---
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"
date: "2026-07-12"
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/12/221a.md?p=a) of [directors](/usc/12/5481.md?p=10) of each Federal [reserve bank](/usc/12/221a.md?p=a), it shall be the duty of the [directors](/usc/12/5481.md?p=10) of classes A, B, and C, respectively, to designate one of the members of each class whose term of office shall expire in one year from the 1st of January nearest to date of such meeting, one whose term of office shall expire at the end of two years from said date, and one whose term of office shall expire at the end of three years from said date. Thereafter every [director](/usc/12/5481.md?p=10) of a Federal [reserve bank](/usc/12/221a.md?p=a) chosen as hereinbefore provided shall hold office for a term of three years. Vacancies that may occur in the several classes of [directors](/usc/12/5481.md?p=10) of Federal [reserve banks](/usc/12/221a.md?p=a) may be filled in the manner provided for the original selection of such [directors](/usc/12/5481.md?p=10), such appointees to hold office 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.