Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-01-17
the governor of the Reserve Association,
who shall bechairman Of the board; two

the governor of the Reserve Association,
who shall bechairman of the board; two
deputy governors OF the Reserve ASsocia-
ton, the Secretary OF the Treasury, the
the Comptroller Of the Currency.
Second. Fifteen directors to be elected,
one by the board of directors Of each
branch OF the Reserve Association. They
shall be elected by ballot. each member
of the branch board having one vote.
Third. Twelve directors. who shall be
elected by voting representatives, one
representing the banks embraced In each
| district. Each voting representative shall
cast number of votes equal to the num-
Der of shares in the Reserve Association
| held by all the banks in the district
which he represents
Fourth. The board as thus constituted
| shall select twelve additional members.
| who shall fairly represent the industrial,
commercial. agricultural and other In
terests of the country, and who shall not
be officers of banks. Director of banks
shall not be considered as officers.
| At the first meeting of the board all the
members of the board. except the ex-
officio members, shall be classified into
three classes, and the terms OF office OF
these three classes shall be, respectively.
| one, two and three. years. Thereafter
members of the board shall be elected for
a term of three years.
Lawmakers Are Barred.
No member of any national or state
legislative body shall be a director of
| the Reserve Association, nor of any of
| the branches, nor of any local associa-
| ton.
| ton shall annually elect an executive
| committee and such other committees as
the bylaws of the Reserve Association
shall provide. The executive committee
shall consist Of nine members. of which
the governor Of the Reserve Association
shall be ex-ofhciol chairman. and the two
deputies and the controller of the cur
rency ex-officio members.
The executive committee shall have all
the authority which is vested in the board
of directors, except such as may be spe-
officially delegated by the board to other
committees or to the executive officers.
There shall be board Of supervision
elected by the board of directors from
among its number, of which the Secre-
tary Of the Treasury shall be ex-officio
chairman.
The executive officers of the Reserve
Association shall consist OF a governor,
| such subordinate officers as may be pro-
vided by the bylaws. The governor
and deputy governors shall be selected
by the President Of the United States
| directors. The governor shall be SUBJ
ject to removal by the President of the
United States for cause. The term of
office of the deputies shall be seven
years, but the two deputies first ap-
| pointed shall be for terms of four years
| and seven years, respectively.
In the absence Of the governor or his
| inability to act. the deputy who is senior
| in point Of service shall act as gov
| ernor.
Managers Of Branches.
| Each branch shall have a manager and
a deputy manager. They shall be ap-
pointed by the governor OF the Reserve
Association, with the approval Of the ex-
ecutive committee.
| The powers and duties Of the manager
and deputy manager and Of the various
| committees Of the branches shall be pre-
scrbed by the bylaws Of the Reserve AS
| ISOLATION.
Any member Of a local association may
apply to that local association for a
guaranty Of the commercial paper which
1t desires to rediscount at the branch of
the Reserve Association In Its district.
Any such bank receiving a guaranty
| from a local association shall pay a COM
mission to the local association. to be
fixed from time to time by the board of
directors of that local association. The
guaranty of the members Of the local
| association In the event of loss shall be
met by the members of the local asso-
citation in the proportion to the ratio
which their capital and surplus bears to
the aggregate capital and surplus of the
local association, and the commission re-
ceived for such guaranty, after the pay
lment Of losses and expenses, shall be dis
U A. n~n1 hnvn 49,