The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
X-8027 I1TTERPRBTATI0H OP BAMING ACT OF 1933 (Copies to he sent to a l l Federal r e s e r v e "banks) September 21, 1934 A 1E GJ W SAH FRANCISCO E e t e l J u l y 25, 1934, r e q u e s t i n g Board's opinion upon question whether holding company a f f i l i a t e of member "bank may l a w f u l l y cumulate i t s shares i n e l e c t i o n s of d i r e c t o r s . Comptroller of Currency has h e r e t o f o r e r u l e d that holding company a f f i l i a t e of n a t i o n a l "bank may cumulate i t s shares i n v o t i n g f o r d i r e c t o r s i n same manner a s i n d i v i d u a l shareholders a r e p e r m i t t e d t o cumulate under s e c t i o n 5144 of Revised S t a t u t e s and Board concurs i n t h a t opinion. Furthermore, Board i s of opinion t h a t t h e r e i s no p r o h i b i t i o n i n Federal s t a t u t e s a g a i n s t holding company a f f i l i a t e of S t a t e member "bank cumulating i t s s h a r e s when p e r m i t t e d "by a p p l i c a b l e S t a t e laws. (Signed) Chester M o r r i l l MORRILL
@FedFRASER