§ 261. — Creation; membership; compensation; meetings; officers; procedure; quorum; 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: 12USC261]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER III--FEDERAL ADVISORY COUNCIL
Sec. 261. Creation; membership; compensation; meetings;
officers; procedure; quorum; vacancies
There is created a Federal Advisory Council, which shall consist of
as many members as there are Federal reserve districts. Each Federal
reserve bank by its board of directors shall annually select from its
own Federal reserve district one member of said council, who shall
receive such compensation and allowances as may be fixed by his board of
directors subject to the approval of the Board of Governors of the
Federal Reserve System. The meetings of said advisory council shall be
held at Washington, District of Columbia, at least four times each year,
and oftener if called by the Board of Governors of the Federal Reserve
System. The council may in addition to the meetings above provided for
hold such other meetings in Washington, District of Columbia, or
elsewhere, as it may deem necessary, may select its own officers and
adopt its own methods of procedure, and a majority of its members shall
constitute a quorum for the transaction of business. Vacancies in the
council shall be filled by the respective reserve banks, and members
selected to fill vacancies shall serve for the unexpired term.
(Dec. 23, 1913, ch. 6, Sec. 12 (par.), 38 Stat. 263; Aug. 23, 1935, ch.
614, title II, Sec. 203(a), 49 Stat. 704.)
Codification
Section is comprised of first par. of section 12 of act Dec. 23,
1913. Second par. of section 12 is classified to section 262 of this
title.
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.
