12 U.S.C. § 261 — Creation; membership; compensation; meetings; officers; procedure; quorum; vacancies

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 185 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law creates a Federal Advisory Council with one member from each Federal Reserve district. Each Reserve Bank's board picks its own member every year. The council must meet in Washington, D.C. at least four times a year, and can set its own rules and officers.

This section creates a Federal Advisory Council with one member for every Federal Reserve district. Each Federal Reserve Bank's board of directors picks one member from its own district every year. That member is paid whatever compensation and allowances the bank's board sets, subject to approval by the Board of Governors of the Federal Reserve System. The council must meet in Washington, D.C. at least four times a year, and more often if the Board of Governors calls extra meetings. The council can also hold additional meetings in Washington or elsewhere whenever it thinks necessary, pick its own officers, set its own procedures, and needs a majority of members present to conduct business. If a seat becomes vacant, the Reserve Bank that picked that member fills the vacancy, and the replacement serves out the rest of the original term.

the actual law source: uscode.house.gov ↗public domain

There is created a Federal Advisory Council, which shall consist of as many members as there are Federal reserve districts. Each Federal reserve bank by its board of directors shall annually select from its own Federal reserve district one member of said council, who shall receive such compensation and allowances as may be fixed by his board of directors subject to the approval of the Board of Governors of the Federal Reserve System. The meetings of said advisory council shall be held at Washington, District of Columbia, at least four times each year, and oftener if called by the Board of Governors of the Federal Reserve System. The council may in addition to the meetings above provided for hold such other meetings in Washington, District of Columbia, or elsewhere, as it may deem necessary, may select its own officers and adopt its own methods of procedure, and a majority of its members shall constitute a quorum for the transaction of business. Vacancies in the council shall be filled by the respective reserve banks, and members selected to fill vacancies shall serve for the unexpired term.

Source credit: (Dec. 23, 1913, ch. 6, § 12 (par.), 38 Stat. 263; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)

history & why it existsrecord from the source credit

1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 263
1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704

A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.

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