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F E D E R A L RESERVE BANK O F NEW Y O R K r Circular No. 2 9 6 8 I July 2, 1945 REGULATION D, RESERVES OF MEMBER BANKS Amendment Effective August 1, 1945 To each Member Bank in the Second Federal Reserve District: T h e B o a r d o f G o v e r n o r s o f the F e d e r a l R e s e r v e System has adopted the f o l l o w ing amendment to its Regulation D , to become effective A u g u s t 1,1945, with respect to the computation of reserves o f member banks having out-of-town branches. RESERVES OF MEMBER BANKS AMENDMENT TO REGULATION D ISSUED BY T H E BOARD OF GOVERNORS OP T H E FEDERAL RESERVE S Y S T E M Section 2, subsection (a) of Regulation D is amended, effective August 1, 1945, by inserting immediately before the last paragraph of such subsection the following new paragraph: " F o r the purposes of this subsection and of paragraph (1) of subsection (a) of section 3 of this regulation, a member bank shall be considered to be in a central reserve city if the head office or any branch of such bank is located in a central reserve city, and a member bank shall be considered to be in a reserve city if the head office or any branch thereof is located in a reserve city and neither the head office nor any branch thereof is located in a central reserve city; provided that, if a member bank is considered to be in a central reserve city or a reserve city under this paragraph solely by reason of the location of an office of such bank in an outlying district of such a city or in territory added to such city by the extension of the city's corporate limits, such bank may, upon the affirmative vote of five members of the Board of Governors of the Federal Reserve System, be permitted to maintain lower reserve balances as above provided in this subsection." A d d i t i o n a l copies of this circular will be furnished u p o n request. ALLAN SPEOUL, President.