Full text of Mimeograph Letters and Statements of the Board : Interpretation, Banking Act of 1935: Report of Indebtedness of Executive Officers Arising Out of Pre-existing Indebtedness to Bank, Number X-9333, Volume 43, Page 265

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

265
X-9335
INTERPRETATION
BANKING ACT OF 1955
(Copies to be sent to all Federal reserve banks)

September 25, 1935.
SARGENT
SAN FRANCISCO
Retel September 17, 1935.

Assuming your first inquiry relates

to an indebtedness of executive officer of member bank to
liquidator or receiver of State or national bank arising out
of a pre-existing indebtedness to bank it is the view of the
Board that such indebtedness should be reported to the board
of directors of the member bank of which he is an executive
officer.

However, indebtedness of an executive officer of

member bank on account of assessment of statutory double liability on shares of stock held by him of another bank which
has gone into liquidation or receivership is not indebtedness
to another bank within meaning of section 22(g) and therefore
is not required to be reported to the board of directors of
the member bank of which he is an executive officer.




(Signed)

Bethea

BSTHEA