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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.”