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Bres. 3, 4 FEDERAL RESERVE ACT

3

may be necessary, is hereby appropriated, out of any
moneys in the Treasury not otherwise appropriated, for
the payment of such expenses.
BRANCH OFFICES
Sec. 8. The Federal Reserve Board may permit or As amended by
require any Federal reserve bank to establish branch June 21, 3617 G0
>anks within the Federal reserve district in which it is 32), ’ 2s. o =
ocated or within the district of any Federal reserve 12ss,chap. 1m."
>ank which may have been suspended. Such branches,
subject to such rules and regulations as the Federal Reserve
 Board may prescribe, shall be operated under the
supervision of a board of directors to consist of not more
shan seven nor less than three directors, of whom a
majority of one shall be appointed by the Federal reserve
bank of the district, and the remaining directors by the
Federal Reserve Board. Directors of branch banks
shall hold office during the pleasure of the Federal Reserve
 Board.
The Federal Reserve Board may at any time require
any Federal Reserve Bank to discontinue any branch of
such Federal Reserve Bank established under this section.
 The Federal Reserve Bank shall thereupon proceed
io wind up the business of such branch bank, subject to
such rules and regulations as the Federal Reserve Board
may prescribe.

FEDERAL RESERVE BANKS

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Sec. 4. When the organization committee shall have 4s amended by
>stablished Federal reserve districts as provided in sec- Jus 21, hr (40
tion two of this Act, a certificate shall be filed with the 20 Sept, %, 101%
Comptroller of the Currency showing the geographical chap 177) Jeb.
limits of such districts and the Federal reserve city i234, chap. 1615;
lesignated in each of such districts. The Comptroller of Sa, 8, hap.
the Currency shall thereupon cause to be forwarded to 3H
ach national bank located in each district, and to such
ther banks declared to be eligible by the organization
:ommittee which may apply therefor, an application
blank in form to be approved by the organization committee,
 which blank shell contain a resolution to be
adopted by the board of directors of each bank executing
such application, authorizing a subscription to the capital
 stock of the Federal reserve bank organizing in that
district in accordance with the provisions of this Act,