SECTION 31. That vacancies in any one of the three boards as organized

in this Act may occur by death, resignation, or expulsion, and shall

occur whenever a member of any of the boards shall be a director or

officer of a suspended, insolvent, or failed bank. All such vacancies

shall be filled by the respective boards in which they occur until the

first Monday in the month of May following, except those appointed by

the President of the United States.