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X-7479 P Y. June 28, 1933. NEWTON SAN FRANCISCO R e f e r r i n g your telegram June 23, regarding Nampa S t a t e Bank, you wore advised on June 23 of approval of such b a n k ' s a p p l i c a t i o n f o r membership subject to c o n d i t i o n , among o t h e r s , t h a t p r i o r t o admission to membership i t s c a p i t a l bo inc re ase d to at l e a s t $100,000. This requirement was necessary under p r o v i s i o n s of Section 9 of Federal Reserve Act as amended by Section 17 of the Banking Act of 1933 and f a c t t h a t bank had f i l e d a p p l i c a t i o n f o r membership and incre ase d i t s c a p i t a l to $60,000 p r i o r to e f f e c t i v e d a t e of such amendment t o s e c t i o n 9 does not e l i m i n a t e n e c e s s i t y f o r making such r e q u i r e ment under p r o v i s i o n s of the law. MORRILL.
@FedFRASER