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reprfu RESERVE ACT S50. 4

Class A shall consist of three members, who shall be
chosen by and be representative of the stock-holding
banks.
Class B shall consist of three members, who at the time
of their election shall be actively engaged in their district
in commerce, agriculture or some other industrial pursuit.
Class C shall consist of three members who shall be
designated by the Federal Reserve Board. When the
necessary subscriptions to the capital stock have been
obtained for the organization of any Federal reserve
bank, the Federal Reserve Board shall appoint the class
C directors and shall designate one of such directors as
chairman of the board to be selected. Pending the
designation of such chairman, the organization committee
shall exercise the powers and duties appertaining to the
office of chairman in the organization of such Federal
reserve bank.
No Senator or Representative in Congress shall be a
member of the Federal Reserve Board or an officer or a
director of a Federal reserve bank.
No director of class B shall be an officer, director, or
employee of any bank.
No director of class C shall be an officer, director,
smployee, or stockholder of any bank.
Directors of class A and class B shall be chosen in the
following manner:
The Federal Reserve Board shall classify the member
banks of the district into three general groups or divisions,
 designating each group by number. Each group
shall consist as nearly as may be of banks of similar
capitalization. Each member bank shall be permitted
to nominate to the chairman of the board of directors of
the Federal reserve bank of the district one candidate for
director of class A and one candidate for director of class
B. The candidates so nominated shall be listed by the
chairman, indicating by whom nominated, and a copy of
said list shall, within fifteen days after its completion, be
furnished by the chairman to each member bank. Each
member bank by a resolution of the board or by an
amendment to its by-laws shall authorize its president,
cashier, or some other officer to cast the vote of the member
 bank in the elections of class A and class B directors.
Within fifteen days after receipt of the list of candidates
 the duly authorized officer of a member bank shall