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X-9452 100 BANKING ACT OF 1955 (Copies to be sent to all Federal reserve banks) Januar,y 13, 1956 WOOD ST. LOUIS Re your letter January 2, 1936, regarding inquiry you have received from Chief National Bank Examinor for your district relating to indebtedness of a vice president of national bank. Indebtedness which was incurred prior to June 16, 1933, may be renewed or extended for periods expiring not later than Juno 16, 1958, as provided in section 4 Board's Regulation O. Indebtedness which was incurred on May 25, 1935, does not fall within scope of Board's Regulation 0 but is subject to penalties provided by section 22(g) prior to Banking Act of 1955, and since a national bank is involved it is suggested that jn replying to the inquiry of the Chief National Bank Examiner for your district his attention be called particularly to this phase of the matter for such L"lction as he deems advisable. Indebtedness which was incurred on October 12, 1955, falls within scope of Board 1 s Regulation active is immaterial. o. Fact that the vice president in question is in- Question whether any proceedings should be insti- tuted under section 50 of the Banking Act of 1953 on account of a violation of the provisions of section 22(g) as amended August 25, 1935, b,y the Banking Act of 1935, involves the exercise of a reasonable discretion in the particular case, but the Board believes that in any such case an attempt should be made to obtain a correction of the violation as soon as reasonably praeticable prior to the institution of any such proceedings. (Signed) Chester Morrill Morrill.
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