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F ed eral r e se r v e b a n k OF DALLAS DALLAS. TEXAS May 25, 1951 To th e R e g is tra n t Addressed and O thers Concerned: In accordance -w ith th e p ro v is io n s o f S e c tio n 7 ( j ) o f Regula t io n t h is bank has de term in ed th a t an emergency e x is ts a ffe c tin g the c r e d it needs o f a s u b s ta n tia l number o f the in h a b ita n ts o f the town o f O lney, Texas, and i t s e n v iro n s . V I , A c c o rd in g ly , th e p ro v is io n s o f R e g u la tio n (o th e r than Sec t io n 8 ( a ) ) s h a ll n o t a p p ly to any e x te n s io n o f consumer c r e d it to in h a b ita n ts o f th e area m entioned co ncerning w hich the R e g is tra n t accepts in good f a i t h a S tatem ent sig ne d b y the o b lig o r c e r t if y in g th a t such c r e d it is to be used s o le ly f o r the replacem ent o r r e p a ir o f p ro p e rty damaged as a r e s u lt o f a to rn a d o w h ich v is it e d the area on o r about May 18, 1951 j p ro v id e d t h a t such e x te n s io n o f c r e d it i s extended p r io r to November 1 , 1951* VI I n t h is co n n e c tio n re fe re n c e i s made to S e c tio n 5 ( e) o f R e g u la tio n X f o r th e p ro v is io n s o f an exem ption fro m t h a t r e g u la tio n o f e x te n s io n s o f r e a l e s ta te c o n s tru c tio n c r e d it used s o le ly f o r th e re p la ce m e n t, r e c o n s tru c tio n o r r e p a ir o f s tr u c tu re s d e stro ye d o r damaged as a r e s u lt o f a d is a s te r . Yours v e ry t r u l y , H. R. DeMoss Vice President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
@FedFRASER