Page:United States Statutes at Large Volume 40 Part 1.djvu/251

 232 SIXTY-FIFTH CONGRESS. Sess. I. C11. 32. 1917., _- roved December twent —third, ninel‘*·“¢°·i‘=#%i r..°.5$‘.I.a.?.“.1 ...‘.§“a’.§§.2.¥,’ *;*33% ?.‘L°i‘%“i*.':.l’.;euHrmia, .1% .£E..;i byt the `_ — "` ugust nsw gu 0 D,, DE ECD [Public'N°. 25.] l tnd  March third, nineteen hundred an  and September _ seventh, nineteen hundred and nxteen. Be enacted theSenatc and Home Re esentativea of the United A¤£‘¤il¢rJ¤¤i{*;luv· Am Statea‘i>fAme1~ig1i’in 0'ongresa aaaembled:zfThal2,rsection three of the Act known as the Federal reserve Act be amended and reenacted so as to · read as follows: b_$,’,g¤°,_“°“m¤d°‘,,'”””d° "Sr:c. 3. The Federal Reserve Board may  or require any ven. as, p· 253. Federal reserve bank to establish branch ban within the Federal °°”°°d°d` e sw., reserve district in which it is located or within the district of any miiulgiilnm ’ Federal reserve bank which may have been suipended. Suc branches, subject to such rules and regulations as the ederal Reserve Board ma prescribe, shall be operated under the supervision of a. board of ahrectors to consist of not more than seven nor less than three directors, of whom a majority of one shall beappointed by the Federal reserve bank of the district, and the rem tors by the Federal Reserve Board. Directors of branch b shall hold office d the pleasure of the Federal_Reserve Board." _ b.£E"°” °° """° Sec. mt section four in the paragraph relatmg_ to the appoint. ",°'¤·,, ,38- P- ’“· ment of class C directors and prescribing their duties be amended ` andreenactedsoastoreadasfollows:. — ,$],?",;;,§2’,,,i‘$,Y,§‘f'§5,_ "Class C directors shall be appointed by the Federal Reserve 0,0;;},2 ';“'g¤=**¤¤¤ Board. The shall have been for at least two years residents of the new- district for which they are appointed, one of whom shall be designated by said board as chairman of the board of directors of the ederal D H reserve bank and as ‘Federal reserve a§ant.’ He shall be a person of tested banking `ence, and in dition to his duties as chairman of the board ol directors of the Federal reserve bank he shall be required to maintain, under lations to be established by the Federal Reserve Bo {Ee of said board on the premises of the Federal reserve He shall make rxular reports to the Federal Reserve Board and shall act as its o cial re resentative 1,- for the rformance of the functions conferred upon it  this Act. y'· He shallwreceive an annual compfmsution to be fixed by the Federal De ut I I Reserve Board and paid mont ty by the Federal reserve bank to P Y which he is designated. One o the directors of class G shall be appointed by the Federal Reserve Board as de ut chairman to exercnse the powers of the chairman of the board when necessary. In case of the absence of the chairman and deput chairman, the third class C director shall preside at meegxggis of the board. f‘,,,“§‘,,f‘f,§f°”“· "Subject to the approval of the Fed Reserve Board, the Federal reserve agent shall appoint one or more assistants. Such assistants, who shall be persons of tested banking ex erience, shall assist the Federal reserve agent in the performance of  duties and shall also have pplwer to act in his name and stead during his absence or disability. e Federal Reserve Board shall require such bonds of the assistant Federal reserve ents as it may deem necessary for · the protection of the _United §tates. Assistants to the Federal reserve agent shall receive an annual compensation, to be fixed and stm ew mm paid m the same manner as that of the Federal reserve a.gent." is," p, ire, SEE. 3. That section nine be amended and reenacted so as to read . . as o ows: ¤eii¤i£i%·ii¤°i»°§rs°ihxli "Sec. 9. Any bank incorporated bfy special law of any State, or organized under the general laws 0 any State or of the United States, desiring to become a member of the Federal Reserve System, may make apphcation  the Federal Reserve Board, under such. rules and regu tions as rt may prescribe, for the right to subscribe to the stock of the Federal reserve bank organized within the district