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FEDERAL RESERVE BOARD X-7449 WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE T O T H E FEDERAL RESERVE BOARD June 3, 1933. SUBJECT: Right of unlicensed member "banks to vote i n e l e c t i o n s of Class A and Class 3 directors. Dear S i r : There i s inclosed herewith f o r your i n f o r m a t i o n a copy of a l e t t e r which the Board i s addressing t o the Federal Reserve Agent at the Federal Reserve Bank of Richmond, with r e f e r ence to the question whether member banks which have not "been l i c e n s e d by the S e c r e t a r y of the Treasury to reopen f o r the p e r formance of usual banking f u n c t i o n s are e n t i t l e d to nominate candidates f o r Class A aiid Class B d i r e c t o r s of Federal r e s e r v e banks and to vote i n the e l e c t i o n of such d i r e c t o r s . Very t r u l y yours, Chester M o r r i l l , Secretary. Inclosure. TO ALL FEDERAL RESERVE AGENTS EXCEPT RICHMOND. ,"WfW X-7449a June 3, 1933. Mr. W. W. Hoxton, Federal Reserve Agent, Federal Reserve Bank of Richmond, Richmond, V i r g i n i a . Dear Mr. Hoxton: Reference i s made to your l e t t e r of May 18, 1933, i n q u i r ing whether member "banks which have not "been l i c e n s e d by the Secret a r y of the Treasury to reopen may p a r t i c i p a t e i n e l e c t i o n s of Class A and Class B d i r e c t o r s of Federal r e s e r v e banks. Upon c o n s i d e r a t i o n of t h i s question, i t i s the opinion of the Federal Reserve Board t h a t member "banks, which have not been l i censed by t h e S e c r e t a r y of the Treasury to reopen f o r the performance of usual banking f u n c t i o n s and which have not been placed i n l i q u i d a t i o n or i n the hands of r e c e i v e r s or c o n s e r v a t o r s or S t a t e o f f i c i a l s having s i m i l a r a u t h o r i t y , are e n t i t l e d to nominate candidates f o r Clas A and Class B d i r e c t o r s of Federal r e s e r v e banks and to vote i n the e l e c t i o n of such d i r e c t o r s . The Board a l s o agrees with your view t h a t banks i n the hands of conservators or of S t a t e o f f i c i a l s having s i m i l a r a u t h o r i t y are not e n t i t l e d to nominate candidates f o r Class A and Class B d i r e c t o r s or t o vote i n the e l e c t i o n of such d i r e c t o r s . Very t r u l y yours, Chester M o r r i l l Secretary
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