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237 BOARD O F G O V E R N O R S „««**»»» OF THE FEDERAL RESERVE SYSTEM WASHINGTON R-585 ADDRCII O F C A COKRtlPONDCNOI FIIL TO THE BOARD December 21, 1939 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 twenty-five hundredths of one per cent (.0025) 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, 1959, to defray the estimated expenses and salaries of the members and employees of the Board from January 1 to June 30, 1940. The resolution also contains instructions with regard to the mapner 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 PRESIDENTS OF ALL FEDERAL RESERVE BANKS 238 R-583-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 System that for the six months' period beginning January 1, 1940, it is necessary that a fund equal to twenty-five hundredths of one per cent (.0025) 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 notes; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, THAT: (1) There is hereby levied upon the banks an assessment in an amount equal to one per cent (.0025) of the total paid-in tion 7 and Section 13b) of each such bank December 31, 1939. several Federal Reserve twenty-five hundredths of capital and surplus (Secat the close of business (2) Such assessment shall be paid by each Federal Reserve bank in two equal installments on January 2, 1940, and March 1, 1940, 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 by crediting the amount thereof on its books to the Board of Governors of the Federal Reserve System on the dates as above provided.
@FedFRASER