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310 S-32'7 Reg. W-53 INTERPRETATION OF LAW OR REGULATION (Copies to be sent to all Federal Reserve Banks) TELEGRAM leptember 11, 1941 Young - Boston Sproul - New York Williams - Philadelphia Fleming - Cleveland Leach - Richmond McLarin - Atlanta Young - Chicago Davis - St. Louis Peyton - Minneapolis Leedy - Kansas City Gilbert - Dallas Day - San Francisco An inquiry which may be stated as follows has been received under Regulation W: "Section 8(d) refers to statements of necessity as provided in paragraphs (a), (b) and (c) of section 8. However, paragraph (c) does not contain the words 'statement of necessity1. Is the 'written statement1 described in section 8(c) to be regarded as a 1 statement of necessity'? If the answer is in the affirmative, would it be desirable as a practical precaution for any bank or other lender extending instalment loai credit to take, in every case, the written statement referred to in section 8(c)?" The S written statement referred to in the last sentence of section 8(c) is not a "statement of necessity" of the kind referred to in section 8(d). Section 8(c) refers to statements of necessity only to the extent that it incorporates ty reference certain requirements of "section 8(a) or 8(b), including the provisos thereof". With respect to last part of inquiry, see W-35. Morrill
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