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1 R-587 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM STATEMENT FOR THE PRESS For immediate release January 3, 1940 The Board of Governors of the Federal Reserve System has amended section 3 of its Regulation L, relating to interlocking bank directorates under the Clayton Act, effective immediately, so as to permit any director, officer, or employee of a bank which does not exercise trust powers to serve a trust company which does not accept deposits. The amendment consists in striking out paragraph (c) of section 3 of Regulation L and substituting the following: - (c) Any director, officer, or employee of a member bank of the Federal Reserve System which does not exercise trust powers may be at the same time a director, officer, or employee of not more than one trust company which does not receive or hold deposits*; and any director, officer, or employee of a trust company which is a member of the Federal Reserve System and which does not receive or hold deposits* may be at the same time a director, officer, or employee of not more than one bank, banking association, or savings bank which does not exercise trust powers. *For the purpose of this paragraph, the term "deposits" shall not include funds received and held in a fiduciary capacity.
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