Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-01-17

local association shall be elected by these
same representatives OF the several banks
that are members Of the association, but
in voting for these additional directors
each representative shali be entitled 70
as many votes as the bank which he rep
resents holds shares in the Reserve As
ISOLATION. At such elections there shall
be no proxies. The authorized repre-
sentatives Of a bank, as herein provided,
must be either the president. vice presi-
dent or cashier of the bank he repre-
sents.
AS heretofore, provided all the local as
sociations shall be grouped into fifteen d.
visions, and each Of these divisions shall
be designated a district There shall be
located in each district, a branch of the
Reserve Association. Each of the fif-
teen branches Of the Reserve Association
shall have a board Of directors, and those
directors shall be elected in the following
manner:
The board Of directors Of each local as
ISOLATION shall elect by ballot one men,
Der Of the board of directors Of the
branch Reserve Association. In this
manner there will thus be elected as many
directors of the branch of the Reserve
Association as there may be local asso-
Citations in the district in which that
branch of the Reserve Association rs To-
Gated In addition to that number there
shall be elected a number of the directors
equal to two-thirds of the number of To-
cal associations in the district where the
branch is located. Such additional di-
rectors shall be elected In the following
manner:
CLOSING Of Proxy Holder.
There shall be chosen by the banks
composing each local association vot-
ing representative or proxy holder. In
choosing such voting representative each
bank shall be entitled to as many votes
as it holds shares in the Reserve Asso-
citation. The voting representatives OF the
several local associations which form a
district shall then meet at the ONCE OF
the branch and elect an additional num-
Der of directors Of the branch equal to
two-thirds Of the number of local asso-
Citations composing the district. Each vot-
ing representative at such election snail
have 4 number OF votes equal TO the
number Of shares in the Reserve AsS0c1a-
ton held by all the banks composing the
local association which he represents.
The first business Of the board Of the
branch as thus constituted shall be to add
to it's number by the election of an addt-
third the number OF local associations
situated in the district. Sucn additional
directors shall fairly represent the indus
trial, commercial. agricultural and other
officers Of banks. Directors Of banks
shall not be considered rs Officers.
The manager of the branch shall be ex-
ofYicio a member Of the board OF directors
OF the branch and shall be chairman Ut
the board.
The board of directors of a branch of
the Reserve Association will thus be CON-
First. A group Of directors equal in
number to the number Of local asso:eA-
| tions composing the district. and this
group shall be elected by the directors OF
| the local association. each director nav
| ing one vote.
Second. A group Of directors equal to
two-thirds OF 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
| frst two groups. each dIrec1or thus vol
| in having one vote.
/ Fourth. The manager OF the branch
| shall be ex ofIlcio q member OF tn eboarl
| NJ directors Of the branch ana shall bt
/ chairman Of the board.
Grouping Of Directors.
All the members Of the board Of direct
ors Of the branch. except ex ofhcio mem
bers. shall. at the first meeting OF the
| board, be classified into three classes
and the terms Of office Of these three
i classes shall be, respectively, one, two
and three years. Thereafter members o.
the board shall be elected for a term o.
i three years.
/ The board OF the Reserve Association
| shall consist of forty-fve directors, and i