§ 1261.15. Minimum number of member directorships.
110 words·~1 min read·
/us/cfr/t12/s§ 1261.15·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except with respect to member directorships of a Bank resulting from the merger of any two or more Banks, the number of member directorships allocated to each state shall not be less than the number of directorships allocated to that state on December 31, 1960. The following table sets forth the states within Bank districts not created from the merger of two or more Banks whose members held more than one directorship on December 31, 1960: State Number of elective directorships on December 31, 1960 California3 Colorado2 Illinois4 Indiana5 Kansas3 Kentucky2 Louisiana2 Massachusetts3 Michigan3 New Jersey4 New York4 Ohio4 Oklahoma2 Pennsylvania6 Tennessee2 Texas3 Wisconsin4 [81 FR 76297, Nov. 2, 2016]