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44 BOARD OF G O V E R N O R S D F T H E FEDERAL RESERVE SYSTEM X-9801 WASHINGTON w w.. A D D R E S S OFFICIAL C O R R E S P O N D E N C E TO T H E BOARD January 23, 1957. SUBJECT: Applications of national and State member banks for fiduciary powers. Dear Sir: There is being mailed to you, under separate cover, a supply of a third page of Form F. R. 61a, for use in submitting to the Board applications of national banks for trust powers. The information called for on this page should also be submitted with all applications of State member banks for permission, under the so-called general condition of membership, to exercise fiduciary powers. While the comments to be supplied under the various headings should be stated concisely, full information is desired in each instance in order that, when considering an application for trust powers, the Board may have available as complete a record as possible of the pertinent facts and circumstances in connection therewith. For example, information relating to the proposed trust officer should include his commercial banking and other business experience, if any, as well as his training and experience in fiduciary matters. If the proposed trust officer has had no previous experience in handling fiduciary matters for a trust institution but has acted as trustee, executor, administrator or in other fiduciary capacities as an individual, X-9801 -2- a statement of the nature and extent of such activities is desired. If he is personally known to you, an expression of your views as to his fitness for the position is also desired. Information relating to the proposed trust investment committee should include the business or other occupation and any training or experience of its members bearing upon their fitness to serve in such capacities. It is the desire of the Board to give full and fair consideration to every application for fiduciary powers, and, as it must necessarily rely to a large extent upon the information furnished by the reserve bank, your cooperation in developing the necessary data will be appreciated, and will result in eliminating the delay occasioned when, as has been the case in some instances, it has been necessary to defer consideration of a fiduciary application until additional information could be developed. Very truly yours, L. P. Bethea, Assistant Secretary. TO ALL PRESIDENTS.
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