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SEC. 4

FEDERAL RESER{E ACT

certify to the chairmen his first, second, and other
choices for director of class A and class B, respectively,
upon a preferential bellot upon a form furnished by the
chairman of the board of directors of the Federal reserve
bank of the district. Each such officer shall make a
cross opposite the name of the first, second, and other
choices for a director of class A and for a director of class
B, but shall not vote more than one choice for any one
candidate. No officer or director of a member bank shall
be eligible to serve as a class A director unless nominated
and elected by banks which are members of the same
group as the member bank of which he is an officer or
director.
Any person who is an officer or director of more than
one member bank shall not be eligible for nomination as
a class A director except by banks in the same group as
the bank having the largest aggregate resources of any
of those of which such person is an officer or director.
Any candidate having a majority of all votes cast in
the column of first choice shall be declared elected. If no
candidate have a majority of all the votes in the first
column, then there shall be added together the votes cast
by the electors for such candidates in the second column
and the votes cast for the several candidates in the first
column. The candidate then having a majority of the
electors voting and the highest number of combined votes
shall be declared elected. If no candidate have a majority
of electors voting and the highest number of votes when
the first and second choices shall have been added, then
the votes cast in the third column for other choices shall
be added together in like manner, and the candidate
then having the highest number of votes shall be declared
elected. An immediate report of election shall be declared.
Class C directors shall be appointed by the Federal
Reserve Board. 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 Federal Reserve
Board, a local office of said board on the premises of the
Federal reserve bank, He shall make regular reports to

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