12 C.F.R. § 985.7 Structure of the OF board of directors.
Title 12 - Banks and Banking
(a) Membership. The OF board of directors shall consist of three part-time members appointed by the Finance Board as follows: (1) Two Bank Presidents; and (2) A citizen of the United States with a demonstrated expertise in financial markets. Such appointee may not be an officer, director or employee of a Bank or Bank System member, hold shares, or any other financial interest in, any member of a Bank, or be affiliated with any consolidated obligation selling or dealer group member under contract with the OF. (b) Terms. (1) Except as provided in paragraph (b)(2) of this section, the members of the OF board of directors shall serve for three-year terms (which shall be staggered), and shall be subject to removal or suspension for cause by the Finance Board. (2) The Finance Board shall fill any vacancy occurring on the OF board of directors. An appointment to fill a vacancy shall be only for the remainder of the term during which the vacancy occurred. (3) Any member of the OF board of directors is authorized to continue to serve on the OF board of directors after the expiration of the member's term until a successor has been appointed by the Finance Board. (c) Chair. (1) The private citizen member of the OF board of directors shall serve as the Chair, and the Vice Chair shall be selected by a majority vote of the members of the OF board of directors. (2) The Chair shall preside over the meetings of the OF board of directors. In the absence of the Chair, the Vice Chair shall preside. (3) The Chair shall be responsible for ensuring that the directives and resolutions of the OF board of directors are drafted and maintained and for keeping the minutes of all meetings. (d) Compensation. (1) The Bank President members shall not receive any additional compensation or reimbursement as a result of their service on the OF board of directors. (2) Each Bank shall be entitled to be reimbursed by from the Office of Finance for its expenditure of travel and per diem expenses associated with its Bank President's attendance at an OF board of directors meeting as a director member thereof. (3) The Office of Finance shall pay compensation and expenses to the private citizen member of the OF board of directors in accordance with the requirements for payment of compensation and expenses to Bank chairs as set forth in part 918 of this chapter. (e) Indemnification. (1) The OF board of directors shall indemnify its members, the Managing Director, and other officers and employees of the OF under such terms and conditions as shall be determined by the OF board of directors, provided that such terms and conditions are consistent with the terms and conditions of indemnification of directors, officers and employees of the Bank System generally. (2) The OF board of directors shall adopt indemnification procedures, which shall be supplemented by a contract of insurance. (f) Delegation. The OF board of directors may delegate any of its authority or duties to any employee of the OF in order to enable the OF to carry out its functions.
Title 12: Banks and Banking
PART 985—THE OFFICE OF FINANCE
§ 985.7 Structure of the OF board of directors.
