[Code of Federal Regulations]
[Title 12, Volume 3]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR267.3]

[Page 798]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 267--RULES OF ORGANIZATION AND PROCEDURE OF THE CONSUMER ADVISORY COUNCIL--Table of Contents
 
Sec. 267.3  Members.

    (a) The Council shall consist of not more than 30 members appointed 
by the Board. The term of office of each member of the Council shall be 
three years. However, the initial terms of the members first taking 
office shall expire as follows: approximately one-third on December 31, 
1977, and approximately one-third at the end of each of the two 
succeeding calendar years. After the expiration of any member's term of 
office, such member may continue to serve until a successor has been 
appointed by the Board. The Board shall have the authority to appoint 
persons to fill vacancies on the Council.
    (b) Resignation. Any member may resign at any time by giving notice 
to the Board. Any such resignation shall take effect upon its acceptance 
by the Board.
    (c) Compensation. Members who are not regular full-time employees of 
the United States shall be paid travel expenses, including 
transportation and subsistence, and compensation of $100 for each day 
devoted to attending and traveling to and from meetings.