iEE`§ TITLE 1%,··~·—·—~·BA2\ me may he of banks ct similar capitalization. Eeeh membe mee; shell be riermitted te nominate to the chairmen of the
- i;;22‘tE of tliztecters of the Federel reserve bank er the dietric
gee ezxedidete for direetoxr of class A and one caiididete fe §2é;=~»:er of class B. Thecexxdldetes se nominated shall be
llllftlie chzxirman, indicating l>y’xrI1em nomiimted, and 1
New of said list shall, within fiftcen d:1ys.z1_fter ite completion
a2`l¥I’lli$h€‘d by the Ch~t1iIfI¥]&2'1r-tf) each member bank. Eacl
y,;»e;;e»;· bank by a resolution of the board or by an amendment ye gte l>y·ie}ys· shall autherizeits president, cashier, or sem e;§e~r efficer to cast the vote of the member billlkriil the elec Sims of eless A and class B directors. . § M · Tfiellixx fifteen days after recei‘pfpf the list of cexgdiddtes tht eeiy zmtherized oilieer of ‘a member bank shalléertify to/ththemmzm his first, seeond, &I1d¢0th€lT`(:h'0iC€§ for dlreetor 0 mee A and class B, ;especti¥*eIy£¢}_1_?0u e_ preferential ’l>a11o eeee erform furnished by the clxeirmanpf the board of direc eee: of the Federal reserve bank of the district. Each suc] e:i%t·¢;·r shall make a cross opposite thenumerof the first, second ee,} ethexi choices fg· ·a director of elarggxécgnd for a directot uf eleee {BQ but shall- notvote more than one choice for-any on texzditinte. No officer or director of s1 ‘membe1·‘bEuk shall b· eligxible te serve as a class, A director unless nominated am eleétegl by be-uks which ul‘e_members of the same group as th· ' member benkef which! he’is·z1n oilieer or director. ~ . ` Any person tvlic is an eiiicer for director of more tlmni on reemher bank ehalluot be eligible for n0minetion‘ae`_'z1 class 1 tiir{·t·mr except banks in the same group as the bank havin; the lergeet eggre ate resourcces of-hnyof those of whiéh suc] persexa is up office .0r director. , n _ · N .\11y_éa¤didate h&'i1Igi£1 majority of all votes cast in the mmun of first chai e Shalljbe declared elected. “If?1;0‘candi Azure have a majori _ of .311 the voteé lu the first column, the1 time shell e thed together the votes cast by the electors for emit cemlidetes ih t-he secpnd eeluiuu and the votes caetffoa me several candidates in the first column. 'If any caudidett men here a majority of the electors voting, by adding togethe the first nudgseccmd eh0iees,_11e shall be declared electedl tI no candidate have a majority of `electors VOti11g`€’bBir the Ilre end seeeudehoicee shall have been ,added, theufthé v0t_es cas _ ie me third column fer other choices shell he added togethet in like mhmxer, andthe candidate then beting the highest hum ber of relzés shell be declared elected, An immediate report ef election shall be declared. (elllec. .23, 1913, c. 6, 5 4, 38 Stat 254: Sept. 26,1918, c.·177, 5 1, 40 Stat. 968,) · .. , _ 395. Clam C dfreetereg selection; "Federsl reserve agent?-—·
fieee C directors shell be appointed “by» the Federal Reserve
._ l?·ezi:-sl. They ehell have beewiereat least twe years resldente 0: me district for which they are appointed, ene of whom shall be deeigeeted by said beard ae (chairmen, of the beard of exkeezort uf the Federal reserve ~b&.l1k"8Hd has “Federal reserve agent} He shell be e pereeu et tested paxglglug experience and in hd Wdilien te his dutiee as ehelmzuen Qi the beard et direéterejet the Federal reserve bank he shell required te maintain pumler ,1’·€g'l118ti011S,t0 be established by the Federal Reserve Beard, e leeel ofdce et eeid beardon the premieee of the Fed eral reserve bank, He ehell make regular reports to the Fed eral Reee1jve{—Bteerd`ei1d\shall act ee,ite.e1§,eia,l trepresentetlw f¤r_tI1e pertormeneelei the ixmetlcne cenierreditpcn it by thi: _(‘)J2l{l{01’. He shell receire en eumml-eorepehteetien fd be Hxei “` by the Federal Reeerve Beard and paid recnthlr by the Federal reserve beak te which he is designated. One et the direeters of clriee C shall be appointed by the Federe.l`Reeerve Beard ez . deputy chairmen to exercise the powers et ZhQ`C}@&iI'Ih&K3 of the heard évhen ;~.eeeeeery.· In eeee of the ebseeeeh of the chairmen: and deputy chairmen, the third cleee G direeter ehell preside ha meetings- of the beard., (Dec. 23, 1913, c. G, §`_4,_3S ste:. 254 June 21, 1917, tc. 32, § 2, 40 Stat. 232..) ( ~'
FXS AND BANKING § 323 rg 306; Assistants to Federal reserve ageni.·—$--Sutbgeet to the €,iz1pp¥9`?31 of the Federal Heeerre Beard, the Federal reeerre t s agent shall appoint cme or more aesietame. Such assistants, r who shall be persons-of tested banking experience, eleall‘aseiet e· the Federal reserve agent in the performance of his duties a and shall also have power to act in his name eee stead claria-g n, his absence er disability. The Federal Reserve Board shall t1 require such bonds of theassistamts Federal EEIBSQIVQ agents as t it may deem necessary for the“p1·0tecticm of the United Statee. e Assistants/to the Federal reserve agent elxall receive an azmnual
- · compensation, to be fixed and paid in the same manner ae that
_ of the Federal reserve agent. (June 21, 1917, c. 32, § 2, 40 e Stat. 232,.) ~ . _ _‘ · ° · e H 307. Compensation of directors.-—Dfreeters {ei Federal ref" serve banks shall reeeive, in addition to any compensation t otherwise -provided", a reasonable allowance for necessary ex-
penses la attending meetings of. their respective boards, which
ll amount shall be paid py- the respective Federal reserve banks. L Any c0mpez1sati0r1<*tliat, may begirevided by beards er dlreeters 1‘ of Federal reserve banks for directors, d$cereW or empleyem e shall be subject to the approval of the Federal Reserve Beard, ¤_ (Dec. 23, 1913, 6, § 4, 38 Stat. 254.) , _ _ _ , U 308/lterms of directors; vacam:ie$.———At tnqemz meeting ef é tile full b0ard_·0f directors °0i each Federal reserve baal<, it ·` shall be the dutypf the directors of classes A, B, and O, Pr respectively, to designate wine of the ’meml)ers of each class X whose term ofjeilice shall expire in cme year from the lst ef S January aearést to_ date of %uel:; meeting, one whose term et ii 6@ée shall expirefat Qthe end of twe years frzeai said date, and one whose termef 0iH<ée shall expire at,. the em} of three years B from said date. Thereafter every director of a Federralb rei‘ serve bank chosen as hereinbefqreeprevided shall held eaiee fer ¤ a. term of three years. Vacaneies that amy. eeeur hr the see- Y _ eral claewacr directors qf,Federal reeerve banks may} éiled ¤' lh the manner prcwgided fexnthe original eelectiea of each Hiree· 9 B ters; auch appointees tg hold emee for the unexpired terms jetg ig their predecessors. (Dec. 23, 1913, c. 6; E5 4, 38 Stat. 254.) t STATE BANKS AS MEMBERS _OF Srerrem Er .321.. Appliéation fer membership.-=—.·Sln5* haake iacerperatcd ,__, by special law of any State, orergaaiacd under the general ` f laws, at a·¤y»State· erect the United States, desiring te became » Lu a member et the Federal reeeree jaystem, may make appiieatieal . to the Federal Reserve Beard, under auch rules and regalatieaa .. as it may preseribe, for the rlgbt te eabseribe to the steak ef é the *Fed.eral: reserve bank organized withia the district ia g Wllitfhf theapplying bankja leeated;. Such a.pplfi:at£ea shall be E for theieaiue amount of Steck taat:.tl1e,applying beak weald S be required to. eabseribe to as a* national. beak. The ·· Reserve Beard, subject te each conditions aa" it mayi pire—· l _- A-scribe, may permit the’applYi—§9. bank te beeéme a eteekhelder g of seek Federal reserve bank. , { %, 1913,. c.,6, ·§— 9, SS Stat. _, 259},·Juue 21, 1917, e. $2, § 3,149 Stat, *232.) ‘ » y le B 322. Determinatiaa en application.-——Iu acting epea . each ... applfpatieae the Federal Reserve Beard shall eeaeider the .. ilnancial ecntlltieaef the applying bank, the-general elxaracters B of ite management, and wliether er_x1ef the eerperate powers B exercised are ecmsgsteut with the parpeaes of this chapter. g (Dec. 23, ,1913, c. 6, § 9, 38 Stat. 2ii9;`_.Jane 21, 191], c. 32, §/3,
- mem. 232.) j , ’ E , _
5 ‘ 323. Steck in Federal reserve banks; method of f$8§’m€l\t.-—-, g Wheaever the Federal Reserve Beard shall permit the applying e 1 bank te become a etecklzeleler in the Feeleral reeemre bank of the x` clietrlet ite atoek aubseriptiea ahall be payable en i;—all`_et·tl1e; I; Federal Reserve,Beard, and steels; issued te`it shall be held
- Subject to the éeriaiens of this ehapter. (Dee. 93,11913, cz 6.
_§ .9, 38 Stat. 259; Jaime 2*1, 1917, c. 32, § 3, 49 Stat. 232.)* ·
