0 I gf,] TITLE 12.·<+-BANICS A mule, banking; association, and Trust company, except where matioxml banks er 'Federel reserve banks are speeiiically re- tix The; terms " national brffxk " and " national banking aseocla- Tx ei·,»u" used in this chepteiyshall be held `to be synonymous ell uml llliQl'(“h{ll]f.§€&b1€. The term "-member bi111k" shall·bé’he1d th eg menu any national bank, State, bank, or ban}; Q1" trust com- me gézllly which lxas Ljecome at member of one of the reeerwfe banks se rz·v:iie1l`l$y this éhapter. Thefemi "b0m=d.’.’ vshall be held to mz omvmr Feelerhl—Rescrx'e Board; the term " district " shall be· ieu lwld te mean Federal. reserve dirstrict; thefterm, "rese_m·e. sh mul; " shell be held to mean Federal reserve blink: (Dec. 23, {Wl mm, 056, —§ 1, 38 Stat. 251.) , " ~ ‘ ‘ by 222, Federal reserve districts.·—{T_l1e J Federal reserve dis- $9 mers new lnexistence are continued and shall be knpwxr as ba Imleral reserve districts,. ·Sucl1 districts my be readjusted- b€ em uegwa districts may froxutime to time be, created by ,_the S0 §·`eal<·1·:1l_,Reserve Beard, net to exceed twelve lu ull: Provided, th That the districts shall be 11DD`0rtione<1 with due re?,;ard·tp_tl1e 9* c·»m·enieuce and customary course of business`, and shall rio; Tl zz·.e·es$a:·ily be c0termin0us_\£·ith may St:1te`0r°States. Federal `SU 1·_e~=el·x·e districts _$hall· as may comprise the continental United tal states, exclusive of Alaska, and may be designated by nupxber; T' fieee, 23,—1913,»e. 6, § 2, 38 St_u_t,_251,)· _ ‘ m· · :323..Federal`_,reservc cities.-—-The'Fe<lerel reserve cities nerr `da in eizlstenceere continued. _A Federafresexrve elstriw shall oa continue to eoritain only one~ls`edert1l.1jes0rs*e city. (Dec. 23, 19 1€f§l3, c. 6, 54 2, 38 Stat. 251.) _ _ ‘ ,. - » . 02 — 224. Status'of· reserve citiesounder former statutcé.-:-1*110. ` ur;::1nizafl0n of reserve districts.a{1`d Federal reserve allies shall W not be constrged as changing the pr§g>scnt.stli1tn1s`of reserve cities- Sc mul central reserve citles,,_.-exceylltihl so far as this chapter tp clmuges the amount of re§erves_ tlx`a`§`muy be c:1‘rried_with up- ‘ p;··»w~d reserve agents located tlnereiu- (Dee, 23, 1913, c. 0, cu se, es sm. 251.) , 0 _- ," _ » _ ‘ ~ “S 225. Federal reserve banks.-——lThe Federal. reserve bzmlgs ‘n‘0w· pi in existence in the various Federal reserve xitiee are continued. . li:1€·l·z bank shell include in its title thenrmle of the city _“iu m wlaiehejt le eituatéd, as ‘_‘ Federal Reserve Bank of Chico.go," m` uw-. 23, 1913, e._e, e 2, 38 sm. 251.) Er 226. ‘fFcderal_Re¤erve Ach"-—·-The short Ci(C%19i't,ll€ Act of ni December %, 1913 (clmpter_6, section 1,'.'1‘hirty#elgl1tlr Statutes, were 25l),‘sl1:1ll be. the €‘ Federal lleserre Act." · (Dec; 23, 1913, c. 0, § 1,,38,Stet. 251:) ~ `" · . 0 ` S; iruommn Beexcnvm BOAIRD _· re · . ~ .· ex 241. Crentien; membership; salaries.--A, Iéederul Reserve _B· Board te bereby,ermtw_whicl1” shall‘co11slS;t of eighty-members, Yi including the Secretiry of the Treasury mid the compxmlxerl of w the Curreircy, who shell be members ex ofllcio. and six members va ubpeinted lo}; the President of the United States, Ob; and with pl the advice and couserit of the Senate., In selecting the six (~l a1»pointi1{e. members of the Federal Reserve Boardgnot more Sl they one of whom shell be selected from any one l3Tédexjal.re-· · » serve district, the President shall here due regard to 11 fair hw repreeentatleu ot 'the flnax1cial,·agric¤ltural,· lodustdal and ‘el commercial interwts, end geogrepllicel dlvleleua ot, the copu-, c< try._ 'The_sixA members of the Federal Reserve B0qrd,eppoi:ited_ S iby the President sind confirmed ee aforesaid shall devote their e. entire timeto the busipess of t.he"Federal Beeerve Be‘ard`ef1d Shell euclrreeeive zmmmual salary of $12,000, @yable monthly, tt together With , actual ueccssary_ traveling `eipénwe, end '· the tz Comptroller of ~tl1e¢Currency, ne ex oilleid member ut the ·Federe:l S Reserre‘_Board., `éhall, in addltioin to the. salary. pow paid him, m gas Comptroller of the Currency, receive `tlle sum of $7,000 ‘b¤ · nmmzglly for his services as a member of said boiird. .(Dee‘r. 23, ~ v· ,1913, c. 0,.§ 10,*-38 Stat, 200; Jxlue·3, 1022, c. 205, 42 Slut; 020I) F
HSD B,1NL{lNG § Q4(§ 242.u Ineligibility to hold oKice in member banksj qualificaing and terms of office of members; governor and vice govuor; o&ce for board; oath of e&ce.—·——'I.‘he Secretary of the reasury and phe Comptroller of the- Currency shall be iw tgibie during the time they are in office and for {wo years ereafter to hold any office, poéitien, or employment in any ember bank. The appoiutive members of the Federal Re rve Board shall be ineligible during the time they are in cfH<··e nd for ;wo years thereafter to hold any office, position, ee nploymeht in 'any member bank, except that this restriction all not apply to amember who has served the full term for hieh he yvasrappointed. Of the six members thus appoimed
- the President, one shall be designated by the~Pres{dent to
we iior two, one for four, o11e‘·for six, one for eight, and the dance ot the members for ten years, and thereafter each mem- »;· so agpointedehall serve?for -:1 tfermi of ten years, uniess oner removed for cause by the President. Ot the six. persons us appointed, one shall be designated by the President as gov- " nor and one as vice; governor of the Federal Reserve Board. A60 governor `of, the iFederal Reserve Beard, subject to its .perv`ision, shall be ·the active executive officer. The Secrery of the Treasury ·muy-assifgu offices in the Department of the reasury for the use of tl)e“.'Fed”era1 Reserve Board. Each ember of the federal Reserve. Board ==’§hal1 wythin fifteen rys after notice of appointment make and subscribe to yhc , nth of office. · (Dec."23, 1913,_c. 6, § 10, 38 Stat. 260; Mer. 3, •19, c, 101, § 2,- 40 _Stat. 1315; June 3,1922, c. 205, 42 Sta;. $0-) . { - · e ~` ., 243.·Asbe;snien'is niponr Federal rééerye banks io pay ex- énees.-——-The Federal Reserve Board shal1»h‘ave bower to levy mizumuully upon the·Federa1 reserve banks, In proportion their cepitalfetockl and surplus, an assessment sumciént to · my-its; estimated expenses and the salaries or its members end inployeés for‘t11e halt year succeeding the levyingof such
- 8cssmeh·t,`toi;efher with any defic·it~ carried forward afrem the
eceding halt year. . (Dec. 235,1913, c. 6, §· 10, 38 Stat. 260.) ` 244. Gbairman of board; qualiiications of m°embersr; vacane8.¢—-The Secretary of the Treasury elmllé be ex officio chairzru of the Federal Reserve Board. -_No member of the Fedal Reserve Board shall be an officer or director of any bank, nnkiug institution, trust" compeuy,`er°Fe<lera1_ reserve bank xr hold sfock »iu`·`ai1y bank, banking institution, or trust com- — my; and beforeen_tering upon his duties as a member of _éhe_ ederal Beserve__` Board ope shall certify under oath to the acretery ot the Treasury that he has complied jvifth this quirement. W11enex¤er'a_va‘ceney shell occur, other than by apiration of term, among the six members of the e Federal eeerve Board appointed by the President, `es- abeove proded, :1 successor shell be a.ppointe<1:·’ by the Qreeidenf, ithf theradvice and consent ot the ·Senate,_ to HIT euch ncgancy, and when eppointedbe shall; hold otiice for the unexred term of the, member yvhese place he is selected .to fill. Dec. 23,·—1913,.c. 6, _§ 10, 38"Stet. 260; June 3,,1922, c. 205, 42 tat.62Q.)__ _ n W` me " ·_ -. l`
Vacancies durini recess o£,_Senste.—-·The President `shal-I
ave power to fill all vacancies that: may hefxpen on me Fed; for Reserve Board during the recess of the Senaee by granting zmmissious which Shell expire wiih the nmgt session of 'the euete. (Dec.`23, 1913,·c; 6, §· 10, 38`Stnt. 260;VJune 1922, 205, 512 Stat. 620.) _ { . . · _ ` 246. Powers of Secretary of Treasury as aEeeled--by chap- ér.————Nothing·in. this- chapter contained shall’be_ construed qs nking away any powers`_heretofore,_ vested by, law, in the ecretary of ;h°e Treasury which re1ute_ ro the supervision, .anage·i:nent:, and ,cout1jol of the Treasury Department and ureaus under 'such departxnentk aud, whenever any power ested'!by` this chuptercin-t1.1e Federal I{<`·eerve Board or the ederel reserve agent appears to_ contiiet with t-he popvers, of
