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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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Stable record: federal_law:legal_authorities:record_usc_84398abdd62d9550f9f01e16
Source file: Laws/federal/codes/united-states-code/title-12/section-301-powers-and-duties-of-board-of-directors-suspension-of-member-bank-for-un--0fe05609b0.md
Pages: Not recorded – Not recorded
Passage SHA-256: 3814f2f0aacb7ba6d89f9ff03a36481058f9264af63a61b12549ddffaf41998c
Source location: Title 12, Chapter 3, § 301; chapter-003-federal-reserve-system.md
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Federal law — U.S. Code and appendices · legal_authorities
The short title of the Act of December 23, 1913, ch. 6, 38 Stat. 251, shall be the “Federal Reserve Act.”
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 226
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Federal law — U.S. Code and appendices · legal_authorities
Such board of directors shall be selected as hereinafter specified and shall consist of nine members, holding office for three years, and divided into three classes, designated as classes A, B, and C.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 302
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Federal law — U.S. Code and appendices · legal_authorities
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 director of a Federal reserve bank.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 303
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Federal law — U.S. Code and appendices · legal_authorities
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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 304
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Federal law — U.S. Code and appendices · legal_authorities
Class C directors shall be appointed by the Board of Governors of the Federal Reserve System. They shall have been for at least two years residents of the district for which they are appointed, one of whom shall be designated by said board as chairman of the board of directors of the Federal reserve bank and as “Federal reserve 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 Federal reserve bank he shall be required to maintain, under regulations to be established by the Board of Governors of the Federal Reserve System, a local office of said board on the premises of the Federal reserve bank. He shall make regular reports to the Board of Governors of the Federal Reserve System and shall act as its official 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 Reserve 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 System as deputy chairman to exercise the powers of the chairman of the board when necessary. In case of the absence of the chairman and deputy chairman, the third class C director shall preside at meetings of the board.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 305
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Federal law — U.S. Code and appendices · legal_authorities
Subject to the approval of the Board of Governors of the Federal Reserve System, the Federal reserve agent shall appoint one or more assistants. Such assistants, who shall be persons of tested banking experience, shall assist the Federal reserve agent in the performance of his duties and shall also have power to act in his name and stead during his absence or disability. The Board of Governors of the Federal Reserve System shall require such bonds of the assistant Federal reserve agents as it may deem necessary for the protection of the United States. Assistants to the Federal reserve agent shall receive an annual compensation, to be fixed and paid in the same manner as that of the Federal reserve agent.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 306
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Federal law — U.S. Code and appendices · legal_authorities
Directors of Federal reserve banks shall receive, in addition to any compensation otherwise provided, a reasonable allowance for necessary expenses in attending meetings of their respective boards, which amount shall be paid by the respective Federal reserve banks. Any compensation that may be provided by boards of directors of Federal reserve banks for directors, officers or employees shall be subject to the approval of the Board of Governors of the Federal Reserve System.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 307
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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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 308
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Federal law — U.S. Code and appendices · legal_authorities
Upon the filing of the organization certificate with the Comptroller of the Currency a Federal reserve bank shall become a body corporate and as such, and in the name designated in such organization certificate, shall have power—
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 341
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Federal law — U.S. Code and appendices · legal_authorities
Page 107 TITLE 12—BANKS AND BANKING § 301 by the amount of any transfer by such bank under paragraph (1). (Dec. 23, 1913, ch. 6, § 7(a), (b), 38 Stat. 258; Mar. 3, 1919, ch. 101, § 1, 40 Stat. 1314; June 16, 1933, ch. 89, § 4, 48 Stat. 163; Pub. L. 103–66, title III, § 3002(a), Aug. 10, 1993, 107 Stat. 337; Pub. L. 103–325, title VI, § 602(d), Sept. 23, 1994, 108 Stat. 2291; Pub. L. 106–113, div. B, § 1000(a)(5) [title III, § 302], Nov. 29, 1999, 113 Stat. 1536, 1501A–304; Pub. L. 114–94, div. C, title XXXII, §§ 32202, 32203(a), Dec. 4, 2015, 129 Stat. 1739; Pub. L. 115–123, div. C, title II, § 30205, Feb. 9, 2018, 132 Stat. 127; Pub. L. 115–174, title II, § 217, May 24, 2018, 132 Stat. 1326.) Editorial Notes CODIFICATION Section is comprised of subsec. (a) [formerly first un- designated par.] of section 7 of act Dec. 23, 1913, and subsec. (b) [enacted by Pub. L. 106–113, div. B, § 1000(a)(5) [title III, § 302(2)], Nov. 29, 1999, 113 Stat. 1536, 1501A–304] of section 7. Another subsec. (b) of section 7 is classified to section 290 of this title. Subsec. (c) of section 7 is classified to section 531 of this title. AMENDMENTS 2018—Subsec. (a)(3)(A). Pub. L. 115–174 substituted ‘‘$6,825,000,000’’ for ‘‘$7,500,000,000’’. Pub. L. 115–123 substituted ‘‘$7,500,000,000’’ for ‘‘$10,000,000,000’’. 2015—Subsec. (a)(1)(A). Pub. L. 114–94, § 32203(a)(1), amended subpar. (A) generally. Prior to amendment, text read as follows: ‘‘After all necessary expenses of a Federal reserve bank have been paid or provided for, the stockholders of the bank shall be entitled to re- ceive an annual dividend of 6 percent on paid-in capital stock.’’ Subsec. (a)(1)(C). Pub. L. 114–94, § 32203(a)(2), added subpar. (C). Subsec. (a)(3). Pub. L. 114–94, § 32202, added p
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 301
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