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F ederal
reserve
Ba n k
DALLAS, TE X A S
of
Dallas
75222
C ircular No. 79-115
July 11, 1979
AMENDMENT TO THE RULES REGARDING
DELEGATION OF AUTHORITY
TO ALL MEMBER BANKS,
BANK HOLDING COMPANIES,
AND OTHERS CONCERNED IN THE
ELEVENTH FEDERAL RESERVE DISTRICT:
The Secretary of the Board of Governors, for more convenient
reference, has approved amendments to the Board's Rules Regarding
Delegation of A uthority to add several previously unpublished delega
tions to the published rules.
Printed on the reverse of this c irc u la r is a copy of the amend
ment. Member banks and others that maintain Regulations Binders
should file the amendment in th e ir binders.
Additional copies of the amendment w ill be furnished upon
request to the Secretary's Office, E xt. 6267.
Sincerely yours,
Robert H . Boykin
First Vice President
Banks and others are encouraged to use the following incoming WATS numbers in contacting this Bank:
1-800-492-4403 (intrastate) and 1-800-527-4970 (interstate). For calls placed locally, please use 651 plus
the extension referred to above.
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
RULES REGARDING DELEGATION OF AUTHORITY
AMENDMENT!
Effective March 21, 1979, Section 265.2(f) is
amended by adding paragraphs ( 5 1 ) —(5 6 ) to read
as follows:
SECTION 265.2 — SPECIFIC FUNCTIONS
DELEG ATED TO BOARD EM PLO YEES AND
FED ER A L RESERVE BANKS
*
#
*
£
*
(f) Each Federal Reserve Bank is authorized:
*
:{« *
*
*
(51) To extend the time within which a bank
holding company may acquire shares, a new bank
to be acquired by a bank holding company may
be opened for business, or a merger may be con
summated in connection with an application ap
proved by the Board, if no material change that
is relevant to the proposal has occurred since its
•approval.
(52) To extend the time within which a bank
holding company must file its annual report.
(53) To extend the time within which
(i) a State member bank may establish
a domestic branch,
(ii) a member bank may establish a for
eign branch, or
(iii)
an “Edge Act” or “Agreement” cor
poration may establish a branch or agency, if no
material change has occurred in the bank’s (or
corporation’s) general condition since the appli
cation was approved.
(54) To extend the time within which an “Edge
A ct” or “Agreement” corporation or a member
bank may accomplish a purchase of stock that
has been authorized by the Board pursuant to
section 25 or 25(a) of the Federal Reserve Act,
if no material change has occurred in the general
condition of the corporation or the member bank
since such authorization.
(55) To extend the time within which Federal
Reserve membership must be accomplished, if no
material change has occurred in the bank’s gen
eral condition since the application was approved.
(56) To waive the penalty for deficient reserves
by a member bank if, after a review of all the
circumstances relating to such deficiency, the Re
serve Bank concludes that waiver of the penalty
is warranted, except that in no case shall a pen
alty for deficient reserves be waived if the de
ficiency arises out of the bank’s gross negligence
or conduct inconsistent with the principles and
purposes of reserve requirements.
t F o r this publication t o be com plete as am ended effective M a rch 21, 1979, retain:
1) Prin ted pam phlet as revised effective Au gu st 2, 1978;
2 ) A m en d m en t effective O cto b er 19, 1978, adding paragraph ( 7 ) to Section 2 6 5 .2 (b );
3 ) A m en d m en t effec tiv e January 1, 1979, S ectio n 265.2;
4 ) A m en d m en t effective M a rc h 10, 1979, Section 2 6 5 .2 (f);
5 ) A m en d m en t effec tiv e A p r il 26, 1979, Section 2 6 5 .2 (a ); and
6 ) T h is slip sheet.
3-21-79 (R e tr o a c tiv e )
@FedFRASER