Payette enterprise. (Payette, Canyon Co., Idaho) 1909-1935, 1912-01-25

h9AA sc ANBARSNhAof
(6) Directors Of Branches.
Q. Each OF the branches OF the
National Reserve Association shall
have a board OF directors, to be
elected in the following manner:
The board Of directors Of each local
association shall elect by ballot one
member Of the board of directors Of
the branch of the National Reserve
Association. In this manner there
will thus be elected as many direc-
tors OF the branch of the National
Reserve Association as there may
be local associations In the dis rict
In which that branch of the Nation
al Reserve Association is located
10. In addition to that number
there shall be elected In the follow
ing manner number of dlrectrso
equal to two-thirds Of the number
OF local associations In the district
where the branch is located There
shall be chosen by the banks com
posing each local association vot-
ing representative or proxy holder.
In choosing such voting representa-
tive each bank shall be entitled to
as many votes as Il holds shares In
the National Reserve Association.
The voting representatives of the
several local associations which form
a district shall elect an additional
number of directors of the branch |
equal to two-thirds of the number
elected directly by the local associ-
alton; that is, equal to two-thirds of
the number of local associations com
posing the district Each voting rep 1
resentatlve at such election shall /
have number Of votes equal to
the number OF shares In the Nation.
Al Reserve Association held by all
he banks composing the local as
ISOLATION which he represents.
IL. The board OF the branch as
.hus constituted shall at once add
10 It's numbers by the election o.
IN additional number of directors
'qual TO one.third the number of To-
al associations situated In the dis
rict, Such additional directors shall
airly represent the industrial, com.
norcial, agricultural. and other in-
erosts OF the district. and shall 4
lot be officers of banks. Directors
4 banks shall not be considered as
Ulcers. n
-. The manager OF tho branch +,
hall DO ex otfiCio a member OF the
'oard OF directors Of the branch and 1
han be chairman OF the board.
The board OF directors OF branch s
( the National Reserve Association 7
I'm thus be composed Of s
First group OF directors equal
, number to the number Of local d
ssoeiatlons composing the district. 1
nd this group shall be elected by d
he local associations. each assoc'a-
on having one vote. D
Second. A group OF directors equal Q
} wothirds OF the foregoing group b
I'd elected by stock representation. Il
Third. A group Of directors equal e
number to one,third OF the first y
CUP. representing the industrial. n
agricultural. and other e,
forests OF the district. aud electel
the votes OF the first two groups. s.
Oh director thus voting having re
e vote. sc
Fourth. The manager OF the branc es
all be ex officio a member OF the q
ard OF directors OF the branch and
all be chairman Of the board.
Is. All the members OF the board al
directors of the branch, except "
e ex officio member. shall at the Gu
st meeting of the board be classi- co
d into three classes. and the terms M
office of these three classes shall pr
respectively, one. two. and three sh
lrs. Thereafter members of the WI