Page:United States Statutes at Large Volume 38 Part 1.djvu/279

 Such banks, and the officers, agents, and employees thereof, shall also be subject to the provisions of and to the penalties prescribed by sections fifty-one hundred and ninety-eight, fifty-two hundred, fifty-two hundred and one, and fifty-two hundred and eight, and fifty-two hundred and nine of the Revised Statutes. The member banks shall also be required to make reports of the conditions and of the payments of dividends to the comptroller, as provided in sections fifty-two hundred and eleven and fifty-two hundred and twelve of the Revised Statutes, and shall be subject to the penalties prescribed by section fifty-two hundred and thirteen for the failure to make such report.

If at any time it shall appear to the Federal Reserve Board that a member bank has failed to comply with the provisions of this section or the regulations of the Federal Reserve Board, it shall be within the power the said board, after hearing, to require such bank to surrender its stock in the Federal reserve bank; upon such surrender the Federal reserve bank shall pay the cash-paid subscriptions to the said stock with interest at the rate of one-half of one per centum per month, computed from the last dividend, if earned, not to exceed the book value thereof, less any liability to said Federal reserve bank, except the subscription liability not previously called, which shall be cancelled, and said Federal reserve bank shall, upon notice from the Federal Reserve Board, be required to suspend said bank from further privileges of membership, and shall within thirty days of such notice cancel and retire its stock and make payment therefor in the manner herein provided. The Federal Reserve Board may restore membership upon due proof of compliance with the conditions imposed by this section.

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. A Federal Reserve Board is hereby created which shall P' consist of seven members, including the Secretagiy of the Treasury and the Comptroller of the Currency, who sh be members ex officio, and five members appointed hiv the President of the United ··—m><>*¤¤*•¤¤¤¤·¤¤ States, by and with the a vice an consent of the Senate. In §•l)e·c:1mg tthe five tippomuvefmelrhnbemshpli £h;e85•‘edt§rlah Reserve no more an one w om ec rom an one Federal reserve district, tthe President shall have due regard rt a fair hlelprhseintation off this different colhgmegcral, indlpptnalf ahld D¤¤¤•.¤~h¤¤¤.¤¢¤· a ca IVISIOIIS o the count . ve mem rs the mj Reserve Board apigointed byythe Piesident and congrmed s°dafo;es§1d shall Bgevgte dg plntirehtime to the busiriesslof the; _ er eserve aran aeacreceieana $12,000, payable monthly together with actirial necdlsnsldiy iaifaiirlgirig cgdmgair laftgg expenses, and the Comptroller of the Currency, as ex officio member cumiwy. of eder:•)l0Res;er;*1e Brirarg, Ehall, m addition tpl the sal:;_ry now ar as m roerote urrenc, ict $7,000 tb gnnually for his sldrvices as a member ofysaidcibxiardf Sum 0 m§{,'§,'Q,°§},,"{,"g,, ,,,,§',d_ Tjhe members oi said board, the Secretary of the Treasury, the dm Ass1sta1}:;,'§>eb<2retar]}1§bhf tlhe, andhthe Cornptripiller ofdthe Currency s 1116 e urm e tune the re m t years thereafter to hold anytibflice, positiorsifor emo loghignt iii aii; mrxggdwwme member bank. Of the Eve members thus a pointedlby the President algplagg tiwo shal;l0dbei)pet1§or;E)sr;s£1gp1emenced inlhanking or nnaneie. One s _ esrgna _ y e 1 enttose t f , for six, one for eight and one for tenrygaiid; gid Otihiarggftzgreggg member so appointed shall serve for a term of ten years unless ggmvcénm mi vim sooner remove for cause by the President. Of the five persons thus “° appointed, one shall be des1§nated b the President as governor and one as vice governor of the ederal Igeserve Board. The governor of