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FEDERAL RESERVE BOARD WASHINGTON X-3?86 December 14, 1922. SUBJ.SCT: Ame~dment to Regulation :0. Dear Sir: The J:karc. has voted to amend Regulation :B by a.d.ding at the end of Part II of said Regulation a new paragraph reading as follows: 11 ( c) A bankers 1 acceptance drawn by a grower, or by a covperative marketing association composed exclusively of growers, of non-perishable, readily marketaole, staple agrioul tural products, to finance the orderly warketing of such products grown by such grower or growers and secured at the time of acceptance by a warehouse, terminal, or other similar receipt, issued by a party independent of the borrower and conveying security title to such products, may be purchased if- it has a maturity at the ~irr,a of purchase not in excess of six months, exclusive of days of grace; provided, that the acceptor remains secured throughout the life of the acceptance, and that the acceptance conforms in other respects to the releV"ant requirements of Regulation A". It is believed that this arrBndment is self-explanatory, but ita purpose and effect will be further explained in a letter of transmittal to be issued along with the printed copies of Regulation :Bas amended, a supply of which will be sent to allFederal Reserve ~anks as soon as it can be printed. Dy order of the Federal Reserve Board. Very truly yours, Wm. w. Haxton, Secretary. To Governors and Chairmen of all Federal Reserve :Oanks.
@FedFRASER