Full text of Mimeograph Letters and Statements of the Board : By-laws____________________________branch Bank of Federal Reserve Bank Of________________., Number X-484, Volume 6, Page 2911

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X-484.

i• .
BY-LAWS ____________________
BRANCH BANK OF FEDERAL RESERVE BANK OF

Ponding the promulgation by the Federal Reserve Board
of rules and regulations, under authority of Section 3, govern­
ing the operations of branch banks, the following by-laws have
been adopted by the Federal Reserve Bank of _____ . . .

„

with the approval of the Federal Reserve Board.
ARTICLE I.
Section 1 - Name and Plac3 of Business.
This branch shall have its principal place of business
in the city of _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ State of
and shall be known as the _

_

_

the Federal Reserve Bank of

_

.

_

branch of
.

Section 2 - Functions.
Under the direction of the Federal Reserve Bank, here-

•

“ ♦

fc.

' ’ '

•.m «

inafter referred to as the head office, its functions shall be:
(1)

To receive from any member bank within the collection
zone assigned to it under Section 3, Article I,of these
by-lvws, and from the United States, for credit with the
head office, deposits of current funds in lawful money,
national bank notes, Federal reserve notes, or checks
and drafts payable upon presentation, and for collection,
maturing notes and bills.
-

(2)

When tendered by such member banks within its zone as
may elect to deal directly with the branch, to receive
applications for rediscount under authority of Section
13 of the Federal Reserve Act, and to transmit such ap**
plications to the head office with the recommendation




X'-484

- 2 -

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of the local board or of the discount conmittee selected
by th3 loCbkl board.
(3)

To pay checks drawn against the head office by member
banks within its collection zone out of funds deposited
with the branch by the head office for that purpose.

(4)

To act as a clearing house for member banks within its
zone and such nonmember banks as may qualify as clearing
members.
.

(5)

To provide, for the custody of unissued Federal reserve
notes under appropriate safeguards and to deliver Fed*
eral reserve notes when authorized to do so by the head
office to member banks within its collection zone.

(6)

To receive from any member banks or Federal reserve banks
for collection and remittance, or for collection and credit
with the head office, or with any other Federal reserve banks
through the head office, items drawn against any bank within
its collection zone.

(7)

To receive from any nonmember bank or trust company within
its collection zone solely for the purpose of exchange or
collection, deposits of current funde in lawful money,
national bank notes, Federal reserve notes, checks and
drafts payable upon presentation, or maturing notes and
bills, provided, such nonmember bank or trust company main­
tains with the head office a balance sufficient to offset
the items in transit held for its account by the head of­
fice and its branches.
Section 3 .
Theccol?.ection zone for

■

be known as the _______________________________
the following cities:




branch shall
zone, ani shall* include

•

- 3 '■
Section 4. - Re ports.
The

branch shall make a cUily report

to the head office on forms to be prescribed showing (a)
(b)
(c)
(d)

Amounts received on deposit for credit .with the head office.
Checks paid for the head office.
Discounts recontended.
.
Items received for collection and forwarded, and for which
credit should be given by the head office at the expiration
of the time allowed in collection schedule.
Section 5. - Reserve Account.
The balance appearing to the credit of a member bank on the

books of the head office shall constitute its reserve, but member banks
depositing with the branch may charge the Federal reserve bank with all
items on day of deposit unless drawn against banks for which allowance
is provided in collection schedule, in which case such banks may take
credit at tne expiration of such time allowance.

Member banks may

likewise take credit for the proceeds of discounts recomnended by the
local board on the date that the local, board or its discount committee
recommends the granting of such discounts, provided, the notes, drafts,
re
or bills of exchange offered for/discount, or the note of the applying
bank secured by eligible collateral, have been actually received by
the branch.

The head office reserves the right to return through the

branch any items which nay be determined to be ineligible or which, for
any reason the head office is unwilling to accept, in wflnich case* vfcems
so returned will be charged to the reserve account of the bank receiv­
ing credit therefor.

11/16/17




X-484

ARTICLE II.

.

.

Section 1

NUMBER AND QUORUM: The number of directors shall
be five of vrherr. the manager shall be one.- A majority
of the directors shall constitute a quorum for the
transaction o: business,, but loss than a majority
ngr adjourn from time to time until a quorum is in ■
attendance*
.

Section 2

VACANCIES: Vacancies in the membership, of- the Board
shall be filled and successors selected in the manner
provided by lavy,
.

Section 3:

MEETINGS: There shall be a' regular meeting of the
■
Board on the Tuesday next preceding the first Friday
of oach month at 10 o*clock A. M . , or if that day be
a holiday, on the first succeeding full business day.
The manager shall be empowered to call a special meet”
ing at any time, or shall do so upon the request of the
Federal Reserve Bank of
•
, or the written re­
quest of any two directors.
Notice of said meeting if
any by mail, shall be mailed at least one day prior to
date, of meeting and if given by telegraph or telephone,
at least two hours before the tim3 of meeting.
'

Section 4;

POWERS:
(a) The Board of Directors shall supervise
the operation of the branch under direction and control
of the Federal Reserve Bank of
„ subject to
such regulations as the Federal Reserve Bsard may pre­
scribe and shall exercise the functions prescribed in
Article I, Section 2, of these By-Laws.

Section 5:

Directors whon present at directors' meetings shall
receive a compensation of _________ dollars per day
for each day the Board is in session, and an allowance
to cover actual necessary expenses incident to attendance
at regular or. special meetings of the Board.

Section 6:

The directors of the Federal Reserve Bank of
'
shall fix the compensation of officers, clerks and em­
ployes of the Branch, subject to the approval of the
Federal Reserve Board.

Section 7:

All expenditures of the Branch shall be subject to the
approval of the directors of the Federal Reserve Bank
of
'
’
.




X--484

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if
Section 8:*

1ORDER GF BUSINESS-' The following shall be the order .
of business at each meeting of the Board.of Directors
of the Branch.
.
(l) Reading and disposition of minutes of the last
last regular meeting..
'
C*2) Report of the manager, including information con­
cerning banking and business conditions im the Branch
territory, as well.as detailed summary of all business
transacted since last regular meeting and statement of
present condition, the latter to include*
.
.
(a)
(b)

Statements concerning clearing operations.
All official correspondence received from the
Federal Reserve Bank of 1
.

''

(3) Reports- of committees.
.
'
’
' .
(’■*) Unfinished business.
■
. (5) Approval of reports arid recommendations to Federal
. Reserve Bank of r
■
.
(6) New Business.
'■
• .
ARTICLE III.
'
Section 1:

Section




2:

.

‘

OFFICERS. ‘

The officers, who shall be chosen by the Board of
Diroctors of the Federal Reserve Bank of
■*
shall be nsranager, who shall be one of the directors
of the Branch., and a cashier.
They shall hold office.,during the pleasure of the directors of the Federal Rer
serve Bank of
*
MANAGER.: The manager, shall preside at all directors'
meetings and shall have general charge of the Branch
and shall be officially designated as "Manager,
Branch". The Manager shall, jointly with the cashier
have charge of all moneys received or paid out on ac­
count oi the Branch, and shall sign all checks for the
payment of money, as cay be authorized by the Fedexal
Reserve Bank of
.
-Ie shall have custody of
all moneys, investments and collaterals held by the
Branch, subject to such rules as the Board cay adopt
a3 to their safety. In all cases where duties of sub­
ordinate officers of the Branch are not specifically

2916
X-484
- b -

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prescribed by- the by-laws or the Board of Directors
of the Branch or the Federal Reserve Bank of .
they shall be the duties prescribed by and the instruc­
tions of the Manager.
In the absence or disability of the
'Section 3 : ACTING MANAGER:
Manager, the Federal Reserve Bank of
tay
appoint an Acting Manager, who shall exercise the
powers and discharge the duties of the manager; and
for such services he shall receive a compensation to
be fixed by the Federal Reserve Bank of

■

'Section 4 :

CABKIER: The Cashier shall have such joint custody
of all coneys, investments and collaterals as may be
delegated to h i m by the Manager,, subject to such rules
as the Board may adopt as to their safety. He shall
countersign all checks for the payment of money signed
by the Manager. He shall keep the minutes of the Board
meetings and of all committees of the Board and perform
such other duties as may be assigned to him by the .Mana­
ger, subject to the approval of the Board of Directors.

Section 5

ACTING- CASHIER: In the absence or disability of the
cashier, the Board of Directors of the Branch cay ap- .
point an Acting Cashier, vdio shall exercise the powers
and perform the duties of the cashier and shall receive
a compensation to be fixed by the Federal Reserve Bank
of
'.
.
ARTICLE IV.
COUNSEL

Section 1,
\




■

' ■

The General Connsel of the Federal Reserve Bank of
shall act as counsel for the Branch, and shall
represent the Branch in such matters as may be assigned
to him aud shall approve all legal documents; and said
general counsel nay appoint a local attorney as associate
counsel, with a retainer to be approved by the Federal Re­
serve Bank ■ of .
•
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X-484

9 >
- 7 -

ARTICLE V.
AUDITOR
Section 1,

The Auditor of the Federal Reserve Bank of
shall act as Auditor of the Branch.

ARTICLE VI*
BUSINESS HOURS
Section 1.




The Bank shall he open for business fron 9:00 A.M.
to 2*30 P. M., on each day except Saturdays and
Sundays or days or parts of days established as
legal holidays.
On Saturdays the bank shall open
at 9*00 A. M. and close at 12*00 noon

ARTICLE VII.
amendments.

These by-laws ray be amended at any regular director^'
meeting by a izajonty vote of the entire Board, subject
to the approval of the Federal Reserve Beard.

P-918

X-484

By-Laws_______________________

BRANCH Ba NK OF FEDERAL RESERVE Ba NK OF

pending the promulgation b y the Federal Reserve Board
of rules and regulations, under the provisions of Section 3 of the
Federal Reserve *.ct governing the operations of branch banks, the
following by-laws are hereby adopted by the _________ Branch of the
Federal Reserve Bank of

. and approved by the Federal

Reserve Bank of __ __________ , under authority of the Fedeial Reserve
Board:
ARTICLE I
Section 1

- Name aid place of Business,

This branch shall bavo its principal place of business
in the city of __________ , State of

. anu shall bo known

as t h e ___________ Branch of the Federal Reserve Bazik o f __________

Section 2

- Branch Territory.

The territory apportioned to said
shall be that part of t he State of

Branch
comerlsed m

t h e ______

Federal Reserve District and the Counties of
—

.
_________________ , in the State o f __________, within said Federal

Reserve Bistrict.
Section 3

-

Powers and Functions,

Subject to such rules and regulations as the Federal
Reserve Board may prescribe, and under the direction of the Federal
Reserve Bank of
Bahk shall be as follows




. the powers and functions of this Branch

X-484

(a) To receive from number banks, and from non-member
banks and trust companies, deposits and to sake payments
of money for and in behalf of the Federal Reserve Bank
of ___________ to the same extent and in the same manner
as now or hereafter: authorised by law in respect of a
Federal Reserve Bank;
(b) To maintain and operate a department or departments
for th$ clearing and collection of checks and drafts
payable upon presentation, and also for the collection
of maturing notes and bills, for the account of said
Federal Reserve Bank of
. as fully as may be
from time to time authorized by law for Federal Reserve
Banks;
.
(c) To receive from member banks within said Branch
Bank territory applications for discount of eligible
notes, drafts, bills of exchange and acceptances, and
promissor, notes for periods not exceeding fifteen days
secured by satisfactory collateral, and offers for sale
of cable transfers, bankers1 acceptances and bills of
exchange eligible for purchase by a Federal Reserve Bank,
in accordance with law, and to transmit such applications,
promissory notes and offers, with recommendations, to
the Federal Reserve Bank of _ _ _ _ _ for final action
and credit or other disposition as may be desired by the
applying member banks; provided, that nothing herein
contained shall be construed as to abridge or modify the
rights and powers of member banks to deal directly with
the.Federal Reserve Bank of
with reference to
all relations of member banks with their Federal Reserve
Bank.
(d) To perfonxt such other duties'and services as m a y be
specifically required of it by the Federal Reserve Bank
of _ _ _ _ _ _ _ _ or the Federal Reserve Agent for said
District.

Section 4 - ReportsThe s a i d ______.

Branch shall make daily reports

of operations to the Federal Reserve Bank of
be prescribed showing - -




.

on forms to

X*484

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T

(a) Amounts received on deposit for credit
with the head office.
(b) Checks paid for the head office(c) Discounts recommended.
(d) Items received for collection and forwarded,
and for which credit should be given by the
head office at the expiration of the time
allowed in collection schedule.
and shall also make such other reports as.may beirequired by the
Federal Reserve Bank of _ _ _ _

or the Federal Reserve Board.

Section 5 - Reserve Account
The balance appealing to the credit of a member bank on
the books of the head office shall constitute its reserve, but
member banks depositing with the branch nay charge the Federal Reserve
Bank with all items on day of.deposit unless drawn against banks for
which allowance is provided in collection schedule, in which case
such banks nay take credit at the expiration of such time allowance.
Member banks may likewise take credit for the proceeds of discounts
reconmended by the :local board on the date that the local board or
its discount committee reconmends the granting of such discounts,
provided, the notes, drafts, or bills of exchange offered for re**
discount, or the note of the applying bank secured by eligible
collateral, have been actually received by the Branch.

The head office

reserves the right to return through the Branch any items which nay
be determined to be ineligible or which,for any reason the head
office is unwilling to accept, in which case items so returned will
be charged to the reserve account of the bank receiving credit there­
for.




X-4S4
— 4 'T
ARTICLE II.
Section 1 :

NUMBER AND QUORUM:. The number of directors shall be
five of whom the manager shall be one. A majority
of the directors 3hall constitute a quorum for the
transaction of business, but less than a majority
. may. adjourn from time to time until a quorum is in
attendance.

Section 2 :

VACANCIES: Vacancies in the membership of the Board
shall be filled and successors selected in the manner
provided by law,

Section 3 :

MEETINGS: There shall be a regular meeting of the
Board on the Tuesday next preceding the first Friday
of each month at 10 o'clock ■*. M . , or if that day be
a holiday, on the first succeeding full business day.
The manager shall be empowered to call a special
meeting at any time, or shall do so upon the request
of the Federal Reserve Bank of ___________ or the
written request of any two directors. Notice of said
meeting if sent by mail, shall be mailed at least one
day prior to date of meeting and if given by
telegraph or telephone, at least two hours before the
time of meeting,

Section 4 : POWERS:
(a) The Board of Directors shall supervise
the operation of the branch under direction and control
of the Federal Reserve Bank of __________ subject to
such regulations a s the Federal Reserve Board may ’
prescribe and shall exercise the functions prescribed '
in Article I, Section 2, of these by-laws.
Section 5:

Directors vrfien present at directors1 meetings shall
receive a compensation of
dollars per day for
each day the Board is in session, and an allowance to
cover actual necessary expenses incident to attendance
at regular or special meetings of the Board.

Section 6:

The directors of the Federal Ressrve Bank of
shall fix the compensation of officers, clerks *nd
employes of the Branch, subject to the approval of the
Federal Reserve Board.

Section 7:

All expenditures of the Branch shall be subject to the
approval of the directors of the Federal Reserve Bank
of ______________ .




2921

X-484

■

iifi
Section 8;.

“ 5 ^

■

iORDER OF BUSINESS: The following shall he the order
of business at each meeting of the Board.of Directors
of the Branch.
(1) Reading and disposition of minutes of the last
last regular meeting..
•
(2) Report of the manager, including information con­
cerning banking and business conditions in the Branch
territory, as well.as detailed summary of all business
transacted since last regular meeting and statement of
present condition, the latter to include:
.
.
(a)
(b)
•'

Statements concerning clearing operations.
All official correspondence received from the
Federal Reserve Bank of '

(3) Reports of committees.
.
■
'
.
(-t) Unfinished business.
.
(5) Approval of reports and recommendations to Federal
Reserve Bank of '
(6) New Business.
.
'

ARTICLE III.

.

.

'

OFFICERS.
Section 1:

Section 2:




The officers, who shall be chosen by the Board of
Directors of the Federal Reserve Bank of
shall be asmanager, who shall be one of the directors
of the Branch, and a cashier.
They shall hold office*.-'
during the pleasure of the directors of the Federal Rer
serve Bank o f . .
*
MANAGER: The manager, shall preside at all directors1
meetings and shall have general charge of the Branch
and shall be officially designated as "Manager,
Branch".
The Manager shall, jointly with the cashier
have charge of all moneys received or paid out on ac­
count of the Branch, and shall sign all checks for the
payment of money, a3 may be authorized by the Federal
Reserve Bank of
He shall have custody of
all moneys, investments and collaterals held by the
Branch, subject to such rules as the Board may adopt
as to their safety. In all cases where duties of sub­
ordinate officers ol the Branch are not specifically

X-484
r 6 •

■ .

prescribed by- the by-laws or 'the Board of Directors
of the Branch or the Federal Reserve Bank of ..
they shall be the duties prescribed by and the instruc­
tions of the Manager.
.
In the absence or disability of the
Section 3 : ACTING MANAGER:
Manager, the Federal Reserve Bank of
- r-ay
appoint an Acting Manager, who shall exercise the
powers and discharge the duties of the manager; and
for such services he shall receive a compensation to
be fixed by the Federal Reserve Bank of
■

'

Section 4 :

CABHIER: The Cashier shall have such joint custody
of all moneys, investments and collaterals as may be
delegated to him by the Manager, subject to such rules
as the Board nay adopt as to their safety. He shall
countersign all checks for the payment of money signed
by the Manager. He shall keep the minutes of the Board
meetings and of all committees of the Board and perform
such* other dut5.es as nay be assigned to him by the Mana­
ger, subject to the approval of the Board of Directors*

Section 5

ACTING CASHIER: In the absence or disability of the
cashier, the Board of Directors of the Branch nay ap­
point an Acting Cashier, who shall*exercise the powers
and perform the duties of the cashier and shall receive
a compensation to be fixed by the Federal Reserve Brnk
of
.
.
ARTICLE IV.

* .

COUNSEL
Section 1




■The General Counsel of the Federal Reserve Bank of
shall act as counsel for the Branchy and shall .
represent the Branch in .such matters as may be assigned
to him and shall approve all legal, documents; and said
general counsel may appoint a local attorney as associate
counsel, with a retainer to be approved by the Federal Re­
serve Bank of i
'
"

• X-484.

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7

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ARTICLE V.

‘

AUDITOR
Section 1.

The Auditor of the Federal Reserve Bank of
______________ ehall act as Auditor of the Branch,

ARTICLE VI.

*

BUSINESS HOURS.
Section 1.

The Bank shall be open for business from 9:00 A.U .
to 2:30 P. M.j on each day except Saturdays and
Sundays or days or parts of days established as
legal holidays. On Saturdays the bank shall open
at 9:00 A. M. and close at 12:00 noon,

%

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ARTICLE VII
AMENDMENTS,

These by-laws nay be amended at any regular
directors1 meeting by a majority vote of the
entire Board of directors of the Federal
Reserve Bank of
. subject to the
approval of the Federal Reserve Board,