704
74TH CONG RESS . SESS . I. CH. 614 . AUGUST 23, 1935 . us:c.,p.3gg. 260 ; SEC . 202 . Section 9 of the Federal Reserve Act, as amended, is amended by inserting after the tenth paragraph thereof the following new par agraph : Admissio n to mem- " In order to facilitate the admission to membership in the Federal bership; waiver of re- qu irements .
Reserve System of any State bank which is required under subsection vol.40, p. 234. Ante, p .703 . (y) of section 12B of this Act to become a member of the Federal Reserve System in order to be an insured bank or continue to have any part of its dep osits in sured un der such section 128, th e Board of Governors of the Federal Reserve System may waive in whole or in part the requirements of this section relating to the admission of Provisos.
such bank to membership : Provided, That, if such bank is admitted When bank admitted wi th capital less than with a capital less than that required for the organization of a required for national ban k
national bank in the same place and its capital and surplus are not, org aniz atio n . i n the judgment of the Board of Governors of the Federal Reserve Syste m, adequate i n relation to its liabiliti es to deposit ors and other creditors, the said Board may, in its discretion, require such bank to increase its capital and surplus to such amount as the Board may deem necessary within such period prescribed by the Board as in its judgment shall be reasonable in view of all the circumstances
- Pro-
Restr iction . v ided, ho wever, That no such bank shall be required to increase its capital to an amount in excess of that required for the organization of a national bank in the same place ." "Board of Governors SEC . 203 . (a) Hereafter the Federal Reserve Board shall be known of the Federal Reserve System", established . as the " Board of Governors of the Federal Reserve System " , a n d Vol. 42, p. 620.
the governor and the vice governor of the Federal Reserve Board shall be known as the " chairman " and the " vice chairman" , respec- tively, of the Board of Governors of the Federal Reserve System . Vol . 38, p. 260 ;
(b) The first two paragraphs of section 10 of the Federal Reserve u.S . C.,p.377.
Act, as amended, are amended to read as follows BoardtofnG~a
4C SeC. 10. The Board of Governors of the Federal Reserve System ap pointment . (hereinafter referred to as the `Board') shall be composed of seven members, to be appointed by the President, by and with the advice and consent of the Senate, after the date of enactment of the Bank- Terms of office. ing Act of 1935, for ter ms of fo urteen y ears exc ept as h ereinaft er provided, but each appointive member of the Federal Reserve Board in office on such date shall continue to serve as a member of the Board until February 1, 1936, and the Secretary of the Treasury and the Comptroller of the Currency shall continue to serve as members of Qualifications . the Board until February 1, 1936 . In selecting the members of the Board, not more than one of whom shall be selected from any one Federal Reserve district , the Pr esident shall ha ve due r egard to a fair represe ntation of the financial, a gricultural, industrial, an d com- em est ymen n only o ther mercial interests, and geographical divisions of the country . The members of the Board shall devote their entire time to the business of the Board and shall each receive an annual salary of $15,000, payable monthly, together with actual necessary traveling expenses . Inel igib ilit y to hol d " The members of the Board shall be ineligible during the time office in member banks. they are in office and for two years thereafter to hold any office, position, or employment in any member bank, except th at this restriction shall not apply to a member who has served the full term bers no now Succ esso rs serving ; terms so mem- for which he was appointed . Upon the expiration of the term of of office .
any appointive member of the Federal Reserve Board in office on the Vol . 48, p .166. date of enactment of the Banking Act of 1935, the President shall fix the term of the successor to such member at not to exceed fourteen years, as designated by the President at the time of nomination, but In such manner as to provide for the expiration of the term of not more than one member in any two-year period, and thereafter each member shall hold office for a term of fourteen years from the expi- ration of the term of his predecessor, unless sooner removed for cause
