Full text of Mimeograph Letters and Statements of the Board : Interpretation of Law or Regulation: Holding Company Affiliates Satisfying Requirements of Subsections (b) and (c) of Secretary 5144 of Revised Statutes by Acquiring Immediately Acceptable Assets in Maximum Amount Required, Number S-173, Volume 51, Page 264

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S-173
Reg. P-13
INTERPRETATION OF LAW OR REGULATION
(Copies to be sent to all Federal Reserve banks)
June 16, 1939
TELEGRAM
(Addressed to a Federal Reserve bank)
Relet June 13 concerning
(a holding company affiliate).

Corporation,

,

Board is of the opinion

that a holding company affiliate may satisfy the requirements
of subsections (b) and (c) of section 5144 ty acquiring immediately acceptable assets in the maximum amount ultimately required, subject, however, to the possibility that changes in
the facts (for example, decline in value of such assets or
acquisition of additional bank stocks) may make it necessary
for the holding company affiliate to acquire additional assets
in order to continue to comply with such requirements. We
will communicate with you further regarding the other questions contained in your letter as soon as possible.




(Signed) L. P. Bethea
Assistant Secretary.