Full text of Mimeograph Letters and Statements of the Board : By-laws of Baltimore Branch, Federal Reserve Bank of Richmond, Number X-697, Volume 7, Page 103

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X-697
DY .,. LAWS
:.ALTIMOiiE N\ANCH - FEDERAL hl:SERVE :ANK OF !~ICHMOND.

Pending the pronulgation by the Federal neserve Board of

•

r~les

and

regulations governing the operation of branch banks, under the provisions
ot Section 3 of the Federal fieserve Act) the following by-laws 1

ap~roved

by 'tihe Federal Reserve Bank of Richrr.ond under the authority of the Federal
Reserve Board) are hereby adopted by the Board of Directors of the Baltirr.ore
Branch of the Federal Reserve Bank of
n~nt

Rich~ond 1

for the conduct and govern-

of the said Baltimore Branch.
ARTICLE l.
Section 1.

Nan$ and Place of

Busines~.

This Branch shall have its place of business in the City of Baltimore,
State of Maryland, and shall be known as the Baltimore Branch of the Federal
Reserve Bank of Richmond.
Section 2.

Branch Territory.

The territory apportioned to the said Baltimore Branch for clearing

a~d

collection purposes, and for such other purposes as are hereinafter or nay
hereafter be, set forth in these by-laws, or any an2nduent thereof, shall
be that part of the Fifth Federal .Reserve District err.brated ·in the State
of Naryland.

The Federal .Reserve Bank of Richmond under such regulations

as it rray prescribe nay authorize banks and trust companies located in other
parts of the Fifth Federal Reserve District to deal vVi th the Bal tin:.ore Brancho
instead o! With the Head Office at
earrs extent as such dealing is




~ichmond,

pe~.itted

Va,J in like nanner, and tc the

to the banks located in the State of

..

X-697
- 2 -

Maryland, whenever it shall appear to the said Federal Reserve Bank of Richrr,ond
that the arrangen.ent will be to the advantage of the said banks or trust con.•
panies and. to the general-aavantage of the system.
Section 3.

Powers and Functions.

Subject to such rules and regulations as the Federal Reserve Board uay
~rescribe~

and under the direction and control of the Federal Reserve Bank

of t\ichrr.ond 1 the pO'vvers and functions of the Baltin.ore Branch shall be as
follows:

(a) To receive deposits frorr. and nake pay~ents to, or for, rr~~ber
banks, nonn~uiller banks 1 trust corr.panies, and other Federal Reserve Banks.

(b) Undef the Jir~otion and control of the Federal Reserve Bank
of ~ic~ondj and th$ Federal Reserve Agent, to rec$i~e and pay ~~ Federal Reserve notes of the Federal heserve Bank of hichmond~ and to re~
dee~ Federai Re~etve notes Of the Federal Reserve Eank of Ridhu.ond; ana
of otHer tede~al Reser~e Banks,
( o) To naintain ·and operate a departn.ent, or departr.:ents, for the
clearing and collection of checks and drafts payable upon presentation,
and also for the collection of uaturing notes and bills, and other cash
and credit instru~ents 1 for the account of the Federal Reserve Bank of
RichL.ond 1 as fully as r;;;..y be from tic:e to tin.e authorized by law1 for
Federal Reserve Banks.
(d) To receive fror.-. banks and trust con.panies, located in the
district assigned to the 3ranch, and from such other banks and trust
corr.panies as nay be authorized by the Federal Reserve Bank of 1\icbr,.o::ld
to deal directly with the Branch 1 offerings of bills, notes 1 and other
inst~~nts of credit, eligible for purchase, discount, or rediscount,
by a Federal Reserve Bank, and to transmit the sarr~ to the Federal Reserve Bank of Richmond, with appropriate recorm.endations, as hereiriafte,..
provided. Nothing herein contained, howe~er, shall be construed to
abr~dge the rights and powers of rr.ember banks to deal directly with the
Federal Reserve B:tnk of Richrr,ond 1 with respect to all relations of n.er-~
bar banks with their Federal Reserve Bank 1 as provided by law.
(e} To perfonr. such other duties and services as r.-.ay be specif: ·•
cally required of it by the Federal Reserve Bank of Richr~ond 1 or the
~ederal Reserve Agent for the said District.




X-697

Section 4.

Reports.

The said Bal tir..ore Branch shall n:ake such daily, other periodical and
special reports of its operations to the Federal Reserve Bank of Richr..ond
as nay be required on forr•.s to be prescribed.
rep~tts

to be

dete~ined

The sCOJ>e and fonn of such

cy the officers of the Federal Reserve Bank of

Richn;ond.

ARTICLE ZI.
RESEhVE ACCOUNTa - DEPOSITS - CHECKS
Section 1.

Reserve AccoMPts and Deposits.

The .Reserve Account of a n.en;ber bank assigned to deal with the Branch ..
or the Collection account of a
Branch, shall be kept

~t

non~~ber

the Branch.

bank authorized to deal with the

All checks and other iten>S for credit in

such account shall be sent direct to the Branch .. except as hereinafter provided .. and such itexr.s shall becor..e available a.s reserve in accordance with a
tin;e schedule prescribed by the Federal Reserve Bank of hichn.ond.
e~ce

With refer-

to each reserve account kept at the Branch, the Branch shall keep a

l"J£.cr4 which will show day by day the exact balance available as reserve,
and also day by day the required reserve of the n.en;ber bank.

Reports relative

to required reserve shall be na.de direct to the Branch by nen;ber banks naintaining accounts at the Branch.

Penalties for in;pairnent of reserve shall be

calculated and charGed to the respective accounts of the

~~ber

banks liable

to such penal ties, under the di-rection of th3 officers of the Fodera! Rese;ve
Bank o:f Richn>ond.




X-697
- 4

Section 2.
Checks

.;.~·and

~

Checks and Drafts.

Drafts drawn by rr.ember banks against their accounts kapt
!

at the Branch shall be drawn on the Ba.ltin.ore Branch of the Foderal Reserve
Bank of

~ichffiond.

Such checks and drafts shall be raceived

~subject

to

payn.ent) by the fi'ederal neserve &nk of Richn.ond, on a one day d.eferred
baais 1 bht by the Baltin.ora Branch tot- in.rr.ed:l.ate paytr.ent.

Checks a.nd drafts

drawn Qn the Federai f.eserve Bank of Richn.ond by a n.ember bank, whose reserve

account is kevt at the Head 0ffice 1 shall be received by the Baltin.ore

~ranch

on a one day def•rred basis.
§££tion 3.

Any

me~ber

Direct Eouting.

bank whose reserve account is kept at the Baltin.ore

TJ.aY be authorized by the Federal 1\eserve &.nk

direct to the Federal Reserve Bank of

Br~nch

ot Richrr.ond to send itetr.s

Ric~ond,

for credit with the Baltimore

Branch, subject to such rules and regulations as the Federal Reserve Bank of *
Richn.ond

rLaY

prescribe.

Sir.c,ilarly ~ any n:err.ber bank, whose

res~rve

account

is kett at the Hea~ Office in RichiLond, Va., nay be authorized by the Federal

Reserve Bank of Richmond to send iten:s diract to the Baltin:ore Branch) for
credit with the Federal Reserve Bank of Richn,oncl, subject to such rules and
regulations as the Federal Reserve Bank of Richu.ond n:ay prescribe.
ARTICt:§ III.

OFFERINGS FOR DISCOUNT OR PURCHASE
Section 1.
~mber

banks whose reserve accounts are kept at the Branch nay send

direct to the Federal Reserve Bank of RichiLond) for credit with the Branch;
any paper eligible for purchase)




~iscount

or rediscount, by a Federal Reserve

X-697

- 5 -

Bank; or Whenever it rray be desired to receive credit
send such paper to

t~e

~or~

proffiptly 1 nay

Branch 1 and When approved by the executive

corrn~ttee

of the Branch, nay receive irrn.deiate credit on the books of the Br.::..nch at

•

the face value of the paper, subject to final action by the Executive Committee of the Fode:ral Reserve Bank of Richn.ond,

Such offerings shall be

pron.ptly transl'llitted to the Federal Reserve Bank of Richrr.ond for action by
the Executive

Con~ittee

of that Bank.

Pa~er

so transzdtted shall be acted
..advised
upon prorr.ptly and the offering bank elliall be imri.ediately/by the Federal Re·serve Bank of Richmond of its acceptance or rejedtioh and of the arr.bunt of
discount

deducted~

and the Baltimore Branch

an.ount of the discount 1
of the

~ember

sh~ll

also be advised of the

vVhich shall be irr.n:ediately crart,ed to tha account

bank offering the paper for sale 1 discount; or rediscount 1 With

advice to member bank.
Section 2.

Rejected

Ite~s.

If any of the paper so offered is, in the opinion of the Executive
Co~ittee

of the Federal Reserve Bank of

Rich~ond,

ineligible for discount,

or purchase, under the provisions of the Federal Reserve Act and the

~ecula-

tions of the Federal Reserve Board) or for any other reason not .acceptable
for purchase, or discount) the

sa~e

shall be returned direct to the

~rr~er.

bank uaking the offering by the Federal Reserve Bank of Richffiond, with
reasons for ncn-acceptance,

The Federal Reserve Bank of Richwond shall, at

the sazr.e tirr.e, advise the Baltimore Branch of such

return~

and the Baltin.ore

Branch shall imrr.ediately charge the face value of paper to the bank by wh:ch

it was offered (provided such bank shall hava already received credit for
the face value of the .Paper) 1 and shall. charge such interest for the inter-




- 6 -·

vening tiue as rr.a.y be equitable.

The Executive Corrn.ittee of the Federal

Reaen8 Bank of Richn,ond r:.ay authorlze the Executive Corr..rr;ittee of the

•

Bal tirr.ore Branch to return offerings irr.rr.ediately to the sending bank when
paper
the/
offered is clearly ineligible; or technically not in acceptable
shape.

ARTIC:LE

I'[

~TOREi

S,SJ.Ction l.

N~::r.ber

and W.orum.

Oitutors shall be appointed annually.

'l'he number of Direct orE~

shall be Uve 1 of whom the Manager shall be one.

A rrlil.jority of the

Directots shall constitute a quoruu for the transaction ot

but less than a najority may adjourn from titre

to

ti~e;

busine~S 1

until a

~uoruffi

is in attenaance.
Section 2.
Va~anciei

Vacangie~.

in the rr.embershi:,p of the Board shall be filled in the rr.anncr

provided by law,
Section 3.
There shall be a

re~lar

Meetings,

meeting vf the B0ard on the second and

fourth Tuesdays in each month, at ten o'clock, a. m. 1 or i! either Tuesaay

be a. holiday, on the next succeeding full !Justness da.y.

The Manager shalJ.

be err.powered to call a special rr.eeting of the Board at any tirr.e 1 and he.
shall do so upon the request of the Federal Reserve Bank of Richrr.ond, or
the written




re~uest

of any two directors.

Notice of any

rr~eting)

if

sent

X-697
- 7 by trail, shall be nailed e,t leaAt 'me day prior to the date of n:.eeting 1

and if given by

•·

telegr~.ph C'r

te1ep'J.on<7 1 at least two hours before the tin:e

of r:.eeting, or in tirr,e to FermH D:lrectors to attend.
Section 4.

Executl,ve Con.rd.ttoe..:..

There shall be an Executi.ve Corrn.ittee 1 consisting of the Manager, the
•
Cashier, and one Director other than the Yanager, any two of w~om nay act.
The Director (other than the Manager) to serve or.1 the Execu"Uve Ccm..nJt.toe 1
shall be selected by the Board. of

fot thtee months,

o~

D~.rector.s

nf +-he Branch.

E9 E:hal.l serve

until his successor is selected, and each of the

Directors (other than the n.anager)
a three months ter.m on the Executive
Sac.tion §.

shall be given the opportl1nity to serve
Co~ittee

during the year.

Fees.

Ea;h Director, when present at Director's rr.eetings, whether at the
regular ~ontbly nesting or at a called neeting (as herein provided) shAll
rec~ive

a compensation of $10,00 for each day the Board is in session, and

an allowance to cove.r actual expenses incident to attendance a.t the regular
or special naeting,
The Director (other than the Mana.ger) 1 who is a. xr.ember of the ExecutiJe
Coxr~~ttee,

shall receive a

eo~pensation

of $5.00 for each attendance upon a

m11eting of the Executive Com:nittee, for every day of such attendance by hi:rn,
except the day upon which he shall also
of the Board.




attend a regular or special nee+,iilg;

,........ Section 6.

...

- 5·-·

.,

Qrder ot Busin§QS.

The follcwing aball l>e tho order of busiMae of each

~eting

of the

Boar4 of Directors of the Branch;

1 •. Reading
2~

an~

disposition of

Report of the llana.ger 1

ni~tee

inclu~illg

of the

las~

neetiDg.

inlonr.a.tion ooncerning banking

a.nd business ~ tbdl \ions in the Bran.'h teritory, aa well a.s a sw:arary ot all
bv.siness tra.baa.tteci s.ince the latt regula.r meeting 1 and a statement of pre•

I.

.·

sent bphdl:tiob.

3.

Readi~g by the Mabake~ bf

otti6ia.l

oor~SpqDdenc• with the Federal

Reserve Eank of Richmond.

'·tk

Reports of corarittees.

6&

Apl)rote.i of reports a.nd

bhi itiished

business.
reco~nctations

to the Federal. Reserve

Bank of Riahulonc\.
'f.

Vew Business.
ARTICLE V.

Sgptiqp l,

Officerf.

The officers . . Who shall be chosen by the Board of Directors of the
Federal Reserve Bank of Ric:-bmond 1 shall be a Ma.Aager, wbo shall be one of

the

Direc~ors

of the Bra.nch., a Caehier,. and such other

oUian~s

a.s, in t-he

opinion oJ the Directors of the Federal Reserve Bank of Richmond, nay be
necessary for the proper conduct of the business of the Br.ancb.

They shall

hold office during the pleasure of the Dir.ctors of the Federal Reserve Bank
of Richmond.




X-697.
- 9 -

§ecti9D 2·

!&a.ne.gor.

The Manager shall preside at a.ll D.irebtO'rs t n-.eetinga) and sha.ll ha.ve
gene raJ. char~ · of the Bra.nch.

~he i&a.nag6r sha11~ jQlniiy with the Cashier, ha.\}e c..ha1 g?

Ba.ltitLero Bra.nch.
Jl

Qf

a11

bel~

·.

He ~ha.l1 ~e of H4ially cl•signa.ted as l"al1a,.ger

u.cb-1~• and a.11 hmd.s 1 investxrents 1 colla:tera.ls, and other secu.r:i.i:ios 1

by the Branch1 subject to such rules as .the Federal Reserve Board nay

adopt for their safety.
officers) or other
by the

by~la.wa}

serve Bank of
inst~ctions

In all cas.es in which the duties of subordinate

e~ployees

of the Branch are not specifically

presc~ibed

or the Board of Directors of the Branch) or the Federal Re-

Ric~ond 1

they

eh~ll

be the duties prescribed by 1 and the

of 1 the Manager.
Section 3.

Acting Manager.

In the a.bsenoe 1 or disa.bili ty 1 of the Manager1 the Directors of th&
Federal Reserve Bank of Ricgmoncl, or the Executive CoJULittee of the Feclera.l
:Re.serve Bank ot Richmond) my appoint an Acting lle.na.ger 1 who shall exercise

the pCo'leh e.n<l discharge the duties of the Ma.J'Ulger.
Settian 4,

Qt§kier.

The Cashier shall jointly with the Manager hc:\.Ve cuetody of all moneys,
investments 1 GOllatera.ls, and other se~rities 1 subject to such rules as the
:Federal &serve Board my a."opt for their safety, and under such regulat:!.on!'J
as the Fe4era.l Rosetve Ba.nk of RichJ:t.oncl ma.y prescribe.

He shall keep the

minutes of the Board meetings., a.ncl of all ccmLitteee of the Board, and pe11oL.n
'\

suc;b other duties a.s may be assigne• to hilll from tin;e to
s'lib.ject to the ap pre~al of the Federal Reserve Ba.nlc of
through its Board of Directors or Executive Comnittee.




t~

by the

Ric~oncl,

lhna.ge~~

acting

_j;,;.

- 10 ..
Section 5.

Acting Cadbiar.

In the absence, or disability, of the Cashier,. the Executive

Conn~ttee

of the Boarcl oi Directors of the Branch rmy appoint an Acting Ca.shier, who

shall exercise the powers and perfor.m the duties of the Cashier, until such
t1ue as the Pedetal Reserve Bank of Richmond, acting through its

Boar~

of

Directors or Executive Cozr.mittee 1 shalf appoint a. successor to the Cashie:o•,
or Acting cashier.
Secti9n 6.
Other
Ric~on4,

employa~s

shall be app9intecl by the Federal Reserve Bank of

acting through its Board ol Directors, or Executive Connittee 1 or

they nay bo

or

~ppointed

by the

Exe~tive C~ittee

tion

~~

Federa~

Other EmploYeQs.

~na.ger,

subject to the approval of the Direottrs

of the Federal Reserve Bank of Richmond.

The compensa-

officers, clerks, and employees of the Branch shall be fi•es by the
Reserve Bank of

Ric~on4,

acting through its Directors,cr Executive

Committee, subject, bowGver, to the approval of the Federal Reserve Board.
Sect!o; 7.

ExpeQd!tMrQS.

All. expenditures of the Branch shalll:a subject to the approval of
the Federal Reserve Bank of Richu.ond, acting through its Directors or
Oommitt~e.

tiVG
tor~~

and in such

of Ricmnon<l.
day

!he Branch shall keep

The

ot tbe tPOnth

de~ailed

~nner,

~

regular expanse aocount 1

~n

as nay be prescribecl by the Federal Reserve

tota.l amount ot such accQunt shall

be

Execu~

such
~nk

charged on the last

to the Fedetal Reserve Ba.nk of RichTLondJ at which tin.e

report shall be nade to the said Bank.
§egtion 8.

Qounse~.

The General Counsel of the federal Reserve Bank of




·

Ric~ond

shall act

..

.,
X-69'(.

- ii ,

as Oounse1 for the B!anch, and shall

rep~esent

the Branch iri

such matters as

tt.a~.y 'be:; assigned to him,. and shall a.pproV• a.l.1' 1ega.1
docwr.ents.
''

The said

'

•

General COunsel c:..t the request of thli Federal Reserve Ba.nk of Richzr.i)nd nay
&ppoint a. iocal attor~ey) a.s Ass~ciate Counsel, with a reta!ner 1 to be
approved by the Fed6ral RaseT.'Ve Bank of Richmond.
Section 9.

Auditor,

The Auditor of the Federal Reserve Bank of Richmond shall act as
Auditor ot the Branch,

He shal:t, ha..vaver 1 have one or more assistants 1 :ae

nay be determined by the Federal Reserve Bank of Richmond 1 which assistant,
ot assistants, shall be permanently located at the Branch, and shall
such duties as rray be

ase~.gned

perfo~

to them by the Auditor of the Federal Reser,re

Sank of Ricbmcmd, and the Executive ComrJ.ttee of the Federal Reserve Bank
of

~chmon4,

COmmittee.

or the Manager of tha Branch, with the approval of said Executive
the chief Assistant shall be knowa as the Auditor of the Branch1

and he may be appointed Assistant to the Federal Reserve Agent of the Federal
&serve B:l.nk of Richmond, in which case he shall perform such duties as rray
be prescribed by the Federal. Reserve Agent.

A.RTigLE VI.

Seot!on l,

f?usiness Hours.

The Bank shall be open for bu$iness from nine a. m. to three p. m•.•
on each day 1 except Sa. turda.ys and Sundays 1 or days 1 or parts o! days e s'tab··
lishecl a.s legal holidays in the State of Maryland.
shall open a.t nine a.. m, a.nd close at




~Helve

noon,

On ea,turda.ys the Bank

..

.

X-697
- 12 ARTICLE VII •
§_action 1.

•

Arr.end.n.ents •

Amend.n:lents to these by-.. laws) which shall have been pt'eviouslY
authorized. and apprbvea by the Federal Reserve Bank of Richmond, tr.av bf?

adopted at any re_g\dar tt.eeting, by a rr.ajority vote of all birectors of the

Bal titnore

~ranch of the

Federal .Resetve Bank of

Richinond pt~v·ioUe ncrhce
1

of the proposed amendment havin$ been given by the Manager to each Director·
of the Branch.

Z/4/18