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12 U.S.C. § 306 — Assistants to Federal reserve agent

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 121 words · no verdicts yet

in plain englishAI-generated · not legal advice

With approval from the Federal Reserve Board, each Federal reserve agent must hire one or more assistants. These assistants need real banking experience and can act in the agent's place when needed.

The Federal reserve agent must appoint one or more assistants, subject to approval by the Board of Governors of the Federal Reserve System. Assistants must have real, tested banking experience. They help the agent do the job and can act in the agent's name and place when the agent is away or unable to serve. The Board can require these assistants to post bonds to protect the United States, if it decides that is necessary. Assistants get yearly pay, set and paid the same way as the agent's own pay.
the actual law source: uscode.house.gov ↗public domain

Subject to the approval of the Board of Governors of the Federal Reserve System, the Federal reserve agent shall appoint one or more assistants. 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. Assistants 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.

Source credit: (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.)

history & why it existsrecord from the source credit
  • 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 40 Stat. 232
  • 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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