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^ j )^ ’ j4 BY-LAWS OF THE FEDERAL RESERVE BOARD WITH AMENDMENTS. Amendments:- By-laws i ARTICLE I. i The Chairman. The Secretary of the Treasury shall be Chairman of the Board, and shall preside at all meetings when present. In the absence of the Chairman the Governor of the Board shall act as presiding officer. In the absence of both the Chairman and the Governor, the Vice Governor shall act as Chairman. ARTICLE II. The Governor. Section 1. The Governor of the Federal Reserve Board shall be the active executive officer thereof; subject, however, to such rules and regulations as may be incorporated herein or may from time to time, by resolution, be established. Section 2. The Governor shall have custody of 3 uch funds as may be in possession of the Board. He shall open and maintain bank ac counts in such institutions as the Board may by resolution designate, and shall sign checks drawn on such accounts, such checks to be counter signed by the Secretary or other designated officer of the Board. 871 Section 3. The Governor shall keep or cause to bo kept a continu ing record of all receipts and dis bursements of the Board. Section 4. The Governor shall have general charge of all business of the Board not specifically assigned by resolution to any indi vidual member thereof, or to the com mittee of the whole. He shall sub mit a summary of such business at each succeeding meeting of the Board. AMENDMENT I. Section 5 of Article 11 of these By-laws is hereby amended to read: Section 5. The Governor shall have custody of the seal of the Board and shall have power to affix the same to all instruments requiring it under the authority of the* Board. Such instruments shall be attested by the Secretary. ARTICLE III. The Vice-Governor. Section 1. In the absence or disability of the Governor, his pow ers shall be exercised and his du ties discharged by the Vice-Governor and in the absence or disability of both of these officers, such powers shall be exercised and such duties discharged by such member of the Board, as it may by resolution,desig nate Chairman pro tern. Section 2. It shall be the duty of the Vice-governor to cooperate with the Governor in the administra tion of the general business of the Board. "The Secretary shall have cus tody of the seal and shall have power to affix the same to all instruments requiring it under the authority of the Board. Such instruments shall be attested by the Secretary." (February 1, 1915). O S t'<m> On motion the %iw}n<tai^*t$ 4 Q Ihe By*lawe of the Board, et which had been duly given in aecardanye with Artiele 9 of the existing by-il^tws, was adopted as follows i •*’♦ . •* Insert after Article III of the existing By-laws, a new article num bered IV, as hereinafter set forth, and renumber the succeeding articles accordingly. ARTICLE IV. The Executive Committee. 1. There shall be an Executive Committee of the Board consisting of three members, which shall include the Governor and Vice Governor and one other. The third member shall be nominated and elected at a regular meeting of the Board. Members of the Board shall serve as fab as practic able in rotation and for periods to be fixed by the Board from time to time, Two members 8hall constitute a quorum for the transaction of busi- nessi 2. It shall be the duty of the Executive Committee of the Board to transact all busines-- of a general nature which can be transacted in Accordance with'principles already established by the Board, and such as may be delegated to it from time to time; to review and approve important correspondence involving the expres sion of opinions or decisions of the Board; to prepare and make recommen dations governing the conduct of the Board's business and tp oversee and control the making of statements to the press expressive of the Board's policy or descriptive of its action. 3. The Executive Committee may at any time delegate to the Secretary of the Board, either individually or under the supervision of one of its members, the exercise of its functions with reference to publicity as herein before set forth. (March 22, 1915), New ARTIOfU V. ARTICLE tV. Section 1. The Board shall ap-** | point a Secretary, whose duty it j shall be to attend all meetings of the Board, and keep a record of its pro- J ceedings, I i I ! Section 2. The Secretary shall assist the Governor and members of the Board in the administration of general business and correspondence. He shall under the direction of the Governor have general supervision of the office and shall supply the Board with detailed information regarding domestic and international business and banking relations, and such other data as the Board tnay from time to j time require. I By Amendment March 22, 19J5, above. amendment II. The Board shall appoint an As Section 3. In the absence or j sistant Secretary, who shall exercise disability of the Secretary, his duties shall be performed by such mem the powers and discharge the duties of the Secretary in his absence or dis ber of the Board or general staff as ability and shall perform such other said Board, may, by resolution, ap duties as may be assigned to him from point Secretary pro tem. time to time by the Board, or by the Secretary of the Board. AMENDMENT III, Section 1, The Board shall ap point a Fiscal Agent whose duty it shall be to collect and deposit all moneys receivable by the Board with the Treasurer of the United States, to be placed in a Special Fund es! tablished on the bocks of the Treasj ury for the Federal Reserve Board, l | Section 2. The Fiscal Agent | shall execute a bond with surety i satisfactory to the Board in a sum to i be fixed by the Board. 874 ,vf-5 Saction 3. Payment ff expense® and other disbursements of the Board shall be mads by the Fisaal Agant, upon proper vouchers, out of the moneys advanced to him by requisition and warrant out of the Special Fund and placed to his official credit with the Treasurer of the United States, as provided by Section 5 of this amendment. Section 4. The Fiscal Agent Shall prepare a monthly account in such form as shall be approved by the Comptroller of the Treasury, and, after approval by the Governor, such monthly account shall be submitted to the Auditor for the State and other Departments. Section 5. The Governor shall, when necessary make requisition on the Treasurer of the United States for the advance of such sums to the Fiscal Agent as may be necessary from the Federal Reserve Board Fund. AMENDMENT IV. So much of the provisions of the By-laws heretofore adopted 'inconsis tent with Amendments I, II and III are hereby repealed, (February 1, 1915.) ARTICLE V, The following is an impression of the seal adopted by the Board: Now ARTICLE V i . By Amendment March 22, 1915, above. ( SEAL ) ARTICLE V- a. Counsel, The Board shall appoint a reg ular Counsel whose duty it shall be to advise with the Board, or any mem- Now ARTICLE VI- a. By Amendment March 22, 1915, above. ber thereof, a^.3 to such legal ques tions as may arise in the conduct of its business} aYid to prepare, at the Board's request., forms and other legal papers and perform gen erally such legal services as he may be called upon by the Board to per form 4 ARTICLE VI. Now ARTICLE VII* Meetings« By Amendment March 22* 1915, above. Section 1, There shall be a stated meeting of the Board each week day except Saturdays and legal holidays at 11 a.m. Section 2. A majority of the Board shall constitute a quorum for the transaction of business exoept that an affirmative vote of at least five members of the Board shall be necessary to require Federal reserve banks to rediscount the discounted paper of other Federal reserve banks. Section 3. At lea&t once dur ing each quarter there shall be a joint conference in Washington of members of the Federal Reserve Board and the Federal Reserve Advisory Council, at such time as may be mu tually agreed upon by said Board and said Council. Section 4. At all meetings of the Board the following shall be the order of business: (1) Reading or inspection of the minutes of the last regular meeting.. (2) Report of the Governor. (3) Report of the Secretary. (4 ) Reports of the committees or members on assigned business. (5) Unfinished business. 876 r'lr ARTICLE VII. Information. Now ARTICLE VIII, By Amendment March 22, 1915* above Section I. Ail persons eim* ployed by the Board shall keep in violate its business, affairs, and concerns, and shall not disclose or divulge the same to any unauthorized person whomsoever, and any employee who shall give information contrary to this by-law shall be liable to immediate dismissal. # Section 2. Unless a different procedure in given cases is author ized by vote of the Board, the ac tion or policy of the Board shall not be expressed through any individuc1 member, but by its duly con stituted officers, after formal ac tion by the Board. ARTICLE VIII. Committee on Budget and Audit, Now ARTICLE IX. By Amendment March 22, 1915, above The Chairman shall appoint a committee consisting of two members of the Board, whose duty it shall be to audit the accounts thereof for the six months' period for which they shall have been appointed, and report to the Board a tentative bud get of expenses for the next suc ceeding six months. ARTICLE IX. Amendments. These by-laws may be amended at any regular'meeting of the Board by a majority vote of the entire Board, provided that a copy of such amend ment shall have been delivered to each member at least seven days pri or to such meeting. 5/5/15. Now ARTICLE X. By Amendment March 22, 1915 * above
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