Full text of Mimeograph Letters and Statements of the Board : Letter of October 5, 1918 From the Governor re Trustee Powers Under Section 11(k) of the Federal Reserve Act as Amended September 26, 1918, Number X-1244, Volume 9, Page 8

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WILi.IAM 6. MCADOO
SIICUTARY OP TilE TRIWUitY
,

CIWIIJIAN

JOHN SIC£LTOH WIWo\MS

FEDERAL RESERVE BOARD

COIIPTROLLIER 01' THI CUIIIdiiCY

J. A. BRODERICK, Sll:RITAIIY
L. C. ADELSON, ASsiSTANT SICRITAOY
W. T. CHAPMAN. ASSISTANT SICIIITARY,

W. M. IMLAY, FISCAL MilOT

WASHINGTON

ADDRDS UPLV TO

FEDERAL RESERVE BOARD

October 5,1918.
X-1244

SUBJECT: TRUSTEE POIIJ'ERS UNDER SECTION 11 (k) OF THE
FEDERAL RESERVE ACT AS AMENDED SEP'lDABUl 26,1918.

Dear Sir:
Under Section 11 (k) of the Federal Reserve Act as
amended by the Act of September 26, applications for permission to ezercise trust powers can be granted only to '
those banks whicb have capital reqUired under the State
laws of State banks and trust companies exercising simUar
pcmers. A new form of application is now 1D the hancl.s of
the printer and there ,is also being prepared a form for
use in handling these applications, which prescribed
the uetbod of procedure to be followed.
These fo~ will be distributed among the
J'ederal reserve banks in a few days. You are req\leste4
to hold .:11 applications on fUe until receipt of thisJ fonD.
Respectfully,

Governor.