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966 Kx OFFICIO MEMBERS W . P . a . H A N D I N G . GOVERNOR A L B E R T S T R A U S S . VICE GOVERNOR CARTER C L A S S S I D F T S T I m OF THE TREASURY CHAIRMAN ADOLPH C. MILLER C H A R L E S 8. H A M L I N FEDERAL RESERVE BOARD J O H N SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY HENRY A. MOEHLENPAH W . T . C H A P M A N . SECRETARY R . G . E M E R S O N , ASSISTANT SECRETARY ADDRESS REPLY TO WASHINGTON F E D E R A L R E S E R V E B O A R D W . M. IMLAY, FISCAL AGENT December 6,1919* Dear S i r : Your a t t e n t i o n i s d e f e c t e d to the Board's c i r c u l a r No, 21, S e r i e s of 191$, dated December 27, 1915, a copy of which i s herewith enclosed. The p r o v i s i o n s of t h i s c i r c u l a r are s t i l l in e f f e c t , and the Board d e s i r e s , i n order t h a t t h e r e may be no misunderstandings, t h a t you b r i n g t h i s to the a t t e n t i o n of each of your d i r e c t o r s * Kindly acknowledge r e c e i p t * Very t r u l y yours, Enc., Governor* To Chairmen of a l l F.R. Banks. X-2746 967 % » X-1746 a C i r c u l a r No< 21 Series of 19ig» FEDERAL RESERVE BOARD. Washington, December 27,1915. E l i g i b i l i t y of Candidates f o r D i r e c t o r s h i p s . The Federal Reserve Board has adopted under date of December 2} the following r e s o l u t i o n : Whereas, I t i s the opinion of the Federal Reserve Board t h a t persons holding p o l i t i c a l or public o f f i c e i n the service of the United Spates, or of any S t a t e , T e r r i t o r y , county, d i s t r i c t , p o l i t i c a l subdivision, or municipality t h e r e o f , or a c t i n g as members of p o l i t i c a l p a r t y committees, can not c o n s i s t e n t l y with the s p i t i t and underlying p r i n c i p l e s of the Federal Reserve Act, serve as d i r e c t o r s or o f f i c e r s of Federal Reserve Banks. Resolved, That the Federal Reserve Board hereby expresses to the member banks i t s opinion t h a t no such persons should henceforward be e l e c t e d or a c t as d i r e c t o r s or o f f i c e r s of Federal Reserve Banks; and p r e s c r i b e # a s a cond i t i o n of e l i g i b i l i t y t h a t candidates f o r e l e c t i o n s h a l l comply with the terms of t h i s r e s o l u t i o n . Resolved f u r t h e r , That copies of t h i s r e s o l u t i o n be sent t o every member bank and Federal Reserve Bank and t o a l l d i r e c t o r s of Federal Reserve Banks. While the Board i s of the opinion t h a t the p o l i c y o u t l i n e d i n t h i s r e s o l u t i o n should become e f f e c t i v e a t once, d i r e c t o r s of Federal Reserve Banks e l e c t e d p r i o r t o the date of i t s adoption w i l l not be r e q u i r e d to r e s i g n t h e i r p o s i t i o n s a s such d i r e c t o r s u n t i l the end of the term f o r which they were elected. CHARLES S. HAMLIN, Governor* H, PARKER WILLIS, Secretary.
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