View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

li

II*

111*

IV,

State bonk or trust company will send its application to the
Foderal Reserve Agent*
Tho Fedcrrl Reserve Agent .vill notify the Federal Reserve
Board of receipt of application and forward to it at the sane
time a preliminary report /hich will give the Board sufficient
information to enable it to instruct the Federal reserve bank
what sort of examination, if any, shall bo node of the apply­
ing bank*
The Federal Roserve Agent, after securing the proper certifi­
cate of Counsol of the Federal reberve baAk, will submit appli­
cation to conruttco composed of himself, the Governor of the
Federal re servo bank, and at least one other member of the
board of directors, for its consideration*
Tho Foderal Reserve Board will, after receipt of letter as re­
quired in II, instruct the Federal Reserve Agent either (a)

(b)

(In case State authorities have examined applicant
bank a short time before filing of application) To
arrange witn the State bank supervisor tA fils the
examiner's certificate himself, basing his report
on the last State examination;

(c)

To send tho Board names of competent non of the
staff of examiners of the Federal reserve bank who
may be designated by the Board to examine tho appli­
cant bank, or

(d)

V*

To arrange with the State bank supervisor to have
the applicant bahk examined by a Stato examinor who
shall sub’u t a report and certificate of condition
on prepared form to tho Federal Reserve Agent,

That tho Federal Reserve Board has arranged to have
a member or members of its staff of examiners exam­
ine the applicant bank and that the certificate and
report of such examiner or examiners will be for­
warded to the Federal reserve bank as soon as filed*

After receipt of the certificate and report of tne examiner, the
ooEsuttec of the Board of Directors will transmit tho applica­
tion, with its report and reconmendations, to the Board*

VI*

The Board will, on the basis of the application and information
contained thcrom, the certificate and report of tho examiner,
and the report and recommendations of the comnittoo of tho
Board of Directors, approve or disapprove the application and

will so notify, the Federal Reserve Agont*