10 
FEDERAL RESERVE ACT Sec. 4 
the Federal Reserve Board and shall act as its official 
representative for the performance of the functions con- 
ferred upon it by this act. He shall receive an annual 
compensation to be fixed by the Federal Reserve Board 
and paid monthly by the Federal reserve bank to which 
te is designated. One of the directors of class C shall 
de appointed by the Federal Reserve Board 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. 
Subject to the approval of the Federal Reserve Board 
the Federal reserve agent shall appoint one or more 
assistants. Such assistants, who shall be persons of 
tested banking experience, shall assist the Federal reserve 
agent in the performance of his duties and shall also have 
power to act in his name and stead during his absence or 
lisability. The Federal Reserve Board shall require 
such bonds of the assistant Federal reserve agents as it 
may deem necessary for the protection of the United 
States. Assistants to the Federal reserve agent shall 
receive an annual compensation, to be fixed and paid in 
the same manner as that of the Federal reserve agent. 
Directors of Federal reserve banks shall receive, in 
addition to any compensation otherwise provided, a 
reasonable allowance for necessary expenses in attending 
meetings of their respective boards, which amount shall 
be paid by the respective Federal reserve banks. Any 
compensation that may be provided by boards of direc- 
tors of Federal reserve banks for directors, officers or 
smployees shall be subject to the approval of the Federal 
Reserve Board. 
The Reserve Bank Organization Committee may, in 
organizing Federal reserve banks, call such meetings of 
bank directors in the several districts as may be necessary 
Yo carry out the purposes of this Act, and may exercise 
ihe functions herein conferred upon the chairman of the 
board of directors of each Federal reserve bank pending 
the complete organization of such bank. 
At the first meeting of the full board of directors of each 
Federal reserve bank, it shall be the duty of the directors 
of classes A, B and C, respectively, to designate one of the 
members of each class whose term of office shall expire 
in one year from the first of January nearest to date of