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' l 427 S-18 INl'ERPRF~TA'riON OF LAW OR REGULATION (Cop.ies to be sent to all lt'ederal reserve banks) July 17, 1957. Mr. _, Vice President, Federal Reserve Bank of ___, ____________, -------------· Dear M r . - - - - - This refers t~ Mr. letter of July 8, 1937, submitting a request of the National Bank for advice as to whether tho Board would object to the appointment of alternates for members of the Trust Investment Committee of that national bartk functioning under the provisions of paragraph (c) of section 6 of·the Board's Regulation F. It is understood the Trust Investment Committee is now composed of four officers of the bank appointed b,y its board of directors. ' It is proposed that there shall be appointed by the board of directors of the bank an alternate to each member of the· Trust Investment Committee, each alternate to act only when the regular member is absent from the bank or is unable, because of the demands of other official business upon his tima, to attend the meetings of the Committee. It is also understood that the principal difficul~ which the ______ National Sank contemplates meeting by the appointment .of such alternates is the one arising out of absences of members of the Committee during the vacation season, and that on this phase of the matter it desires earlY advice. . ' The provision of the regulation referred to contemplates a Committee the members of which shall have a continuity of responsibili~ for the discharge of the duties of the Committee. However, the Board recognizes that it may be propef,to'appoint alternates to serve in the place of the regular members· of the Committee in certain circumstances Ydthout loss of tho desired continuit.1 of action b.Y tho Commi ttce. Tho Board is not prepatod at this time to lay dovm any general rule as to all circumstancas under which alternates might properlY serve in place of regular Il\embers of the Committee, but it would have no objection to alternates appointed by the board of directors serving in place of r~gular members who are absent from the bank on account of vacations, illness, or other good and sufficient reasons. Whenever ~~ alto~ate serves in the place of a regular member of the Committee, the Board believes that the minutes of the Committee should show the reason for such service in place of the regular member. ), -2- B-18 Reg. F·-11 It may also be suggested that the difficulties referred to by the National Bant might be el1minated through the enlargement of the number of regular members of the Trust Investment Committee, it being assum0d, of course, that any action by th0 Committoe would ropresont tho action of at least a quorum of tho Committee as described in the Board's letter of March 15, 19'37 (X-9872). Please advise tho -----------National Bank accordingly. Very truly yours, (Signed) L. P. Bethea L. P. Bethea, Assistant Socreta~J. 428
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