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FEDERAL RESERVE BANK
OF DALLAS

AMENDMENTS OF REGULATION L

November 9, 1938

To the Member Bank Addressed:
We are enclosing the text of two amendments of Regulation L which
have been promulgated by the Board of Governors of the Federal Reserve
System effective immediately.
It will be noted that the effect of these amendments is to permit the
continuance, until August 1, 1939, of certain interlocking relationships
which, until these amendments were adopted, were required by Regula­
tion L to be terminated on February 1, 1939. It should be noted, however,
that the time extension granted by the amendments does not apply to
more than one such interlocking relationship in the case of any one indi­
vidual.

Yours very truly,
b.a

. McK i n n e y ,
President

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

AMENDMENTS OF REGULATION L

INTERLOCKING BANK DIRECTORATES
UNDER THE CLAYTON ACT

Effective November 8, 1938

BOARD OF GOVERNORS

OF T H E FE D E R A L R E SE R V E SYSTEM

A M E N D M E N T S O F R E G U L A T IO N L

INTERLOCKING BANK DIRECTORATES
UNDER THE CLAYTON ACT

Effective November 8, 1938

Regulation L is amended, effective N ovem ber 8, 1938, as fo l­
lows :
(1 ) By adding the follow ing a fter the semicolon at the end
o f Section 3 (a) th ereof—
“ And any private banker or any director, officer, or em­
ployee o f a member bank o f the Federal Reserve System
who is law fully serving as a director, officer, or employee
o f a Morris Plan bank or similar institution on January
31, 1939, may continue such service until A ugust 1,
1939— ”
(2) B y changing the period at the end of section 3 to a sem i­
colon and adding at the end o f that section a new subsection
“ ( e ) ” as follow s:
“ (e) A ny director, officer, or employee o f any member
bank o f the Federal Reserve System who, on A ugust
23, 1935, was lawfully serving at the same time as a pri­
vate banker or as a director, officer, or employee o f any
other bank, banking association, savings bank, or trust
company and whose services in such capacities have
been continuous since such date, may continue, until
A ugust 1, 1939, to serve such m em ber bank and not more
than one other such bank, banking association, savings
bank, trust com pany or private banker.”