Every Federal Reserve Bank shall be conducted under the supervision and control of a Board of Directors who shall perform the duties usually appertaining to the office of directors of banking associations, and shall be selected as hereinafter specified and consist of nine members holding office for three years and divided into three classes, designated as Class A, B and C.

Class A shall consist of three members who shall be chosen by and be representative of the stock holding banks.

Class B shall consist of three members who at the time of their election shall be actively engaged in their district, in commerce, agriculture, or some other industrial pursuit.

Class C shall consist of three members who shall be designated by the Federal Reserve Board.

Directors shall receive in addition to any compensation provided a reasonable allowance for necessary expenses in attending meetings of their respective board. Any compensation shall be subject to the approval of the Federal Reserve Board.

At the first meeting of the full Board of Directors it shall be the duty of the directors 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 first of January nearest to date of such meeting, one whose term shall expire at the end of two years, and one whose term shall expire at the end of three years from said date. Thereafter every director shall be chosen for a term of three years.