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8•131 BOARD OF' GOVERNORS FEQ-ERAL ll" THE RES~RVE 379 SYSTEM WASHINGTON ' "bOitl£88 OI"P'ICIAt,. CQJ!!~I:SPONOI:NCIE TO· THI: 8CIARD Deoeaber '1, 1938. Dear Sir: In aoool'dance with the recOJBea-tlon ot.tJie.-.C~ttee _on Free Serrices of the Pres1tlents• Contereuce a~~· ...... aB4 approved by the' Presidents• Oobference at its mee'tiJIC. a W.~DC'oa. Oil October 24-2!5, 1938, the_~ approves· the . act<teptane•· llaCl•· h0141Dc in sateteepiag ot eeour1 ties pletlged as ooUatel'fll to· 4fpoei ts ot btmk• rupt ·eatatea under the provisions ot otaapter VII ot tbe Qll.ellclecl Bankruptq Act, w1 th the uaderiJtandiDS that !r: ::a,::::tt~::e~ =:t~n.;-~•.:=, 1. the J'e48.-1 Reae:rre ballks wtU. • • rU:r ea.a:rse tor their tJ&rviou in connection thel.'W'fttJ., 2. When suoll aecur1 ties are pla"' in aate~teePiDS wttll ta• Federal ReserYe baDlca ·by nom•ltter banks, inolucU.ns no..aber cleartnc ban1ts,. the Fecle.ral Rese:rre bonks will charge tor their Rrftcea at the rate ot l/40th of one per C. ot tb,e f'fkce value ot such securities, provideci, bOwe't'er, that the miniJun. · charge shall l:Je ta. 50 ud the MXilaull charp t250.oo tor each tweln saonth period, or portion thereof, during which se~r1t1es are t.eld in safet$epiag, and 3. The Federal ReserYe banks will be reillliN.reed by depolliti!).S -.bor _and nODIII-.ber·bwa to~ . ahit>P1D& · expenses inciact to reoebi.M eAd cleU.,.l"1lls seouritlea pledged as collateral. to depoattil of bankrupt estates under the. P*n'isiona or Chapter VII ot the amended Bankruptcy Act. . Very truly yours • . ...... Cheater lloft'ill, Secrete.r:r. ~---··.·.·_,~--_ .r>' . -' ...-- > ··_··_·' .... ' ' ··.·.·._.m_ ' . ~ ' ' -·, ' ..· · . ·
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