Payette enterprise. (Payette, Canyon Co., Idaho) 1909-1935, 1912-02-01
CONTINUED from last week.
fE) Executive Officers Of the Nation

consist Of a governor. two deputy :
governors, a secretary, and such s
subordinate officers as may be pro {
vided BY the bylaws. The governor \ Z
shall be selected by the President Of .
the United States from list sub (
mitted By the board Of directors, and 4
shall be subject to removal by a /
tvo-thirds vote OF the board OF d.
rectors for cause. The term OF Of f
flee OF the deputies first elected shall
serve for terms Of four years and I.
seven years. respectively. The dep
uties shall be elected by the beard .
Of directors and may be removed for
cause at any time and their places 1
filled, By the board. In the absence .
Of the governor or his inability 10
act, the deputy who is senior IN
point Of service shall act as gov
ernOr.
m Executive Officers Of Branches.
25. Each branch shall have a man
/ aer andg a deputy manager appoint
ted by the governor Of the National
Reserve Association, with the ap-
prevail Of the executive committee.
26. The powers and duties OF the
manager and deputy manager and Of
the various committees Of the branch
es shall be prescribed by the by
laws of the National Reserve AssOci-
alton.
/ (o) Executive Officers of the Local
Associations.
q. The directors OF the local as
scciaticn shall annually elect from
lamong their number a president, a
vice president, and an executive COM
mfttee. whose powers and duties and
/ terms Of office shall be determined
10y the bylaws OF the local assoeia-
ton. subject, however, to the pro
visions Of this Act
%. The local associations, the
! branches, and the National Reserve
4 Association shall each have bylaws
which shall pro-ide. among other
things. a method Of filling vacancies
on their respective boards Of d-ree-
lors.
The bylaws o. the local asscci2-
tioug and Of the branches shall be
, subject to the approval Of the Ma
: tional Reserve Association.
CThe Act viii provide a prelimin-
ary organization for the Reserve As
soclation, to remain in effect until
the permanent organization created
by the foregoing sections can be
perfectedJ
Functions Of the Lo9aI Associations.
%. Any member Of local assoc
j iation may apply 70 such association
: for a guaranty Of the commercial pa
? per which it desires to rediscount al
: the branch OF the National Reserve
q Association in its district. Any such
I hank receiving a guaranty from a
I local association shall pay a com
$ mission to the local association, &c
S be fixed in each case by its board o
4 directors. The guaranty OF the
4 local association, in the event OF
d loss. shall be met by the members
: Of the local association in proper
p ton to the ratio which their CAPT
e tai and surplus bears TO the aggre
}. gate capital and surplus Of the
members Of the local association
e and the commission resolved for such
? --aranty. after the payment Of ex'
e renses and possible losses, shall be
: distributed among the several banks
e If the local association in the same
b proportion. A local association shall
I have authority TO require securiu
from any bank offering paper foi
t guaranty, or it may decline to grant
e the application.
!. so. The total amount Of guar
9 antics by a local association to the
n National Reserve Association shall
not at any time exceed the aggre
Il cate capital and surplus OF the banks
b forming the guaranteeing association
/ 81. Any local association may BY
|. a vote Of three-fourths Of its mem
q hers and with the approval Of tbs
a National Reserve Association. as
sumo and exercise such Of the pow
ers and functions OF a clearing house
= as are not inconsistent with th'
purposes OF this Act. The Nationa
Reserve Association may require an
LEGAL association to perform such ser
vices in facilitating the domesu
exchanges Of the Reserve Associa
ltion as the public interests may re
!. quire.
: 90. The local associations shal
70 appoint examiners, who shall hay'
:, authority to examine into the COZ
y dition Of the banks composing the as
3 sociation under such regulations a
may be adopted by the local assoc
d alton. with the approval Of the Ma
4 ,ional Reserve Association. Copie
or OF the reports OF these examination
shall upon request be furnished I