The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BOARD
WASHINGTON
M.C.ELLIOTT
COUNSEL
April 8, 1918·
Mr. C. A. HinsCh, President.
The American B.::..nkers Association,
c/o Fifth-Third liationa.l :Ba.nk,
Cincinnati, Ohio.
Niy dear •vlr. Rinsch-:
As requested, I have prepared. from the records in this
office the accou~ying r.1e.t1orand\lJil with reference to State le~islation
affectill6 r.:embership of State ban:l::i:i aud trut>t coLJpa.nies in the Federal
Reserve Systetl·
While I have a.ttei.pted to obtain tl~ latest available infon.--ation with reference to the sta.tus of State la•vs on this subject,
I ba.ve not had an opportunity to have this aua.lyds checked by Couusel for
the various Feder-d.l reserve banks or ·Jy tl1e State authorities and it is
not iailibirly that inaccur&.cies ·.1111 be discovered. I will greatly appreciate it if you, or any of thO$e to \ihOiil this ,_,etlorandw:;l is referred,
will call t~1e atte:ation of this office to any errors that are discovered·
Under tb.e heading of "Legislation Hecessa.ry" in th(j several
States, I ha-va I;~enti oned th~e I;atters which have not been specifically
covered by statute. It is, of course, true that in .tany States the
State authorities ara not prohibited fror.1 disclosine. to the Federal aU:thori ties inforrnation ·,Ji th refere.'1ce to ;,19,.:ber banl:s, a~1d where banks
are parmi tted by State laws to becor.Je Lielilbers of the System they are
necessarily sub"ected to exa;nnation by the Federal authorities. It is
·probable, therefore, that i t is not actually necessary to obtain sor.;e of
the a~iend.;:.ents to State laws that are S"Ugt;ested iu the accoo!lanying rntlorandum. Not ·..\'ishil1g to undertaka to construe the State laws in these
several particulars, I have s~ested as necessary aA.endJ,Jents to the
State laws trwse :provisions which have been adopted by so.;e State;:; but
have not been .:Mpressly included in the statutes enacted by the State
under consideration.
I trust this will :;ive you the infornation desired.
With best
~ishes,
Cordi&.lly yours,
{Sif,ned) i1!. C~ ELLIOTT,
Counsel·
@FedFRASER