[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC302]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER VII--DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS AND
ASSISTANTS
Sec. 302. Number of members; classes
Such board of directors shall be selected as hereinafter specified
and shall consist of nine members, holding office for three years, and
divided into three classes, designated as classes A, B, and C.
Class A shall consist of three members, without discrimination on
the basis of race, creed, color, sex, or national origin, who shall be
chosen by and be representative of the stockholding banks.
Class B shall consist of three members, who shall represent the
public and shall be elected without discrimination on the basis of race,
creed, color, sex, or national origin, and with due but not exclusive
consideration to the interests of agriculture, commerce, industry,
services, labor, and consumers.
Class C shall consist of three members who shall be designated by
the Board of Governors of the Federal Reserve System. They shall be
elected to represent the public, without discrimination on the basis of
race, creed, color, sex, or national origin, and with due but not
exclusive consideration to the interests of agriculture, commerce,
industry, services, labor, and consumers.
(Dec. 23, 1913, ch. 6, Sec. 4 (pars.), 38 Stat. 255; Aug. 23, 1935, ch.
614, title II, Sec. 203(a), 49 Stat. 704; Pub. L. 95-188, title II,
Sec. 202, Nov. 16, 1977, 91 Stat. 1387.)
Codification
Section is comprised of pars. 9 to 12 of section 4 of act Dec. 23,
1913. For classification to this title of other pars. of section 4, see
Codification note set out under section 301 of this title.
Provisions of section which related to appointment of Class C
directors when the necessary subscriptions to the capital stock have
been obtained for the organization of any Federal Reserve Bank and which
required the organization committee to exercise the powers and duties
appertaining to the office of chairman in the organization of such
Federal Reserve Bank pending the d
