The president of the bank shall be a member of the board and shall be the chairman thereof, but the board may designate a director in lieu of the president to be chairman of the board, who shall perform such duties as may be designated by the board.
12 U.S. Code § 76. President of bank as member of board; chairman of board
(R.S. § 5150; Feb. 25, 1927, ch. 191, § 6, 44 Stat. 1228.)