|
|
|
U.S. Code as of:
01/19/04
Section 305. Class C directors; selection; Federal reserve agent
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.
|
|