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. . X-1890 323 BY-LAWS OF THE FEDERAL RESERVJI: BOARD.. Article 1. *The Cha.irmw. The Secretary of the Treasury, as Chairman of the Board, shall preside e<.t all meetings whsn present. In the absence of the Chairman, the Governor shall act as ntesidinz officer. ln the absence of both the Chairman· and the Gov '3m or, the Vic~-Gov~rn;r shall preside, and in the absence of all three such officers, the remainin.? ID·"3mber of the Executive Commi tta 3 sh;\11 preside. Ar:ticle II. The . Gove.rnor;• Section 1. The Governor of ths Federal ~eserve ~oard shall be the aetive executive offic'9r thereof; subject, houv"!ver 1 to the su:oervision of the Board and to such rules and reP-Ulations as may be incorpo?ated herein or may from time to time, by resolution, be ~stablished. Section 2. Tl-e Governor shall have general charge of all executive business of the Board not specifically assigned by resolution to any individual member or comrrittee trereoL Section 3. It shall })e the duty of the Governor to oversee and control the submission of staterrents to the press expressive of the Board 1 s policy or descri~tive of its action. Article III. Section 1. In th~ a~Jsence or disability of the Governor, his :oowers shall be exercised and his duties discharged by the Vice Governor, and in the absence or disability of both of these off~cers, such nowers shall be exercised ~d such duties discharged by the remaining member of the Executive Committee. Section 2. It shall 1)e the duty of the Vice-Governor to coop~rate with the Governor in the administrati :n of the executive business of the Board.. . "' X-1890 . -2- .. 324 Article IV. The Execu~ive Committe~. Section 1. There shall ~e an Executive Comrr-itt~o. of tre Board consisting ·of three rr:err'\:lers, which shall include tha Governor and Vice Go'IJ'ernor and one other. The third mem'r)er shall be nomL."lated and elected at a regular meeting of the Board. Memhers of the Board shall serve as far as practicable in r~tation and for periods to be fixed by th<; Board from time to time. Tlvo members shall constitute a quomm for the transaction of business. Section 2. It shall ~e the duty of the Executive Committee of the Board to transact all business of an administrative nature which can be transacted in accordance with -principles or 'Polici~s already established by the Board, and such as way he delegated to it from time to time; to review and a~prove importrult corresnondence involving the expression of opinions or decisions of the Board, and to T.>ra:pare and make recorrur;endations governing the conduct of the Board 1 s busin~ss. . Article V. The Secretary and Secti.on L Secre tar ie s. A~sistant Secretaries4 T:re 3oard shall appoint a Secr~tary and one or more Assistant Section 2. The Secretary or one of the Assistant Secretaries shall attend each meeting of the Board and shall keep an accurate record af its 'Proce=dings. The Secretary shall assist the Governor and members of the Board in the ~dndnis tration of the general business and in conducting the general correspondence of the Board. Under th'3 direction of thl3 Governor, he shall have general SU'PSrvision of all eliiD;>lOya"'!s of the Board, except the staff of members of the Board. and Counsel. The Secretary shall perform such othl3r duUes as may be assigned to him frorr; time to time by the Board. Section 3. The Secretary shall have custody of the seal, and, acting unde:· the authority of the. Board, shall have pO'.ver to affix the same to all instrurr,en·:;s requiring it. Such instruments shall be attested by the Secret;ary. Section 4. Th-9 Assistant Secretary designated '0y the Board or by the Secretary shall exercise the now~rs and discharge the duties of the Secretary in his absence or disability. The Assistan;t Secretaries shall perform such other duties as may be assign~d to th'3m from time to tin:-9 by the Board or by the Secretary of the Board. Article VI. Execut.ive Sec:r.et.ary..:;_ Section 1. The Board may a~oint an Executive Secretary~ Section 2. The Executive Secretary shall perform such duties as may be assigned to him by the Board and shall assist the Gove~nor as directed by him. . -3- ' X-1890 \ 325 Article VII. The Fiscal Agent and Deputy Fiscal Agent~ Section 1. The Board shall a·;point a Fiscal Agent and a Deputy Fiscal Agent. The duty of the Fiscal Agent shall oe to collect and deposit all moneys receivable by the Board with the -Treasurer of the United States, to be placed iu a special fund established on the books of the Treasurer for the Feder·al Reserve Board. T'ne Deputy Fiscal Agent shall perform the duties of the Fiscal Agent during his absence er disability. Section 2. , The Fiscal Agent and Deputy Fiscal Agent shall each execute a separate bond with surety satisfactory to the Board. Section 3· Payments of expenses and other disbursements of the Board shal:C be made by the Fisca.G Agent upon -proper vouchers out of 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 ArticlG. In the absence of the Fiscal Agent payment of expenses and other disoursements shall be made by the Deputy Fiscal Agent upon proper vouchers out of mone~advanced to the Fiscal Agent by requisition and warrant out of the special fund and ulaced to his official credit with the Treasurer of the United States as provided "by Sections 5 and 6 of this Article. Section 4. The Fiscal Agent shall prepare a quarterly account in such form as shall be anproved "by the Comptroller of the Treasury and, after approval by the Governor, such ~arterly account shall be suomitted te the Auditor for the State and other Departments. Such account shall cover payments of exoenses and other distursements made by both the Fiscal Agent and the DePuty Fiscal Agent~ Section 5· The Governor shall, when necessary, make reqt'.isition on the Treasurer of the United States for the advance of such sums to the Fiscal Agent as may ~e necessary from the Federal Reserve Board fund, Section 6. The upon proper vouchers against funds to the the United States in Agent. Deputy Fiscal Agent in meking dis~ursements of the Bo~rd out of the moneys advanced. :.o ·~he Fiscal Agent ·shall sigr" official credit of the Fiscal Agent with the Treasur-er of the name of the Fiscal A<?;en t by himself as Dep1ty Fiscal Article VIII,. All funds deposited by or for account of the respective Federal :Ja;'J.S.en~Q., · agents in the Federal Reserve agent 1 s fund of the Fe~eral Reserve Board and ail funds deuosi ted by or for account of the respective Federal Reserve Ba:il:-s in the Gold.. Settlement Fund of the Federal Reserve Board shall be held on de-oosi t with the Treasurer of the United States and shall be su~ject to withdrawal only '0y check of the Federal Reserve Board signed by its Secretary ot an Assistc:,;nt Secretary and countersigned by the Governor, Vice Governor, or the remaintng member of the Executive Comrrittee. In tee absence of the Governor, Vice Govarnor, and remaining member of the Executive Co~mitte, sucn checks shall be countersigned by the senior member of the Board present~ . ' . -4- 326 Article IX. Re qui si ti :m for Deli very of Federal Reserve ]:'J_gte s .. Requisitions upon the Comptroller of the Currency for the delivery of Federal Reserve notes to the respective FederPl Reserve agents shall be signed by the Secretary or an ~sistant- Secretary and count3rsigned "by the Governor or Vice Governor. In the absence of both the Governor and the Vice Governor, tlle power shall rest in the remaining member of the Executive Cownittee. In the a"bsence of all .three of these officers, the senior mem"ber of the Board present shall be authorhed to countersign.. Article X. The Seal. The following is an im~ression of the seal adopted by the ~oard~ (SEAL) Article XL Section 1. The Board shall appoint a General Counsel whose duty it shall "be to advise with the Board, or any mem'!Jer thereof, as to such legal questions as may arise in the conduct of its business; to nrepare, at the Board's requestt ilpinions, regulations, rulings, forms and other legal papers and to perform generally such legal services as he may be called u:non r,y the Board to perform. Section 2. Subject to the direction of the Governor, the General Counsel shall have authority to corres~ond directly with the CounsAl of the various Federal Reserve Banl·s and to request their opinions as to the intarpretation of the local laws of the States included in their respective Fedaral Reserve Districts. Copies of all such correspondence to be furnished to the Board for its information. Section 3. Whenever it may be de31Iled advisable, the Board may aiJpoint one or more AssociatG or Assistant Counsel, or one or more Assistants to Counsel~ The duty of such Associate or Assistant Counsel shall be to assist the General Counsel in the performance of his duties and to p~rform the duty of the General Counsel in his absence. The duty of such Assistant to Counsel or Assistants to Counsel shall i)e to assist the General Counsel in the performance of his d·:tties. Section 4. The Board may apnoint from time to time Consulting Coux1sel, who Y.'ay >:e attorneys at law engaged in outside practice. . -5- ,, 4 • . 327 Article XII Meetin&L Section l. Stated meetings of the Board shall be held on such days of the week at such hours as the Board by majority vote may adopt from time to time • Special meetings of the Board shall be called upon the written request of three members of the Board. Section 2. A majority of the Board shall constitute a qu.orom for the transaction of ousiness, exc~t that an affirmative vote of at least five members of the Board shall be necessary to require Federal Reserve Bari!!s to rediscount the discounted paper of other Federal Reserve Banks> or to change reserves of ba~s in outlying districtsSection 3, of business; At all meetings of the Board the following shall be the order (l) Reading or inspection of the Minutes of the last regular -meeting and Minutes of meetings of all committeas. (~) Report of the Governor. (3) Renort of the Secretary. (4) Reports of the committees or members on assigned business* ( 5) Uhfintshed business. Article XIII • Information and Publication. Section 1. All persons employed by the Board shall ke'3p inviolate its business, affairs, and concer.ns, and shall not disclose or divulge the same to any unauthorized person whomsoever, and any employe'3 who shall give information contrary to this by-law shall be liable to imr.ediate dismissal. Section 2. While each member of the Board must determine for himself the or necessity of expressing publicly his individual opinion on any question, members shall not quote publicly the o~inions of other members on matters which have not formally been passed upon by the Board. ~ropriety Section 3· There shall be published monthly, under the supervision of a committee of the Board, a bulletin to he known as 11The Federal Reserv~e Bulletin" which shall be the official periodical organ or publication of the Federal Reserve Board. Section 4. No resolutions of a personal character, exce~t upon the death of a member of the Ji"~ederal Reserve Board while serving as S1.\ch, shall a:?Pear in any ~blication of the Federal Reserve Board. Article XIV. The Board shall a~oint a comTlitte~ consisting of two members of the Board, whose duty it Shall be to audit the accounts thereof for the six month 1 s period -6~ X-1890 328 for which thev shall have be3n anpointed, and report to the Board a tentative budget of expenses for the next succe~ding six months~ Article XV.. .Amwd1nelt t b. These by-laws may be amended at any regular m~eting of the Board by a rr.ajori ty vote of the entire Board, provided that a cony of such amendments shall have been delivered to each member ~t least seven days prior to ~ch me3ting. ~n~roved at ~~~ril 19~0. 6, ~oard Meeting~
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