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FEDERAL RESERVE BOARD X-4933 WASHINGTON ADDRESS OFFICIAL. CORRESPONDENCE TO THE FEDERAL. RESERVE BOARD August 24, 1927. SUBJECT: Further Amendment to Regulation K. Dear Sir: This is to advise you that the Federal Reserve Board has voted that Section XI of Regulation K, as amended June 8, 1927, (X-4868) be further amended by changing the second paragraph conmencing on page 11 which formerly read as follows: "B. Certifying that at the time of such substitution or change the additional collateral transferred to the Trustee under the Trust Indenture had a market value at least equal to the market value of the collateral security released from the lien of such Trust Indenture." so that said paragraph will hereafter read as follows: 11 B. Certifying that such substitution or change has not resulted in a reduction of the aggregate market value of the collateral to an amount below one hu.~dred and ten per cent of the aggregate principal amount of the obligations issued or to be issued against suc!h securities." By order of the Fede:t'al Reserve Board. Very truly yours, Walter L! Eddy, Secretary. TO GOVERNORS Ai"'D CHAIRMEN OF ALL FEDERAL RESERVE BANKS.
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