Suggested Plan for Monetary Legislation Submitted to the National Monetary Com

Nelson W Nelson Wilmarth Aldrich

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Such addi- tional directors shall fairly represent the industrial, com- mercial, agricultural, and other interests of the district, and shall not be officers of banks. Directors of banks shall not be considered as officers.
12. The manager of the branch shall be ex officio a member of the board of directors of the branch and shall be chairman of the board.
The board of directors of a branch of the National Reserve Associa- tion will thus be composed of First. A group of directors equal in numbe...r to the number of local associations composing the district, and this group shall be elected by the local associations, each association having one vote.
Second. A group of directors equal to two-thirds of the foregoing group and elected by stock representation.
Third. A group of directors equal in number to one-third of the first group, representing the industrial, commercial, agricultural, and other interests of the district, and elected by the votes of the first two groups, each director thus voting having one vote.

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