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2 3-9099 FEDERAL RESERVE BOARD STATEMENT TOR THE PRESS For immediate r e l e a s e . October 27, 1934. WITHDRAWALS OF CASH OR SECURITIES FROM OLD ACCOUNTS ON AMD AFTER NOVEMBER 15, 1934. Ruling Ho. 33 interpreting Regulation T. In reply to certain inquiries as to whether cash or s e c u r i t i e s may "be withdrawn from designated old accounts on and a f t e r November 15, 1934, the Federal Reserve Board points out that the third proviso of s e c t i o n 7(a) of Regulation T i s by i t s terms applicable only to withdrawals made prior to that date. Accordingly the Board rules that: (1) On and a f t e r November 15, 1934, s e c u r i t i e s may be withdrawn from a designated old account to any extent not forbidden by section 4 of the regulation; and (2) On and a f t e r November 15, 1934, cash may not be withdrawn from a designated old account, whether r e s t r i c t e d or unrestricted, i f such withdrawal r e s u l t s i n an increase i n the adjusted debit balance of the account i n v i o l a t i o n of the second proviso of s e c t i o n 7(a) of the regulation or i s forbidden by section 4 of the regulation.
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