§ 307. Compensation of directors

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1913

   Pub. L. 63–6 § 4 · 38 Stat. 103

   Enacted · 12 U.S.C. § 307

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

   Source evidence

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

   Enacted provision · exact public law section
   Sec. 4. That the agreement to arbitrate— Requirements of agreement to arbitrate. First. Shall be in writing; Second. Shall stipulate that the arbitration is had under the provisions of this Act; Third. Shall state whether the board of arbitration is to consist of three or six members; Fourth. Shall be signed by duly accredited representatives of the employer or employers and of the employees; Fifth. Shall state specifically the questions to be submitted to the said board for decision; Sixth. Shall stipulate that a majority of said board shall be competent to make a valid and binding award; Seventh. Shall fix a period from the date of the appointment of the arbitrator or arbitrators necessary to complete the board, as provided for in the agreement, within which the said board shall commence its hearings; Eighth. Shall fix a period from the beginning of the hearings within which the said board shall make and file its award: Provided, That Proviso. Time for hearings. this period shall be thirty days unless a different period be agreed to; Ninth. Shall provide for the date from which the award shall Operation of award. become effective and shall fix the period during which the said award shall continue in force; Tenth. Shall provide that the respective parties to the award will Execution of award. each faithfully execute the same; Eleventh. Shall provide that the award and the papers and proceedings, Action by district court. including the testimony relating thereto, certified under the hands of the arbitrators, and which shall have the force and effect of a bill of exceptions, shall be filed in the clerk’s office of the district court of the United States for the district wherein the controversy arises or the arbitration is entered into, and shall be final and conclusive upon the parties to the agreement unless set aside for error of law apparent on the record; Twelfth. May also provide that any difference arising as to the Provision for subsequent ruling, etc., as to award. meaning or the application of the provisions of an award made by a board or arbitration shall be referred back to the same board or to a subcommittee of such board for a ruling, which ruling shall have the same force and effect as the original award; and if any member of the original board is unable or unwilling to serve another arbitrator shall be named in the same manner as such original member was named.

1 of 1 references resolved to an enrolled provision