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BOARD OF G O V E R N O R S X-9657 OF THE 53 FEDERAL RESERVE SYSTEM WASHINGTON A D D R E S S OFFICIAL C O R R E S P O N D E N C E TO T H E B O A R D July 21, 1956 SUBJECT: Securities and Exchange Commission's Rulings Under Section 17(c) of Public Utility Holding Company Act of 1955. Dear Sir: There is inclosed a copy of Release No. 271 of the Securities and Exchange Commission, consisting of the rules of the Commission under section 17(c) of the Public Utility Holding Company Act of 1935 and of a preliminary statement issued in connection therewith. Section 17(c) makes it unlawful after August 26, 1956 for a registered holding company or any of its subsidiaries to have as an officer or director any person who is an officer or director of a bank, trust company, investment banker or similar financial institution, except in such cases as rules prescribed by the Commission may permit; and the inclosed rules are those prescribed by the Commission pursuant to this section. The office of the Comptroller of the Currency has not circularized the national banks regarding this matter, and it is not suggested that you should circularize the state member banks in your district. However, the matter is being brought to your X-9657 - 2 ~ attention in order that you may be in a position to answer any questions which may arise in connection with member banks in your district. Very truly yours, Chester Morrill, Secretary. Inclosure. TO ALL FEDERAL RESERVE AGENTS.
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