FeperAL RESERVE ACT 
the Federal reserve bank he shall be required to maintain, under regulations to be es- 
tablished 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 the Federal Reserve Board 
and shall act as its official representative for the performance of the functions conferred 
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 he is designated. 
One of the directors of class C shall be 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 disability. 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 meet- 
ings of their respective boards, which amount shall be paid by the respective Federal 
reserve banks. Any compensation that may be provided by boards of directors of Fed- 
eral reserve banks for directors, officers or employees 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 
to carry out the purposes of this Act, and may exercise the 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 such meeting, one whose term of office shall expire at the 
end of two years from said date, and one whose term of office shall expire at the end of 
three years from said date. Thereafter every director of a Federal reserve bank chosen 
as hereinbefore provided shall hold office for a term of three years. Vacancies that may 
Occur in the several classes of directors of Federal reserve banks may be filled in the 
Manner provided for the original selection of such directors, such appointees to hold 
office for the unexpired terms of their predecessors. 
Stock Issues; Increase and Decrease of Capital 
Sec. 5. The capital stock of each Federal reserve bank shall be divided into shares 
of $100 each. The outstanding capital stock shall be increased from time to time ag 
Member banks increase their capital stock and surplus or as additional banks become 
Members, and may be decreased as member banks reduce their capital stock or surplus 
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