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X-7656 INTERPRETATION OF BANKING ACT OF 1933. Copies to "be sent to a l l Federal reserve "banks. October 24, 1933. The _______ National Bank, « « Dear Sir: Reference i s made to your l e t t e r of October 9, 1933, requesting an interpretation of Section I I I ( e ) of the Federal Reserve Board's Regulation Q,, regarding payment of i n t e r e s t on time deposits a f t e r maturity. The Federal Reserve Board i s of the opinion that a member "bank may not lawfully pay i n t e r e s t for the period i n t e r vening "between the maturity date of a c e r t i f i c a t e of deposit and the date on which a renewal c e r t i f i c a t e of deposit i s actually issued, even though such renewal c e r t i f i c a t e i s dated "back to the date of maturity of the original c e r t i f i c a t e . Very truly yours, (Signed) Chester Morrill Chester Morrill, Secretary.
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