Full text of Mimeograph Letters and Statements of the Board : Amendment to Paragraph 31 of Section 4 of Federal Reserve Act, Number 569, Volume 3, Page 877

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569.

BE IT ENACTED BY THE SENATE AND HOUSE OF REPRESENTATIVES
OF THE UNITED STATES IN CONGRESS ASSEMBLED, That Paragraph 31
of Section 4, of the Act approved. December 23, 1913, and known
as the Federal Reserve Act he amended and reenacted so as to
read as follows:
’•Class C directors shall be appointed by -the
Federal Reserve Board. They shall have been for at
least two years residents of the district for which
they are appointed, one of whom shall be designated
by said board as chairman of the board of directors
of the Federal reserve bank and as 'Federal reserve
agent,' He shall be a person of tested banking ex­
perience; and in addition to his duties as chairman
of the board of, directors of the Federal reserve bank
he shall be required to maintain under regulations to
be established by the Federal Reserve Board a local
office of said board on the premises of the Federal
reserve bank, Re 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.
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3/8/16.