GIPE-PUNE-OIIOI2 - DSpace@GIPE

40 THE RE-MAKING OF THE RElCHSBANK
not only by those members of the "General Council-­
who took part in his election but also by the
Reichspraesident, i.e., the President of the German
Republic. And in this connection it is no less important
to observe that the' Reichspraesident can refuse to sign
the letter of appointment, co~pelling the "General
Council •• to institute a second election. Should the
Reichspraesident care not to sign to the appointment of
the second nominee, a third election is to be held. Even
then the Reichspraesident may refuse to sign and in ,that
case the president of the Reichsbank assumes office.
although the letter of appointment is not lIigned by the
Reichspraesident.
The tenure i$ for 4 years. He can be re-elected.
The m~II.1bers pf council of the old Reichsbank were
appointed by the government. But the Direktorium of
the new Reichsbank is like the president an entirely
independent body. The members are elected by the
"General Council" in the same manner as the president.
i.e., with a majority of 9, of whom 6 must be Germans.
The letters of appointment; however, are not signed by
the Reichspraesident but by the president of the bank.
The first Direktorium was composed of members divided
into three different age-groups and their tenure was from
4 to 12 years. They can all be re-elected and they are
then to hold office for 12 years each. But everybody must
retire at the age of 65.
On account of serious reasons the_"General Council"
may dismiss the president, but ~ccording to the law 'of
majority described above. The other members of the
Direktorium can also be dismissed by the General Council
'in a similar manner but with the approval of the president.