Source: http://www.law.cornell.edu/uscode/text/12/242
Timestamp: 2013-05-20 01:08:05
Document Index: 396106618

Matched Legal Cases: ['§ 242', '§ 242', '§ 242', '§ 10', '§ 6', '§ 203', '§ 204', '§ 1108', '§ 203', '§ 1108', '§ 2', '§ 8']

12 USC § 242 - Ineligibility to hold office in member banks; qualifications and terms of office of members; chairman and vice chairman; oath of office | Title 12 - Banks and Banking | U.S. Code | LII / Legal Information Institute
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12 USC § 242 - Ineligibility to hold office in member banks; qualifications and terms of office of members; chairman and vice chairman; oath of office
(Dec. 23, 1913, ch. 6, § 10 (par.), 38 Stat. 260; June 3, 1922, ch. 205, 42 Stat. 620; June 16, 1933, ch. 89, § 6(a),48 Stat. 166; Aug. 23, 1935, ch. 614, title II, § 203(b),49 Stat. 704; Pub. L. 95–188, title II, § 204(a),Nov. 16, 1977, 91 Stat. 1388; Pub. L. 111–203, title XI, § 1108(a)(1),July 21, 2010, 124 Stat. 2126.)
2010—Pub. L. 111–203substituted “Of the persons thus appointed, 1 shall be designated by the President, by and with the advice and consent of the Senate, to serve as Chairman of the Board for a term of 4 years, and 2 shall be designated by the President, by and with the advice and consent of the Senate, to serve as Vice Chairmen of the Board, each for a term of 4 years, 1 of whom shall serve in the absence of the Chairman, as provided in section 244 of this title, and 1 of whom shall be designated Vice Chairman for Supervision. The Vice Chairman for Supervision shall develop policy recommendations for the Board regarding supervision and regulation of depository institution holding companies and other financial firms supervised by the Board, and shall oversee the supervision and regulation of such firms.” for “Of the persons thus appointed, one shall be designated by the President, by and with the advice and consent of the Senate, to serve as Chairman of the Board for a term of four years, and one shall be designated by the President, by and with the consent of the Senate, to serve as Vice Chairman of the Board for a term of four years.”
1977—Pub. L. 95–188substituted in third sentence “one shall be designated by the President, by and with the advice and consent of the Senate, to serve as Chairman of the Board for a term of four years, and one shall be designated by the President, by and with the consent of the Senate, to serve as Vice Chairman of the Board for a term of four years” for “one shall be designated by the President as chairman and one as vice chairman of the Board, to serve as such for a term of four years”.
1935—Act Aug. 23, 1935, § 203(b), extended term of appointive members from twelve to fourteen years, and inserted provisions for continuance in office until successor qualified and against reappointment.
Pub. L. 111–203, title XI, § 1108(a)(2),July 21, 2010, 124 Stat. 2126, provided that: “The amendment made by subsection (a) [amending this section] takes effect on the date of enactment of this title [July 21, 2010] and applies to individuals who are designated by the President on or after that date to serve as Vice Chairman of Supervision.”
Section 204(b) ofPub. L. 95–188provided that: “The amendment made by subsection (a) [amending this section] takes effect on January 1, 1979, and applies to individuals who are designated by the President on or after such date to serve as Chairman or Vice Chairman of the Board of Governors of the Federal Reserve System.”
Act Mar. 3, 1919, ch. 101, § 2,40 Stat. 1315, formerly cited as a credit to this section, was repealed by Pub. L. 89–554, § 8(a),Sept. 6, 1966, 80 Stat. 644.