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SEC. 10 FEDERAL RESERVE ACT 
19 
shall be a good and valid obligation against such bank, 
but the act of any such officer, clerk, or agent in violation 
of this section may subject such bank to a forfeiture 
of its membership in the Federal Reserve System upon 
aearing by the Federal Reserve Board.* 
| All banks or trust companies incorporated by special 
law or organized under the general laws of any State, 
which are members of the Federal reserve system, when 
designated for that purpose by the Secretary of the 
Treasury, shall be depositaries of public money, under 
such regulations as may be prescribed by the Secretary; 
and they may also be employed as financial agents of the 
Government; and they shall perform all such reasonable 
duties, as depositaries of public money and financial 
agents of the Government, as may be required of them. 
The Secretary of the Treasury shall require of the banks 
and trust companies thus designated satisfactory secur- 
ity, by the deposit of United States bonds or otherwise, 
for the safe keeping and prompt payment of the public 
money deposited with them and for the faithful perform- 
ance of their duties as financial agents of the Government. 
FEDERAL RESERVE BOARD 
See. 10. A Federal Reserve Board is hereby created Assmendedby 
which shall consist of eight members, including the Mar. 3.5008 Go 
Secretary of the Treasury and the Comptroller of the SOD: rie as 1685 
Currency, who shall be members ex officio, and Six chap. 25; rep. 
members appointed by the President of the United Shot hey 
States, by and with the advice and consent of the Senate. 
In selecting the six appointive members of the Federal 
Reserve Board, not more than one of whom shall be 
selected from any one Federal reserve district, the Presi- 
dent shall have due regard to a fair representation of the 
financial, agricultural, industrial and commercial inter- 
ests, and geographical divisions of the country. The 
six members of the Federal Reserve Board appointed by 
the President and confirmed as aforesaid shall devote 
their entire time to the business of the Federal Reserve 
Board and shall each receive an annual salary of $12,000, 
payable monthly, together with actual necessary traveling 
sxpenses, and the Comptroller of the Currency, as ex 
SfRicio member of the Federal Reserve Board, shall, in 
——————————— 
1 See sec. 5208, Revised Statutes, as amended (Appendix, p. 86), for penalty for false 
ertification of checks by officers of Federal reserve banks and national banks,