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12 U.S.C. § 305 — Class C directors; selection; “Federal reserve agent”
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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Stable record: federal_law:legal_authorities:record_usc_d745eb484a249c2833f0ffc1
Source file: Laws/federal/codes/united-states-code/title-12/section-305-class-c-directors-selection-federal-reserve-agent--d8cfb8b7aa.md
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Passage SHA-256: a70ab224fa0a3b7534f881ad8e425bedfa1e314b30d9e79be569a745c4ea73a9
Source location: Title 12, Chapter 3, § 305; chapter-003-federal-reserve-system.md
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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.
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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
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
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. § 305
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