U.S. Code, Title 12, Banks and Banking

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Author: "U.S. Congress, Office of the Law Revision Counsel"

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§ 261. Creation; Membership; Compensation; Meetings; Officers; Procedure; Quorum; Vacancies

     There is created a Federal Advisory Council, which shall consist of as many members as there are Federal reserve districts. Each Federal reserve bank by its board of directors shall annually select from its own Federal reserve district one member of said council, who shall receive such compensation and allowances as may be fixed by his board of directors subject to the approval of the Board of Governors of the Federal Reserve System. The meetings of said advisory council shall be held at Washington, District of Columbia, at least four times each year, and oftener if called by the Board of Governors of the Federal Reserve System. The council may in addition to the meetings above provided for hold such other meetings in Washington, District of Columbia, or elsewhere, as it may deem necessary, may select its own officers and adopt its own methods of procedure, and a majority of its members shall constitute a quorum for the transaction of business. Vacancies in the council shall be filled by the respective reserve banks, and members selected to fill vacancies shall serve for the unexpired term.

(Dec. 23, 1913, ch. 6, § 12 (par.), 38 Stat. 263; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)

Codification

     Section is comprised of first par. of section 12 of act Dec. 23, 1913. Second par. of section 12 is classified to section 262 of this title.

Change of Name

     Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.

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Chicago: "U.S. Congress, Office of the Law Revision Counsel", "§ 261. Creation; Membership; Compensation; Meetings; Officers; Procedure; Quorum; Vacancies," U.S. Code, Title 12, Banks and Banking in U.S. Code, Title 12, Banks and Banking (Washington, D.C.: Government Printing Office, 2002), Original Sources, accessed October 3, 2022, http://www.originalsources.com/Document.aspx?DocID=L8CBEX3E12JAPF9.

MLA: "U.S. Congress, Office of the Law Revision Counsel". "§ 261. Creation; Membership; Compensation; Meetings; Officers; Procedure; Quorum; Vacancies." U.S. Code, Title 12, Banks and Banking, in U.S. Code, Title 12, Banks and Banking, Washington, D.C., Government Printing Office, 2002, Original Sources. 3 Oct. 2022. http://www.originalsources.com/Document.aspx?DocID=L8CBEX3E12JAPF9.

Harvard: "U.S. Congress, Office of the Law Revision Counsel", '§ 261. Creation; Membership; Compensation; Meetings; Officers; Procedure; Quorum; Vacancies' in U.S. Code, Title 12, Banks and Banking. cited in 2002, U.S. Code, Title 12, Banks and Banking, Government Printing Office, Washington, D.C.. Original Sources, retrieved 3 October 2022, from http://www.originalsources.com/Document.aspx?DocID=L8CBEX3E12JAPF9.