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

Summary

At the first full-board meeting of each Federal Reserve Bank, the Class A, B, and C directors must each pick one member to serve until one year after the 1st of January nearest that meeting, one to serve until two years after that date, and one to serve until three years after that date. After that initial setup, directors serve three-year terms. If a director leaves, the vacancy is filled the same way the original director was chosen, and the new person serves only the rest of that term.

Title 12, §308

Banks and Banking — Source: USLM XML via OLRC

At the first meeting of the full board of directors of each Federal reserve bank, it shall be the duty of the directors of classes A, B, and C, respectively, to designate one of the members of each class whose term of office shall expire in one year from the 1st of January nearest to date of such meeting, one whose term of office shall expire at the end of two years from said date, and one whose term of office shall expire at the end of three years from said date. Thereafter every director of a Federal reserve bank chosen as hereinbefore provided shall hold office for a term of three years. Vacancies that may occur in the several classes of directors of Federal reserve banks may be filled in the manner provided for the original selection of such directors, such appointees to hold office for the unexpired terms of their predecessors.

Editorial Notes

Codification Section is comprised of par. 26 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.

§308 Terms of Directors; Vacancies

Summary

Title 12, §308

Notes & Related Subsidiaries

Editorial Notes

Citations & Metadata