El Paso herald. (El Paso, Tex.) 1901-1931, 1911-01-17

the branch as thus constituted shall
be to add to its members by the cleo
ton of an additional number of di-
rectors equal to one-third the num-
Der of local associations situated in
the district. Such additional directors
shall fairly represent the industrial,
commercial, agricultural and other in
terests Of the district and shall not be
officers of the banks. The directors of
banks shall not be considered as Off
GERS.
The manager of the branch shall be
ex-officio a member of the board of
directors of the branch and shall lie
chairman of the board.
ELectfng the Directors.
The board of directors of a branch
Of the reserve association will thus
be composed of:
First, group of directors equal n
number to the number of local asso-
Citations composing the district, and
this group shall be elected by the iii
Tectors of the loca, association, each
director having one vote.
Second. a group of directors equal
to two-thirds the foregoing group and
elected by stock representation
Third, a group of directors equal in
number to one-third of the first group,
representing the industrial, commercial,
agricultural and other interests of the
district and elected by the votes of the
first two groups. each director thus
voting having one vote.
Fourth the manager Of branch shall
be ex-officio a member of the board
of dfrectorsNof the branch and shall be
chairman of the board.
The board of the reserve associa-
ton shall consist of As directors and
it shall be composed in the following
manner:
First. Six ex-officio members, name
ly the governor of the reserve assOcia-
ton. who shall be chairman of the
board; two deputy governors of the
reserve association. the secretary of
merce and labor and the controller of
the currency.
Second Fifteen directors to be
elected. one by the board of directors
of each branch Of the reserve associa-
ton.
Third. Twelve directors, who shall
be elected by voting representatives.
one representing the banks embraced
in each district.
Fourth. The board thus constituted,
shall select II additional members who
shall fairly represent the Industrial.
commercial, agricultural and other in
terests of the country and who shall
not be officers of the banks.
Directors of banks shall not be con-
sidered as officers.
Keeping Politicians Out.
No members of any national or state
legislative body shall be a director
Of the reserve association or of any of
he hToT Of local aCGn0to-
ton.
The directors of the reserve associa-
ton shall annually elect an executive
committee and such other committees
as the bylaws of the reserve assOcia-
ton may provide. The executive COM
mittee shall consist of nine members
of which the governor of the reserve
association shall be ex-officio chair
man and ten deputies and controller of
the currency ex-officio members.
The executive committee shall have
all the authority which is vested in
the board of directors, except such as
may be specifically delegated by the
board to other committees or to the ex-
ecutive officers.
A board of supervision shall be
elected by the board of directors from
among it's number OF which the secre-
tary of the treasury shall be ex-of-
ficio chairman.
The executive officers of the reserve
association shall consist of a COVER
nor, two deputy governors. a secre-
tary and such subordinate officers as
may be provided by the bylaws. The
governor and deputy governors shall
be selected by the president Of the
United States from a list submitted by
the board of directors. The governor
shall be subject to removal by the
president of the United States for
use.
In the absence of the governor or
his inability to act, the deputy who
is senior in point of service, shall act
as governor.
Government of Branches.
Each branch shall nave a manager
and a deputy manager. They shall be
by the governor of the re-
serve association with the approval of
the executive committee.
Any member of a local association
a guaranty of the commercial paper.
which it desires to rediscount at the
branch of the reserve association in it's
district. Any such bank receiving a
guaranty from local association shall |
pay commission to the local associa- |
ton to be fixed from time to time by
the board of directors of that associa- |
ton
The guaranty of the members Of the |
local association in the event of loss !
shall be met by the members of the |
local association in the proportion TO