12 U.S.C. § 302 — Number of members; classes
submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 172 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
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.
Class A shall consist of three members, without discrimination on the basis of race, creed, color, sex, or national origin, who shall be chosen by and be representative of the stockholding banks.
Class B shall consist of three members, who shall represent the public and shall be elected without discrimination on the basis of race, creed, color, sex, or national origin, and with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers.
Class C shall consist of three members who shall be designated by the Board of Governors of the Federal Reserve System. They shall be elected to represent the public, without discrimination on the basis of race, creed, color, sex, or national origin, and with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers.
Source credit: (Dec. 23, 1913, ch. 6, § 4 (pars.), 38 Stat. 255; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 95–188, title II, § 202, Nov. 16, 1977, 91 Stat. 1387.)
- 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 255
- 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704
- 1977Amended · Pub. L. 95-188 · 91 Stat. 1387
A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.
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