Page:United States Statutes at Large Volume 56 Part 1.djvu/676

 PUBLIC LAWS-CHS. 488, 489-JULY 7, 1942 banks and, beginning with the election for the term commencing March 1, 1943, shall be elected annually as follows: One by the board of directors of the Federal Reserve Bank of New York, one by the boards of directors of the Federal Reserve Banks of Boston, Phila- delphia, and Richmond, one by the boards of directors of the Federal Reserve Banks of Cleveland and Chicago, one by the boards of direc- tors of the Federal Reserve Banks of Atlanta, Dallas, and St. Louis, and one by the boards of directors of the Federal Reserve Banks of Minneapolis, Kansas City, and San Francisco. In such elections each Regulations. board of directors shall have one vote; and the details of such elec- tions may be governed by regulations prescribed by the committee, Alternates. which may be amended from time to time. An alternate to serve in the absence of each such representative shall likewise be a president or first vice president of a Federal Reserve bank and shall be elected annually in the same manner." SEC. 2. The sixth paragraph of section 19 of the Federal Reserve 49Stat. 706. Act, as amended (U. S . C., title 12, sec. 462b), is amended to read as follows: Reserve require- "Notwithstanding the other provisions of this section, the Board of ments of member, banks, modification. Governors of the Federal Reserve System, upon the affirmative vote of not less than four of its members, in order to prevent injurious credit expansion or contraction, may by regulation change the require- ments as to reserves to be maintained against demand or time deposits or both (1) by member banks in central reserve cities or (2) by member banks in reserve cities or (3) by member banks not in reserve Limitation. or central reserve cities or (4) by all member banks; but the amount of the reserves required to be maintained by any such member bank as a result of any such change shall not be less than the amount of the reserves required by law to be maintained by such bank on the date of enactment of the Banking Act of 1935 nor more than twice such amount." 40Stat. 239. Act, as amended (U. S . C., title 12, sec. 464), is amended by striking out the proviso thereof, so that the paragraph will read as follows: Use of reserve bal- "The required balance carried by a member bank with a Federal Reserve bank may, under the regulations and subject to such penalties as may be prescribed by the Board of Governors of the Federal Reserve System, be checked against and withdrawn by such member bank for the purpose of meeting existing liabilities." Approved, July 7, 1942. July 7, 1942 [n. R. 6702] [Public Law 657] Northern District of California. Appointment of judge. 44 Stat. 1372 . 28U.S.C., upp. I, I1. [CIIAPTER 489] AN ACT To provide for the appointment of a district judge for the northern district of California in order to fill a vacancy in the office of an additional district judge heretofore authorized for such district. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the President is authorized to appoint, by and with the advice and consent of the Senate, a district judge for the District Court of the United States for the Northern District of California in order to fill the vacancy in the office of the district judge appointed for such district under authority of the Act of March 3, 1927, and, by and with the advice and consent of the Senate, to fill any subsequent vacancy in such office. Approved, July 7, 1942. 648 [56 STAT.
 * SEc. 3 . The ninth paragraph of section 19 of the Federal Reserve

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