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FED ER AL RESERVE BANK O F N E W YO R K /"Circular No. 3 5 0 0 1 L October 3, 1949 J Nomination and Election of Directors To Member Banks in the Second Federal Heserve D istrict: A n e lectio n w ill be h eld u n d er the p r o v is io n s o f se c tio n 4 o f the F e d e r a l R e s e r v e A c t , as a m e n d e d , to ch o o se su cc e sso rs to the fo llo w in g d ire c to r s o f th is ban k w h o se te r m s w ill ex p ire D e c e m b e r 3 1, 1 9 4 9 : c la ss A d ire cto r, W i n t h r o p W . A l d r i c h , C h a irm a n o f the B o a r d , T h e C h a se N a tio n a l B a n k o f th e C ity o f N e w Y o r k , N e w Y o r k , N . Y . , a n d cla ss B d ire cto r, L H. B rown, e w is C h a ir m a n o f th e B o a r d , J o h n s -M a n v ille C o r p o r a tio n , N e w Y o r k , N . Y . B oth directors were elected by member banks in Group 1 and their successors will be chosen by this group. The member banks in Groups 2 and 3 will not participate in this election. The classification of member banks for the purpose of nomination and election of Class A and B directors of the Federal Reserve Bank of New York is as follows: Group 1 consists of banks having capital and surplus of $10,000,000 or over (listed on page 3) ; Group 2, of banks with capital and surplus over $400,000 but less than $10,000,000; and Group 3, of banks having capital and surplus of $400,000 and less. Except in the case of two or more banks affiliated with the same holding company affiliate*, each bank in Group 1 is permitted to nominate a candidate for class A director and a candidate ♦Section 4 of the Federal Reserve Act, as amended, reads in part as follows: “ . . . That whenever any two or more member banks within the same Federal reserve district are affiliated with the same holding company affiliate, participation by such member banks in any such nomination or election shall be confined to one o f such banks, which may be designated fo r the purpose by such holding company affiliate. * * Accordingly, banks in Group 1 affected by the foregoing provision of the law are requested to take prompt action to have the appropriate holding company affiliate designate, if it has not already designated, one of its affili ated banks to participate in this nomination and election. for class B director. ** The nominations should be made by resolution of the boards of directors of the nominating banks and certified copies of such resolutions should be sent to me so as to reach me on or before October 31,1949. The enclosed printed forms show the appropriate forms of resolution and one copy of each form should be used in sending certified copies of the resolu tions to me. On November 2,1949, copies of the list of candidates (indicating by whom nominated) and preferential ballots will be mailed so that, in the normal course of the mails, they will be received by all banks in Group 1 on November 3, 1949. The law provides that the ballot shall be cast within 15 days after receipt of this list. The polls will open on November 3, 1949, and will close at 12 o ’clock noon on Friday, November 18, 1949. Upon the closing of the polls the ballot box will be opened in the board room of this bank, the votes counted and checked by tellers, and results of the election announced. The candidates will be invited to be present or represented on that occasion. In order to be counted as valid, the ballot must be executed by an officer authorized to cast the vote and must be received by me at or before the time thus fixed for the closing of the polls (i.e., at or before 12 o ’clock noon on Friday, November 18, 1949). The list on the following page shows the officers heretofore designated for this purpose by the respective banks in Group 1. The banks in Groups 2 and 3 will not participate in this election, and this circular is sent to them ivithout form s fo r their inform ation only. R obert T . S tevens, Chairman of the Board. ♦♦Section 4 of the Federal Reserve Act, as amended, reads in part as follows: “ Class A shall consist o f three members, who shall be chosen by and be representative o f the stock holding banks. . . . N o officer or director o f a member bank shall be eligible to serve as a class A director unless nominated and elected b y banks which are members o f the same group as the member bank o f which he is an officer or director. “ A ny person who is an officer or director o f more than one member bank shall not be eligible fo r nomination as a class A director except by banks in the same group as the bank having the largest aggregate resources o f any o f those o f which such person is an officer or director.” “ Class B shall consist o f three members, who at the time o f their election shall be actively engaged in their district in commerce, agriculture or some other industrial pursuit. . . . N o director o f class B shall be an officer, director, or employee o f any bank.” “ N o Senator or Representative in Congress shall be a member o f the Board o f Governors o f the Federal Beserve System or an officer or a director o f a Federal reserve ban k.” In a resolution adopted December 23, 1915, the Board of Governors of the Federal Reserve System expressed the opinion “that persons holding political or public office in the service of the United States, or of any State, territory, county, district, political subdivision, or municipality thereof, or acting as members of political party committees, cannot consistently with the spirit and underlying principles of the Federal Reserve Act, serve as directors or officers of Federal Reserve Banks.” On December 28, 1915, the Board of Governors of the Federal Reserve System resolved that “national bank examiners shall not hereafter be elected ♦ ♦ ♦ to directorships in Federal Reserve Banks.” Under date of July 2, 1925, the Board of Governors of the Federal Reserve System advised it had “reached the conclusion that a person whose sole occupation is that of officer of an insurance com pany is not eligible for election as a class B director of a Federal Reserve Bank” , and on October 18, 1939, the Board advised “ that a person whose sole occupation is that of president of a Federal savings and loan association and who has been serving as a class A director is not now eligible for election and service as a class B director”. M r. Robert T. , St e v e n s , , Chairman Board o f Directors Federal Reserve Bank of New York, Federal Reserve P. 0 . Station, New York 45, N. Y. FED ER AL R ESER VE BANK O F N E W YO R K Designation of Officers Authorized to Cast Vote of Member Bank in Elections of Directors of Federal Reserve Bank of New York D is t r ic t No. 2 A t a meeting of the Board of Directors of the (Name and Location of Bank) duly called and held on th e ..........................day o f .............................................., 1 9 4 . . . . , on motion duly made and seconded, it was “ R E S O L V E D , That the president, any vice president, or the cashier of this bank, or (If designation of some officer not included in those mentioned is desired, insert his title on ly here) of this bank, be and any one of them is hereby authorized, empowered and directed to cast the vote of this bank for class A and class B directors of the Federal Reserve Bank of New York, in accordance with the provisions of section 4 of the Federal Reserve A ct, as amended. “ R E S O L V E D F U R T H E R , That the authority hereby granted shall continue in force until revoked by the Board of Directors of this bank and that such authority heretofore conferred on any officer of this bank is hereby revoked. ’ ’ I hereby certify that the foregoing is a true and correct copy of a resolution of the Board of Directors of this bank, duly adopted on the date specified. Dated th e ..................... day o f ..................................................., 1 9 4 . . . . (Official signature) (S eal of B a n k ) (Title) To C h a ir m a n F ederal R of th e eserve B B oard an k of of N D ir e c to r s , ew Y ork. FED ER AL R ESER VE BANK OF N E W YORK Nomination for Class A Director, 1949 D is tr ic t N o. 2 G rou p N o. 1 A t a meeting of the Board of Directors of t h e ...................................................... (Name of Bank) o f ........................................................................................ duly called and held on the........................... day (City or Town and State) o f............................................................1949, on motion duly made and seconded, it was “ R E S O L V E D , That.......................................................................................... , of............ .......................... whose occupation i s .............................................................. , be, and he is hereby, nominated by this bank as a candidate for director of class A of the Federal Reserve Bank of New York, and the cashier or other officer of this bank is hereby authorized, empowered and directed to send a certified copy of this resolution to the Chairman of the Board of Directors of the Federal Reserve Bank of New Y o rk .” I hereby certify that the foregoing is a true and correct copy of a resolution of the Board of Directors of this bank duly adopted on the date specified. (S eal of B a n k ) (Official signature) To M R . R O B E R T T. S T E V E N S , C h a ir m a n F op t h e ederal R B oard of eserve B an k D ---------ir e c t o r s , of N ew Y ork. (T itle) FEDERAL RESERVE B ANK O F N E W YO R K Nomination for Class B Director, 1949 D is t r i c t N o . 2 G roup N o. 1 A t a meeting of the Board of Directors of the................................................................................... (Name of Bank) of........................................................................................ duly called and held on the..............................day (City or Town and State) o f......................................................... 1949, on motion duly made and seconded, it was “ R E S O L V E D , That........................................................................................, of....................................... whose occupation i s ............................................................, be, and he is hereby, nominated by this bank as a candidate for director of class B of the Federal Reserve Bank of New York, and the cashier or other officer of this bank is hereby authorized, empowered and directed to send a certified copy of this resolution to the Chairman of the Board of Directors of the Federal Reserve Bank of New Y o rk .” I hereby certify that the foregoing is a true and correct copy of a resolution of the Board of Directors of this bank duly adopted on the date specified. ( S eal of B a n k ) (Official signature) To M R . R O B E R T T. S T E V E N S , C h a ir m a n F of ederal the R B oard eserve B of an k ........... D ir e c t o r s , of N ew Y ork. (T itle ) 1949 Election of Directors List of 24 Member Banks in Group 1 Revised to September 30, 1949 Group 1 consists o f m em ber banks having capital and surplus of $10,000,000 or over N E W JE R SE Y Place Newark Bank or Trust Company Officers Authorized to Cast Vote Fidelity Union Trust C o m p a n y ............................................. Chairman, President, or any Vice Presi dent NEW YORK Brooklyn Brooklyn Trust C o m p a n y ................................................... President, any Vice President, or Secre tary Buffalo Manufacturers and Traders Trust Company President, any Vice President, or Secre tary . . . . Buffalo The Marine Trust Company o f B u f f a l o .......................... President, or any Vice President New York City Bank o f the Manhattan C o m p a n y ...................................... Honorary Chairman, Chairman, Chairman, or President Bank o f New York and F ifth Avenue Bank Vice . . . . Bankers Trust C o m p a n y .......................................................... President, or any Viee President Central Hanover Bank and Trust Company President, or any Vice President desig nated by the President . . . . The Chase National Bank o f the City o f New Y ork . Chairman o f the Board o f Directors, President, any Vice President, or Cashier Chemical Bank & Trust C o m p a n y ...................................... President, or any Viee President City Bank Farmers Trust C o m p a n y ................................ President, any Vice President, or Secre tary The Commercial National Bank and Trust Company of New Y o r k ............................................................................. President, any Vice President, or Cashier Corn Exchange Bank Trust C o m p a n y .......................... The First National Bank o f the City o f New York . Guaranty Trust Company o f New Y o r k .......................... Irving Trust C o m p a n y .......................................................... Manufacturers Trust C o m p a n y ............................................. The Marine Midland Trust Company o f New York Rochester Chairman, Vice Chairman, President, or any Viee President President, any Vice President, or Cashier President, any Vice President, or Secre tary Chairman, or in his absence, the PresiChairman o f the Board, Vice Chairman o f the Board, President, Chairman o f the Trust Committee, or any Vice President Chairman o f the Board, President, any Vice President, or Chairman o f the Executive Committee President, or any Vice President President, any Vice President, or Cashier President, or any Vice President J. P. Morgan & Co. I n c o r p o r a t e d ................................ The National City Bank o f New Y o r k .......................... The New York Trust C o m p a n y ............................................. The Public National Bank and Trust Company o f New York ............................................................................. President, any Vice President, or Cashier United States Trust Company o f New York . . . . President, or any Viee President Lincoln Rochester Trust C o m p a n y ....................................... President, or any Vice President 3
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