U.S. Code » Title 12 » Chapter CHAPTER 3— FEDERAL RESERVE SYSTEM › Subchapter SUBCHAPTER VII— DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS AND ASSISTANTS

12 U.S.C. § 305

Class C directors; selection; “Federal reserve agent”

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Class C directors shall be appointed by the Board of Governors of the Federal Reserve System. They shall have been for at least two years residents of the district for which they are appointed, one of whom shall be designated by said board as chairman of the board of directors of the Federal reserve bank and as “Federal reserve agent.” He shall be a person of tested banking experience and in addition to his duties as chairman of the board of directors of the Federal reserve bank he shall be required to maintain, under regulations to be established by the Board of Governors of the Federal Reserve System, a local office of said board on the premises of the Federal reserve bank. He shall make regular reports to the Board of Governors of the Federal Reserve System and shall act as its official representative for the performance of the functions conferred upon it by this chapter. He shall receive an annual compensation to be fixed by the Board of Governors of the Federal Reserve System and paid monthly by the Federal reserve bank to which he is designated. One of the directors of class C shall be appointed by the Board of Governors of the Federal Reserve System as deputy chairman to exercise the powers of the chairman of the board when necessary. In case of the absence of the chairman and deputy chairman, the third class C director shall preside at meetings of the board.

Notes of Decisions
Cited in 2 cases, 1978–2005 · leading case: Fraternal Order of Police v. Board of Governors of the Federal Reserve System
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Fraternal Order of Police v. Board of Governors of the Federal Reserve System (2005) dcd “§§ 302 , 305; to designate each Reserve Bank’s chairman of the board, 12 U.S.C. § 305 ; to approve the appointment of the president and first vice-president of each Reserve Bank, 12 U.”
Applicability of the Service Contract Act of 1965 to Federal Reserve Banks (1978) olc “Thus, the 212 directors elected by the stockholders are not eligible for the positions of chairman or vice chairman of boards of directors, 12 U.S.C. § 305 ; the stockholders are limited to a dividend of 6 percent, 12 U.”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.