§261 — Title 12 Banks and Banking | U.S. Code

Summary

Creates a Federal Advisory Council made up of one member from each Federal Reserve district. Each Federal Reserve bank’s board must pick a member from its district every year. Pay and allowances are set by that bank’s board but need approval from the Board of Governors of the Federal Reserve System. The council must meet in Washington, D.C. at least four times a year, and more if the Board of Governors calls for it. It can hold other meetings, choose its officers, set its procedures, and a majority of members is a quorum. If a seat becomes vacant, the same reserve bank fills it and the new member serves the rest of the term.

Title 12, §261

Banks and Banking — Source: USLM XML via OLRC

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.

Notes & Related Subsidiaries

Editorial Notes

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.

Statutory Notes and Related Subsidiaries

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.

§261 Creation; Membership; Compensation; Meetings; Officers; Procedure; Quorum; Vacancies