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FbnfL F. H. 131

BOARD OF GOVERNORS
OF THE

F E D E R A L RESERVE SYSTEM

Office Correspondence
To

Mr*. Leonard

From

M* SkfiPg
r>

D t Ot b r
ae co e

15.
96

Subject: ^ V o t i n g permit a p p l i c a t i o n "Transamerica Corporation 1 1 ,
San F r a n c i s c o , C a l i f o r n i a *
6 P0

16—852

Under date o f December 17, 1935, the Board a u t h o r i z e d the issuance
o f a general v o t i n g permit t o Transamerica Corporation, subject to the
c o n d i t i o n t h a t p r i o r t o the issuance o f such p e r m i t the a p p l i c a n t

shall

execute and d e l i v e r t o the F e d e r a l Reserve agent an agreement i n the form
accompanying the Board's l e t t e r X-9385 (copy attached), w i t h the

following

a d d i t i o n a l paragraph i n s e r t e d f o l l o m n g paragraph numbered 7:
w

8. That a l l present or f u t u r e o b l i g a t i o n s o f Inter-America
Corporation, the undersigned, and/or any o r g a n i z a t i o n a f f i l i a t e d
w i t h the undersigned or any o f i t s s u b s i d i a r i e s , to Bank o f
America N a t i o n a l T r u s t and Savings A s s o c i a t i o n and/or any bank
a f f i l i a t e d w i t h the undersigned or m t h any o f i t s s u b s i d i a r i e s ,
growing d i r e c t l y or i n d i r e c t l y out o f c o n t r a c t s h e r e t o f o r e
entered i n t o by Corporation o f America m t h Bank o f America
N a t i o n a l T r u s t and Savings A s s o c i a t i o n on June 26, 1951, December 31, 1931, and February 13, 1932, or on any other date, f o r
the purpose o f e l i m i n a t i n g o b j e c t i o n a b l e assets and/or l o s s e s
from such bank, s h a l l be p a i d i n f u l l on or before December 31,
1938, and t h a t n o t l e s s than o n e - t h i r d o f the amount now owed
on such o b l i g a t i o n s s h a l l be p a i d on or before December 31, 1936,
and n o t l e s s than t w o - t h i r d s o f such amount s h a l l be p a i d on or *
before December 31, 1937.11
Under t h e same date the Board a l s o a u t h o r i z e d the issuance o f a general
v o t i n g permit to Inter-America Corporation, s u b j e c t to t h e execution o f an
agreement i n the form accompanying the Board's l e t t e r X-9385, w i t h an a d d i t i o n a l
paragraph s u b s t a n t i a l l y the same as t h a t p r e s c r i b e d i n t h e case o f Transamerica
Corporation.
The h o l d i n g company a f f i l i a t e s d i d n o t execute the r e q u i r e d agreements
and t h e general v o t i n g permits a u t h o r i z e d were t h e r e f o r e not i s s u e d .

The

a u t h o r i z a t i o n s i n these cases e x p i r e d on January 16, 1936, and were n o t extended.



- 2 -

Although the f i l e s do not contain s p e c i f i c information as to reasons
f o r the f a i l u r e of the holding company a f f i l i a t e s to accept the general
voting permits, there have been indications that the holding company
a f f i l i a t e s did not wish to execute the prescribed agreements.
In t h i s connection reference i s made to a l e t t e r dated December 50,
1955, from Mr* A. P. Gianinni containing comments upon the Board's l e t t e r
of December 17, 1955, discussing the standard conditions r e l a t i n g to the
issuance of general voting permits, and upon the agreement which the corporation was requested to execute as a condition precedent to the issuance
of a general voting permit, to which l e t t e r the Board replied under date
of January 10, 1956.

Our f i l e s i n t h i s case do not contain any subsequent

communications from the corporation to the Board, either d i r e c t l y or
through the Federal Reserve Bank of San Francisco, with respect to the
attitude of the corporation concerning the acceptance of a general voting
permit subject to the conditions indicated.