Full text of District Notices (Federal Reserve Bank of Dallas) : Amendment to Rules Regarding Delegation of Authority, Circular No. 70-210

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F ederal Reserve Bank

DALLAS, TEXAS

of

Dallas

75222

Circular No. 70-210
September 2, 1970

AMENDMENT TO
RULES REGARDING DELEGATION OF AUTHORITY

To All Member Banks
in the Eleventh Federal Reserve District:
The Board of Governors of the Federal Reserve System
has amended, effective August 25, 1970, section 265.1(a) of its
nRules Regarding Delegation of Authority” so as to delegate to
a Board member authority to grant specific consent to certain
stock acquisitions by Edge corporations.
A copy of the amendment is enclosed for insertion in
the ring binder containing the Regulations of the Board of
Governors and the Bulletins of this Bank.
Yours very truly,
P. E. Coldwell
President
Enclosure (l)

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 Regarding Consent to Certain Investments by Edge Corporations

Effective August 25, 1970, subparagraph (2) of
§ 265.1a(a) is amended to read as follows:

a company chartered under the laws of a foreign
country or (2) a company chartered under the
laws of a State of the United States that is organ­
SECTION 265.1a — SPECIFIC FUNCTIONS
ized and operated for the purpose of financing
D ELEG A TED TO BOARD MEMBERS.
exports from the United States, provided that such
acquisition does not result, either directly or in­
(a) Any Board member designated by the Chair­
directly, in the acquisition by such bank or corpo­
man is authorized under sections 25 and 25(a) of
ration of effective control of any such company
the Federal Reserve Act and Parts 211 and 213
(other than a company performing nominee, fi­
of this chapter (Regulations K and M):
duciary, or other banking services incidental to the
sjj
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activities of a foreign branch or affiliate of such
bank or corporation); and to approve any such
(2)
To grant specific consent to the acquisition, acquisition that may exceed the limitations in
either directly or indirectly, by a member bank or
section 25(a) of the Federal Reserve Act based on
an Edge or Agreement corporation of stock of (1)
such a corporation’s capital and surplus.