§ 261. Creation; membership; compensation; meetings; officers; procedure; quorum; vacancies
268 words·~1 min read·
/usc/title-12/section-261A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.)
Connections2 cite this · traces to 1
Cited by 2 sections
U.S. Code
statute-compilations
Traces to 1 document
U.S. Code
4 references not yet in our index
- Dec. 23, 1913, ch. 6, § 12
- 38 Stat. 263
- Aug. 23, 1935, ch. 614
- 49 Stat. 704
Citation graph
cites case law
§ 261
Creation; membership; compensation; meetings; officers; procedure; quorum; vacancies
Stat. Comp.×1
U.S.C.×1
ActDec. 23, 1913, ch. 6, § 12
Stat.38 Stat. 263
ActAug. 23, 1935, ch. 614
Stat.49 Stat. 704
Cites 5Cited by 2 across 2 sources