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ANALYSIS 01 REPLIES RECEIVED FROM THE RESERVE
TO QUESTIONS RE FORM, OF "kimiBaRSHJ?" BETTER (Letter 12-17-&6)
(1) Bad there been any indication that applicant banks consider the letter
too long, formal, coir.plicated, technical, or otherwise objectionable?
No complaint:
BOSTON
NEW YORK
PHILADELPHIA
CLEVELAND
RICHMOND
ATLANTA
CHICAGO
ST. LOUIS
KANSAS CITY
DALLAS
SAN FRANCISCO
(2) Do you consider the letter satisfactory? What, if guy, changes do you
recommend? In this connection, please consider the folio-;ing more specific questions:
(a) Would you consider it advisable to delete the recitation of the
standard conditions from the letter and to incorporate them only
by reference to Regulation H or so^e other enclosure with the
letter?
(b) Do you believe th?.t it would be advisable to delete any of the
other contents of the Board*s letter, with the view that, insofar as necessary, the Federal Reserve Banks will advise the applicant banks concerning the deleted items?
Satisfactory:
nm YORK
PHILADELPHIA
CLEVELAND
RICHMOND
No changes:
NEW YORK
PHILADELPHIA
CLEVELAND
RICHMOND
- 2 Changes suggested:
BOSTON:
Eliminate all conditions and pertinent text. Substitute statement to effect that applicant may re*
main stockholder subject to provisions of Section 9
and other applicable provisions of the Act, and to
Regulations of the Board.
Alter to require advice of proposed charter
Changes.
Suggest chanr.es only in connection
with 2("aT aad 2(b) :
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ATLANTA
CHICAGO
ST. LOUIS
MINNEAPOLIS
KANSAS CITY
DALLAS
SAN FRANCISCO
2(a)
Delete conditions?
No:
NEVJ YORK
PHILADELPHIA
CLEVELAND
ATLANTA
No, if any pi»escribed.
BOSTON
No objection, if cited in Director1s resolution:
RICHMOND
c
Yes,
(v/ith reference to Regulation ft):
CHICAGO
LilNNEAPOilS
SAN FRANCISCO
Yes,
(and include in resolution form):
KANSAS CITY
Yes,
(•vith reference to an enclosure):
ST. JUOUIS
Yes,
(and include in application form):
DALLAS
SAN FRANCISCO suggests inclusion of following:
"You will understand, of course, that, by your
application for membership in the Federal Reserve
System snd its approval by the Board, you have accepted and agreed to coiaply with all of the terns,
provisions and conditions contained in Regulation
H, as amended, effective
, regarding
membership of State banking institutions in the
Federal Reserve System. Your attention is specifically invited to provisions of Section 6 of said
regulation, setting forth conditions upon which you
have been admitted to r-ienbership. Your acceptance
of membership constitutes acceptance by you of said
conditions. The fact of such acceptance should be
evidenced by a resolution adopted by your board of
directors and spread upon its rr.inutes, and t/o certi
fied copies of such resolution should be filed v;ith
the Federal Resei^ve Bank."
2(b)
Delete any other contents?
N o cci.ii.ient:
BOSTON
No:
NF.7 YORK
PHILADELPHIA
CLEVELAND
RICHMOND
3T.
OUIS
KANSAS CITY
ATLANTA;
Might delete reference to payment for F. R. stock
and deposit of reserves.
- 4CH1CAXX3:
Delete as far as possible and let Reserve Banks
advise.
DALLAS:
Delete reference to payment for and issuance of
F. R. stock and deposit of reserves, stating that
Reserve Bank will advise.
SAN FRANCISCO: Delete reference to resolution and filing
copies thereof. (See suggestion under 2(a}).
c
@FedFRASER