12-U.S.C.-308

§308 – Terms of Directors; Vacancies

Pathway

Title 12 > Chapter 3 > Subchapter VII > Section 308

Details

• Reference: Section 308
• Legend: §308 – Terms of Directors; Vacancies
• USCode Year: 2013

Provision Content

At the first meeting of the full board of directors of each Federal reserve bank, it shall be the duty of the directors of classes A, B, and C, respectively, to designate one of the members of each class whose term of office shall expire in one year from the 1st of January nearest to date of such meeting, one whose term of office shall expire at the end of two years from said date, and one whose term of office shall expire at the end of three years from said date. Thereafter every director of a Federal reserve bank chosen as hereinbefore provided shall hold office for a term of three years. Vacancies that may occur in the several classes of directors of Federal reserve banks may be filled in the manner provided for the original selection of such directors, such appointees to hold office for the unexpired terms of their predecessors.

(Dec. 23, 1913, ch. 6, §4 (par.), 38 Stat. 257.)

Codification

Section is comprised of par. 26 of section 4 of act Dec. 23, 1913. For classification to this title of other pars. of section 4, see Codification note set out under section 301 of this title.

U.S. Encyclopedia of Law Coverage

12-U.S.C.-283 in the Legal Encyclopedia: Banking Law

In this entry about 12-U.S.C.-283, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.

12-U.S.C.-264 in the Legal Encyclopedia: Federal Reserve System

In this entry about 12-U.S.C.-264, find legal reference material, bibliographies and premiere content related to federal reserve system in the American Encyclopedia of Law, presenting a comprehensive view of the United States federal reserve system-specific issues, written by authorities in the field.

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