---
kind: "section"
citation: "12 U.S.C. § 308"
title: "12"
title_heading: "Banks and Banking"
number: "308"
heading: "Terms of directors; vacancies"
release: "119-102"
url: "https://uscodex.org/usc/12/308"
units:
  - "Chapter 3 — Federal Reserve System"
  - "Subchapter VII — Directors of Federal Reserve Banks; Reserve Agents and Assistants"
---

# §308. Terms of directors; vacancies


At the first meeting of the full [board](/usc/12/221.md) of [directors](/usc/12/2279bb.md?p=3) of each Federal [reserve bank](/usc/12/221.md), it shall be the duty of the [directors](/usc/12/2279bb.md?p=3) of classes A, B, and C, respectively, to designate one of the [members](/usc/12/1426a.md?p=g-1) of each class whose term of [office](/usc/12/2279bb.md?p=4) shall expire in one year from the 1st of January nearest to date of such meeting, one whose term of [office](/usc/12/2279bb.md?p=4) shall expire at the end of two years from said date, and one whose term of [office](/usc/12/2279bb.md?p=4) shall expire at the end of three years from said date. Thereafter every [director](/usc/12/2279bb.md?p=3) of a Federal [reserve bank](/usc/12/221.md) chosen as hereinbefore provided shall hold [office](/usc/12/2279bb.md?p=4) for a term of three years. Vacancies that may occur in the several classes of [directors](/usc/12/2279bb.md?p=3) of Federal [reserve banks](/usc/12/221.md) may be filled in the manner provided for the original selection of such [directors](/usc/12/2279bb.md?p=3), such appointees to hold [office](/usc/12/2279bb.md?p=4) for the unexpired terms of their predecessors.


## Source credit

(Dec. 23, 1913, ch. 6, § 4 (par.), 38 Stat. 257.)

## Notes

### Editorial Notes

### Codification

Section is comprised of par. 26 of section 4 of act Dec. 23, 1913. For classification to this title of other pars. of section 4, see Codification note set out under section 301 of this title.