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

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 73 words · no verdicts yet

in plain englishAI-generated · not legal advice

Directors of Federal reserve banks get a reasonable expense allowance for attending board meetings, on top of their regular pay. The Federal Reserve Board must approve any other pay for bank directors, officers, or employees.

Directors of Federal reserve banks get a reasonable allowance for necessary expenses when attending their board's meetings, in addition to any other pay they already receive. Each Federal reserve bank pays this allowance to its own directors. Any other compensation a reserve bank's board of directors sets for its directors, officers, or employees needs approval from the Board of Governors of the Federal Reserve System.

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

Directors of Federal reserve banks shall receive, in addition to any compensation otherwise provided, a reasonable allowance for necessary 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 approval of the Board of Governors of the Federal Reserve System.

Source credit: (Dec. 23, 1913, ch. 6, § 4 (par.), 38 Stat. 257; 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. 257
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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