§ 305. — Class C directors; selection; "Federal reserve agent."
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC305]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER VII--DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS AND
ASSISTANTS
Sec. 305. Class C directors; selection; ``Federal reserve
agent''
Class C directors shall be appointed by the Board of Governors of
the Federal Reserve System. They shall have been for at least two years
residents of the district for which they are appointed, one of whom
shall be designated by said board as chairman of the board of directors
of the Federal reserve bank and as ``Federal reserve agent.'' He shall
be a person of tested banking experience and in addition to his duties
as chairman of the board of directors of the Federal reserve bank he
shall be required to maintain, under regulations to be established by
the Board of Governors of the Federal Reserve System, a local office of
said board on the premises of the Federal reserve bank. He shall make
regular reports to the Board of Governors of the Federal Reserve System
and shall act as its official representative for the performance of the
functions conferred upon it by this chapter. He shall receive an annual
compensation to be fixed by the Board of Governors of the Federal
Reserve System and paid monthly by the Federal reserve bank to which he
is designated. One of the directors of class C shall be appointed by the
Board of Governors of the Federal Reserve System as deputy chairman to
exercise the powers of the chairman of the board when necessary. In case
of the absence of the chairman and deputy chairman, the third class C
director shall preside at meetings of the board.
(Dec. 23, 1913, ch. 6, Sec. 4 (par.), 38 Stat. 256; June 21, 1917, ch.
32, Sec. 2, 40 Stat. 232; Aug. 23, 1935, ch. 614, title II, Sec. 203(a),
49 Stat. 704.)
Codification
Section is comprised of par. 22 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.
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.
Section Referred to in Other Sections
This section is referred to in section 442 of this title.
