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FEDERAL RESERVE BANK O F D A LL A S March 28, 1929. To the National Bank Addressed: The Federal Reserve Board has recently issued a ruling which will doubtless be of interest to all National banks that have obtained, or contemplate obtaining, permission to exercise fiduciary powers under the provisions of the Federal Reserve Act. In connection with an inquiry received by us from one of our National bank mem bers, we wired the Federal Reserve Board for a ruling as to whether or not National banks that have been authorized by the Board to act in the general capacity of Trustee are thereby legally qualified to act as Trustee in Bankruptcy, if so designated or appointed by a court of competent jurisdiction. On March 15, 1929, the Federal Reserve Board replied as follows: “Referring to your telegram of March 12th, the Board has today ruled that a National Bank which has received permission from the Board, under the provisions of Section 11 (k) of the Federal Reserve Act, to act as Trustee may act as Trustee in Bankruptcy under the provisions of the Federal Bankruptcy Act, iff to do so is not in contravention of the laws of the state in which such National bank is located/’ I am transmitting this ruling to all National banks in the Eleventh Federal Reserve District for their information ana guidance. Yours very truly, t&tM/cU&L? Federal Reserve Agent. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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