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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 security,
 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 performance
 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 President
 shall have due regard to a fair representation of the
financial, agricultural, industrial and commercial interests,
 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

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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,