The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1914-01-02
FEDERAL RESERVE BOARD.
Seven Members, Five Of Whom Are ca
Get $4,000 . Year Each.

Seven Members, Five Of Whom Are 60
, Get $4,000 . Year Each.
Sec. 10 A federal reserve board II
hereby created. which shall consist Of
v members. including the secre
tary Of the treasury and the cOmptroI
Ter Of the currency. who shall be
bers ex of1ciO. and five members ap
pointed by the president of the Unit
ed States. BY and With the advice and
consent Of the senate In selecting the
I've a%ppOintive members Of the federal
reserve board not more than one of
whom shall be selected from any one
federal reserve district. the president
shall have due regard to q fair repre-
senta ton of the different geographical
divisions of the country The five mem
bers Of the federal reserve board ap
pointed by the president and confirmed
as aforesaid shall devote their entire
time to the business of the federal re
serve board and shall each receive an
annual salary Of $4,000. together with
actual necessary travelling expenses
and the comptroller of the currency
as ex Officio mem Der Of the federal re
serve board. shall in addition to the
salary now paid him a. comptroller Of
the currency. receive the sum Ut $7.OON
annually for his services a. Il member
Of said board The members Ut said
board. the secretary of the treasury
the assistant secretary Of the treasury
and the comptroller Of the currency
shall be ineligible during the time the!
are In office and for two years thereaft
er to hold any Office. position or en-
ployment In any member bank OF
the Eve members thus appointed by
the president at least two shall be
persons experienced in banking o.
finance. One shall be designated by
the president to serve Tor two. one for
four. one for six. one for eight. one
for ten. and thereafter each member
20 appointed shall serve for a term OF
ten years unless sooner removed fOI
cause by the president OF the Eve
persons thus appointed one shall be
designated By the president as gov
ernor and AZ vice governor Of the
federal rexerve board. The governor
Of the federal reserve board. subject to
its supervision. shall be the acting ex
ecutive officer
The federai reserve board shall have
power to levy semiannually upon the
federal reserve banks In proportion to
their capital stock and surplus M as-
sessment sufficient to pay its estimated
expenses and salaries Of its members
and employees for the half year u
ceeding the levytng Of such assessment.
together with any de6cit carried for
ward from the preceding half year.
I The 6rst meeting Of the federal re
serve board shall be held In Washing
ton. District Of Columbia. M s0O al
may be after the passage Of this act at
q date to be 1xed by the reserve bank
organization committee The secretary
Of the treasury shalt be ex OfiiciO chair
man Of the federal reserve hoard. No
member Ut the federal reserve board
shall be an officer or director of any
bank. banking institution. trust rom
pany or federal reserve bank nor bold
stock In any hank. banking institution
o. trust company. and before entering
upon bis duties ax 4 member OF the
federal reHesve tDard be shall certify
under Oath t. the secretary Of the
treasury that he has compiled With