disabilities No Senator or Representative in Congress shall be a member of the Board of Governors of the Federal Reserve System or an officer or a di- rector of a Federal reserve bank. No director of class B shall be an officer, direc- tor, or employee of any bank. No director of class C shall be an officer, direc- tor, employee, or stockholder of any bank. (Dec. 23, 1913, ch. 6, § 4 (pars.), 38 Stat. 255; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.) Editorial Notes CODIFICATION Section is comprised of pars. 13 to 15 of section 4 of act Dec. 23, 1913. For classification to this title of other pars. of section 4, see Codification note set out under section 301 of this title. 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. § 304. Class A and class B directors; selection Directors of class A and class B shall be cho- sen in the following manner: The Board of Gov- ernors of the Federal Reserve System shall clas- sify the member banks of the district into three general groups or divisions designating each group by number. Each group shall consist as nearly as may be of banks of similar capitaliza- tion. Each member bank shall be permitted to nominate to the chairman of the board of direc- tors of the Federal reserve bank of the district one candidate for director of class A and one candidate for director of class B. The candidates so nominated shall b

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