Final rule--amendment to rules of procedure. (Legal Developments).The Federal Open Market Committee is amending its definition of a quorum A majority of an entire body; e.g., a quorum of a legislative assembly. A quorum is the minimum number of people who must be present to pass a law, make a judgment, or conduct business. of the Committee. The amendment is designed to enhance the Committee's ability to perform its functions in the event of a national emergency. Effective February February: see month. 6, 2003, 12 C.F.R. Part 272 is amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. as follows: Part 272--Federal Open Market Committee--Rules of Procedure 1. The authority citation Citation (foaled 1945) U.S. Thoroughbred racehorse. In four seasons he won 32 of 45 races, finished second in ten, and third in two. He won the 1948 Triple Crown, and became the first horse to win $1 million. He set a world record in 1950 by running a mile in 1:33 3/5. for Part 272 continues to read as follows: Authority: 5 U.S.C. 552. 2. Section 272.3 is revised to read as follows: Section 272.3--Meetings (c) Quorum. Seven members constitute a quorum of the Committee for purposes of transacting business except that, if there are fewer than seven members in office, then the number of members in office constitute a quorum. For purposes of this paragraph (c), members of the Committee include alternates acting in the absence of members. Less than a quorum may adjourn adjourn v. the final closing of a meeting, such as a convention, a meeting of the board of directors, or any official gathering. It should not be confused with a recess, meaning the meeting will break and then continue at a later time. (See: recess, session) a meeting of the Committee from time to time until a quorum is in attendance. By order of the Federal Open Market Committee, January 30, 2003. VINCENT R. REINHART Secretary Federal Open Market Committee |
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