12 U.S.C. § 620 — Members of Board of Governors of the Federal Reserve System without interest in corporation
submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 87 words · no verdicts yet
This section bars members of the Federal Reserve Board from being officers or directors of certain corporations or owning stock in them. Before taking office, each member must certify under oath to the Secretary of the Treasury that the member has followed this requirement.
No member of the Board of Governors of the Federal Reserve System must be an officer or director* of any corporation organized under the provisions of this subchapter or of any corporation engaged in similar business organized under the laws of any State*, nor hold stock in any such corporation, and before entering upon his duties as a member of the Board of Governors of the Federal Reserve System he must certify under oath to the Secretary of the Treasury that he has complied with this requirement.
No member of the Board of Governors of the Federal Reserve System shall be an officer or director* of any corporation organized under the provisions of this subchapter or of any corporation engaged in similar business organized under the laws of any State*, nor hold stock in any such corporation, and before entering upon his duties as a member of the Board of Governors of the Federal Reserve System he shall certify under oath to the Secretary of the Treasury that he has complied with this requirement.
Source credit: (Dec. 23, 1913, ch. 6, § 25A (par.), formerly § 25(a), as added Dec. 24, 1919, ch. 18, 41 Stat. 378; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; renumbered § 25A, Pub. L. 102–242, title I, § 142(e)(2), Dec. 19, 1991, 105 Stat. 2281.)
- 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 41 Stat. 378
- 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704
- 1991Amended · Pub. L. 102-242 · 105 Stat. 2281
A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.
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