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274 BOARD OF G O V E R N O R S of t h e FEDERAL RESERVE SYSTEM R-755 w a s h i n g t o n ADDRESS OFFICIAL C O R R E S P O N D E N C E TO THE December 27, 194-0 Dear Sir: There is attached a copy of a resolution adopted fcy the Board of Governors of the Federal Reserve System levying an assessment upon the various Federal Reserve Banks in an amount equal to three hundred and two thousandths of one per cent (.00302) of the total paid-in capital stock and surplus (Section 7 and Section 13b) of the Federal Reserve Banks as of the close of business December 31, 194-0, to defray the estimated expenses and salaries of the members and employees of the Board from January 1 to June 30, 194-1. The resolution also contains instructions with regard to the manner in which the payments on the assessment shall be deposited with the Federal Reserve Bank of Richmond. Very truly yours, 0. E. Foulk, Fiscal Agent. Enclosure TO THE PRESIDENTS OF ALL FEDERAL RESERVE BANKS BOARD R-755-a RESOLUTION LEVYING ASSESSMENT WHEREAS, Section 10 of the Federal Reserve Act, as amended, provides, among other things, that the Board of Governors of the Federal Reserve System shall have power to levy semiannually upon the Federal Reserve Banks, in proportion to their capital stock and surplus, an assessment sufficient to pay its estimated expenses and the salaries of its members and employees for the half year succeeding the levying of such assessment, together with any deficit carried forward from the preceding half year, and WHEREAS, it appears from a consideration of the estimated expenses of the Board of Governors of the Federal Reserve Qystem that for the six-months' period beginning January 1, 194-1# it is necessary that a fund equal to three hundred and two thousandths of one per cent (.00302) of the total paid-in capital stock and surplus (Section 7 and Section 13b) of the Federal Reserve Banks be created for such purposes, exclusive of the cost of printing, issuing and redeeming Federal Reserve notesj NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, THAT: (1) There is hereby levied upon the several Federal Reserve Banks an assessment in an amount equal to three hundred and two thousandths of one per cent (.00302) of the total paid-in capital and surplus (Section 7 and Section 13b) of each such bank at the close of business December 31, 194-0. (2) Such assessment shall be paid ty each Federal Reserve Bank in two equal installments on January 2, 194-1, and March 1, 194-1, respectively. (3) Every Federal Reserve Bank except the Federal Reserve Bank of Richmond shall pay such assessment by transferring the amount thereof on the dates as above provided through the Interdistrict Settlement Fund to the Federal Reserve Bank of Richmond for credit to the account of the Board of Governors of the Federal Reserve System on the books of that bank, with telegraphic advice to Richmond of the purpose and amount of the credit, and the Federal Reserve Bank of Richmond shall pay its assessment try crediting the amount thereof on its books to the Board of Governors of the Federal Reserve System on the dates as above provided.
@FedFRASER