§ 244. — Principal offices of Board; chairman of Board; obligations and expenses; qualifications of members; vacancies.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC244]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER II--BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Sec. 244. Principal offices of Board; chairman of Board;
obligations and expenses; qualifications of members; vacancies
The principal offices of the Board shall be in the District of
Columbia. At meetings of the Board the chairman shall preside, and, in
his absence, the vice chairman shall preside. In the absence of the
chairman and the vice chairman, the Board shall elect a member to act as
chairman pro tempore. The Board shall determine and prescribe the manner
in which its obligations shall be incurred and its disbursements and
expenses allowed and paid, and may leave on deposit in the Federal
Reserve banks the proceeds of assessments levied upon them to defray its
estimated expenses and the salaries of its members and employees, whose
employment, compensation, leave, and expenses shall be governed solely
by the provisions of this chapter and rules and regulations of the Board
not inconsistent therewith; and funds derived from such assessments
shall not be construed to be Government funds or appropriated moneys. No
member of the Board of Governors of the Federal Reserve System shall be
an officer or director of any bank, banking institution, trust company,
or Federal Reserve bank or hold stock in any bank, banking institution,
or trust company; and before entering upon his duties as a member of the
Board of Governors of the Federal Reserve System he shall certify under
oath that he has complied with this requirement, and such certification
shall be filed with the secretary of the Board. Whenever a vacancy shall
occur, other than by expiration of term, among the seven members of the
Board of Governors of the Federal Reserve System appointed by the
President as above provided, a successor shall be appointed by the
President, by and with the advice and consent of the Senate, to fill
such vacancy, and when appointed he shall hold office for the unexpired
term of his predecessor.
(Dec. 23, 1913, ch. 6, Sec. 10 (par.), 38 Stat. 261; June 3, 1922, ch.
205, 42 Stat. 621; June 16, 1933, ch. 89, Sec. 6(b), 48 Stat. 167; Aug.
23, 1935, ch. 614, title II, Sec. 203(a)-(c), 49 Stat. 704, 705.)
References in Text
This chapter, referred to in text, was in the original ``this Act,
specific amendments thereof'', meaning act Dec. 23, 1913, ch. 6, 38
Stat. 251, as amended, known as the Federal Reserve Act. For complete
classification of this Act to the Code, see References in Text note set
out under section 226 of this title and Tables.
Codification
Section is comprised of fourth par. of section 10 of act Dec. 23,
1913. For classification to this title of other pars. of section 10, see
Codification note set out under section 241 of this title.
Word ``seven'' was substituted for ``six'' in last sentence on
authority of section 203(b) of act Aug. 23, 1935, which increased
membership of the Board of Governors.
Amendments
1935--Act Aug. 23, 1935, Sec. 203(c), substituted second and third
sentences for former related provisions.
1933--Act June 16, 1933, fixed the principal offices of the Board,
made the Secretary of the Treasury chairman, provided for chairman pro
tempore, and referred to disbursements, obligations, salaries and
leaves.
Change of Name
Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve
Board to Board of Governors of the Federal Reserve System.
