12 U.S.C. § 308 — Terms of directors; vacancies
submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 153 words · no verdicts yet
At their first meeting, a Federal reserve bank's Class A, B, and C directors must stagger their own terms into one, two, and three years. After that, every director serves a three-year term. Vacancies get filled the same way the original directors were chosen, for the rest of the term.
At the first meeting of the full board of directors of each Federal reserve bank, it shall be the duty of the directors of classes A, B, and C, respectively, to designate one of the members of each class whose term of office shall expire in one year from the 1st of January nearest to date of such meeting, one whose term of office shall expire at the end of two years from said date, and one whose term of office shall expire at the end of three years from said date. Thereafter every director* of a Federal reserve bank chosen as hereinbefore provided shall hold office for a term of three years. Vacancies that may occur in the several classes of directors of Federal reserve banks may be filled in the manner provided for the original selection of such directors, such appointees to hold office for the unexpired terms of their predecessors.
Source credit: (Dec. 23, 1913, ch. 6, § 4 (par.), 38 Stat. 257.)
- 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 257
A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.
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