§ 307. — Compensation of directors.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC307]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER VII--DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS AND
ASSISTANTS
Sec. 307. Compensation of directors
Directors of Federal reserve banks shall receive, in addition to any
compensation otherwise provided, a reasonable allowance for necessary
expenses in attending meetings of their respective boards, which amount
shall be paid by the respective Federal reserve banks. Any compensation
that may be provided by boards of directors of Federal reserve banks for
directors, officers, or employees shall be subject to the approval of
the Board of Governors of the Federal Reserve System.
(Dec. 23, 1913, ch. 6, Sec. 4 (par.), 38 Stat. 257; Aug. 23, 1935, ch.
614, title II, Sec. 203(a), 49 Stat. 704.)
Codification
Section is comprised of par. 24 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.
