12 U.S.C. § 307 — Compensation of directors

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 chairman and deputy chairman, the third class C director shall pre- side at meetings of the board. (Dec. 23, 1913, ch. 6, § 4 (par.), 38 Stat. 256; June 21, 1917, ch. 32, § 2, 40 Stat. 232; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this Act’’, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, known as the Federal Reserve Act. For complete classi- fication of this Act to the Code, see References in Text note set out under section 226 of this title and Tables. CODIFICATION Section is comprised of par. 22 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. § 306. Assistants to Federal reserve agent Subject to the approval of the Board of Gov- ernors of the Federal Reserve System, the Fed- eral reserve agent shall appoint one or more as- sistants. 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. Assist- ants 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. (Dec. 23, 1913, ch. 6, § 4 (par.), as added June 21, 1917, ch. 32, § 2, 40 Stat. 232; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.) Editorial Notes CODIFICATION Section is comprised of par. 23 of section 4 of act Dec. 23, 1913, as added June 21, 1917. 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. § 307. Compensation of directors Directors of Federal reserve banks shall re- ceive, in addition to any compensation other- wise provided, a reasonable allowance for nec- essary 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 ap- proval of the Board of Governors of the Federal Reserve System. (Dec. 23, 1913, ch. 6, § 4 (par.), 38 Stat. 257; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.) Editorial Notes CODIFICATION Section is comprised of par. 24 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. § 308. Terms of directors; vacancies At the first meeting of the full board of direc- tors of each Federal reserve bank, it shall be the duty of the directors of classes A, B, and C, re- spectively, 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