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FEDERAL [RESERVE BAMK OF MEW YORK No. 11 December 23, 1987 [ Circular 10215 J Nomination of Class A Director For Ueexpired Portion of Term Emdieg December 319 19M To the Member Banks o f the Second Federal Reserve District: An election w ill be held under the provisions o f section 4 o f the Fed eral R eserv e A ct, as amended, to fill the vacancy in the o ffic e o f C lass A director o f this B a n k fo r the unexpired portion o f the term ending D ecem ber 3 1 , 1 9 8 8 , from w hich L e w is T . P r e s t o n has resigned effectiv e F e b ruary 1, 1 988. Mr. Preston was elected by m em ber banks in Group 1 and his su ccessor will b e chosen by this group. M em ber banks in Groups 2 and 3 will not participate in this election. T he classificatio n o f m em ber banks for the purposes o f nom ination and election o f C lass A and B directors o f the Federal R eserv e B an k o f New Y o rk is as follow s: Group 1 consists of banks with capital and surplus of more than $40 0 ,0 0 0 ,0 0 0 ; Group 2, of banks with capital and surplus of $30,0 0 0 ,0 0 0 to $ 4 0 0 ,0 0 0 ,0 0 0 , inclusive; and Group 3, o f banks with capital and surplus of less than $ 3 0 ,0 00,000. F o r the purposes o f this electio n, a m em ber b an k ’s classificatio n w ill be determ ined by its capital and surplus as o f the date o f this circular, even though its capital and surplus m ay change before the polls clo se. T he banks com prising Group 1 are listed on page 3. E ach m em ber bank in Group 1 is perm itted to nom inate a candidate fo r C lass A d ire cto r.* T h e nom inations should be made by resolutions o f the boards o f directors o f the * S e ctio n 4 o f th e F e d e ra l R e serv e A c t, as a m en d ed , re a d s in p a r t as follow s: “Class A shall consist of three members, without discrimination on the basis of race, creed, color, sex, or national origin, who shall be chosen by and be representative of the stockholding banks. . . . No officer or director of a member bank shall be eligible to serve as a class A director unless nominated and elected by banks which are members of the same group as the member bank of which he is an officer or director.” “Any person who is an officer or director of more than one member bank shall not be eligible for nomina tion as a class A director except by banks in the same group as the bank having the largest aggregate resources o f any of those of which such person is an officer or director.” “No Senator or Representative in Congress shall be a member of the Board of Governors o f the Federal Reserve System or an officer or a director of a Federal reserve bank.” [The Board of Governors of the Federal Reserve System has expressed the opinion that it is inappropriate, as a general rule, for directors of Federal Reserve Banks to hold partisan political or public office in the service of the United States, or of any State, Territory, county, district, political subdivision, or municipality thereof, to act as members of political party committees, or to serve as officers or directors of political action committees or as members of the governing bodies of such committees. The System’s policy is to avoid any situations that might give the appearance of associating the Reserve Banks with political activities.] nom inating banks (or by resolutions o f the b an k s’ execu tiv e com m ittees, if such com m ittees are em pow ered to take such action ), and certified copies o f such resolutions should be sent to this B an k so as to reach this B an k on or b efore 3 p .m . on M onday, January 2 5 , 1 9 8 8 . T h e enclosed printed form s show the appropriate form o f resolution, and one executed copy o f the form should b e re turned to this B an k. On January 2 7 , 1 9 8 8 , copies o f the list o f candidates (indicating by w hom nom inated) and preferential ballots w ill be m ailed to the banks in Group 1. T h e law provides that the ballot shall be cast w ithin 15 days after receipt o f this list. T he polls w ill open at 10 a .m ., Thursday, January 2 8 , 1 9 8 8 , and w ill clo se at 12 noon on Frid ay, February 12, 1 9 8 8 . U pon the closin g o f the po lls, the ballot bo x w ill be opened in the board room o f this B a n k , the votes counted and checked by tellers, and the result o f the election announced. T h e candidates m ay, if they so d esire, be present or repre sented on that o ccasion. In order to be counted as valid, the ballot must be executed by an o ffic e r authorized to cast the vote and must be received by this B a n k at or b efore the tim e thus fixed fo r the closin g o f the polls ( i . e . , at or before 12 noon on F rid ay, February 12, 1 9 8 8 ). T h e o fficers heretofore designated fo r this purpose by each bank in Group 1 are show n on the list on page 3. Any Group 1 bank that desires to change its authorization should do so by resolution o f its board o f directors; a certified copy o f such resolution must reach this B a n k before the polls clo se. A form for this purpose is enclosed. B ecau se banks in Groups 2 an d 3 will not participate in this election, this circu lar is sent to them without form s an d f o r their information only. J ohn R . O p e l , Chairm an o f the B oard. 2 Special Election of a Class A Director For Umexpired Portion off Term Ending December 31, 19§>$ List of 1® Member Banks tin Group 1 (Group 1 consists o f member banks with capital and surplus o f more than $400,000,000, on December 23, 19 8 7.) NEW YORK Place Name of Bank or Trust Company Officers Authorized to Cast Vote Buffalo Marine Midland Bank, N. A......................................................... . Chairman of the Board, Vice Chairman, or Secretary New York City The Bank of New York................................................................ Chairman of the Board, President, Senior Executive Vice President, or any Executive Vice President Bankers Trust Company............................................................ President, or any Vice President The Chase Manhattan Bank (National Association) ..................... Chairman of the Board, President, Vice Chairman of the Board, any Vice President, or Secretary Chemical Bank.......................................................................... Chairman of the Board, President, any Executive Vice President, or Secretary Citibank, N. A............................................................................ Chairman of the Board, Chairman of the Executive Committee, any Vice Chairman, President, any Executive Vice President, any Senior Vice President, any Vice President, or Cashier Irving Trust Company.................................................................. Chairman of the Board, President, any Executive Vice President, or any Vice President Manufacturers Hanover Trust Company....................................... Chairman of the Board, President, or any Vice President Morgan Guaranty Trust Company of NewYork............................ Chairman of the Board, a Vice Chairman, President, any Vice President, Cashier, or Secretary Republic National Bank of New York........................................... Chairman of the Board, President, any Vice President, or Cashier 3 D IR E C T O R S O F T H E F E D E R A L R E S E R V E BA N K O F N E W Y O R K Elected by Banks in Group Name and Occupation Class Term Expires Dec. 31 1 Lewis T. Preston Chairman of the Board Morgan Guaranty Trust Company of New York New York, N .Y . A 1988 2 Alberto M. Paracchini Chairman of the Board and President Banco de Ponce Ponce, Puerto Rico A 1989 3 Robert W. Moyer Vice Chairman and Chief Executive Officer Wilber National Bank Oneonta, N .Y . A 1987 1 Richard L. Gelb Chairman of the Board Bristol-Myers Company New York, N .Y . B 1988 2 John A. Georges Chairman of the Board International Paper Company Purchase, N .Y . B 1989 3 John F. W elch, Jr. Chairman of the Board General Electric Company Fairfield, Conn. B 1990 John R. Opel (C hairm an) Chairman of the Executive Committee International Business Machines Corporation New York, N .Y . C 1989 Virginia A. Dwyer (Deputy C hairm an) Former Senior Vice President-Finance American Telephone and Telegraph Company New York, N .Y . C 1987 John Brademas President New York University New York, N .Y . C 1988 <+H ° 13 c3 "C e o r$> £ p!^ P-i aj fl-v <U co J9 .£3 ±3 ~ oo 'ti «•> f * £ <D ■< -» 2G <1)« S S £/ s. I 4 N o m i n a t i o n of Federal for R e s e r v e Class B a n k A Director of N e w Y o r k For Unexpired Portion of Term Ending December 31, 1988 Group No. 1 District No. 2 At a meeting of the Board of Directors of the (Name of Bank) o f ...........................................................................................(or of the Executive Committee of such Board) (City or Town and State) duly called and held on the............... day o f ................................................................................................... , on motion duly made and seconded, it was “RESOLVED, That , whose occupation is of be, and is hereby, nominated by this bank as a candidate for class A director of the Federal Reserve Bank of New York for the unexpired portion of the term ending December 31, 1988, and the secretary or other officer of this bank is hereby authorized, empowered, and directed to send a certified copy of this reso lution to the Chairman of the Board of Directors of the Federal Reserve Bank of New York.” I hereby certify that the foregoing is a true and correct copy of a resolution of the Board of Directors of this bank, or of its Executive Committee, duly adopted on the date specified. I also certify that if the foregoing resolution was adopted by the Executive Committee of this bank’s Board of Directors, such Executive Committee is empowered to so act. (Seal of B ank) (Official signature) (Title) To MR. JOHN R. OPEL, Chairman of the B oard of Directors, F ederal Reserve B ank of New Y ork. FEDERAL RESERVE BANK OF WEW YORK Designation of Officers Authorized to Cast Vote of Member Bank in Elections of Directors of Federal Reserve Bank of New York D istrict No. 2 At a m eeting of the Board of D irectors of the (N am e and L o catio n of B a n k ) duly called and held on th e .......................... day o f ..................................... . 1 9 ............ . on motion duly m ade and seconded, it was “RESO LV ED , That the president, any vice president, or the cashier of this bank, or (I f designation of som e o ffice r not included in those m entioned is d esired , in sert his title only h e re ) of this bank, be and any one of them is hereby authorized, empowered and directed to cast the vote of this bank for class A and class B directors of the Fed eral Reserve Bank of New York, in accord an ce with the provisions of section 4 of the F ed eral Reserve A ct, as amended. “RE SO L V ED FU R T H E R , That the authority hereby granted shall continue in force until revoked by the B oard of D irectors of this bank and that such authority heretofore conferred on any officer of this bank is hereby revoked.” I hereby certify th at the foregoing is a true and co rrect copy of a resolution of the Board of D irectors of this bank, duly adopted on the date specified. Dated th e .................... day o f ........................................................ 1 9 ............ (O fficial sig n atu re) (SEAL OF BANK) (Title) To C hairman B oard of D irectors , F ed er al R es e r v e B ank of N ew Y ork . of t h e COMMITTEE ON RECOMMENDATION OF CANDIDATES FOR DIRECTORS OF THE FEDERAL RESERVE BANK OF NEW YORK December 23, 1987 Recommendation of Candidate in Special Election of Class A Director of the Federal Reserve Bank of New York To All Mem ber Banks in the Second Federal Reserve District: The Federal Reserve Bank of New York will hold an election to fill a vacancy on its Board of Directors for the unexpired portion of the term ending December 31, 1988, resulting from the resignation by Lewis T. Preston as a Class A director, effective February 1, 1988. Member banks in Group 1 — that is, member banks with capital and surplus of more than $400,000,000 — will participate in this election. The committee, appointed by the bankers associations of New York, New Jersey, and Connecticut to make rec ommendations to member banks of candidates for directors of the Federal Reserve Bank of New York, and to inform member banks of the qualifications of these candidates, recommends for nomination by Group 1 banks the following individual, who has consented to serve if elected: For Class A Director JOHN F. McGILLICUDDY Chairman and Chief Executive Officer Manufacturers Hanover Trust Company New York, N.Y. John F. McGillicuddy was born in Harrison, New York, on December 3 0 ,1 9 3 0 . He received a B.A. degree from Princeton University in 1952 and an LL.B. degree from Harvard University in 1955. Mr. McGillicuddy began his banking career with Manufacturers Hanover in 1958, becoming Vice President in 1962 and Senior Vice President in 1966. In 1969 he was promoted to Executive Vice President and Assistant to the Chairman. He was appointed Vice Chairman in 1970, President in 1971, and Chairman and Chief Executive Officer in 1979. Among his many civic and professional activities, Mr. McGillicuddy is a director of Ailegis Corporation, The Conti nental Corporation, Kraft, Inc., and USX Corporation. He is chairman of the board of Manufacturers Hanover Limited, a London-based merchant bank. He is also a member of the Business Roundtable, The Business Council, the Associ ation of Reserve City Bankers, and the Conference Board, Inc.; a trustee of Princeton University and the New York Public Library; a director of the National Football Foundation and Hall of Fame, Inc., National Multiple Sclerosis Soci ety, New York City Partnership, Inc., Economic Development Council of N.Y.C., and New York Chamber of Com merce and Industry. In addition, Mr. McGillicuddy is a member of the Executive Committee of The Cardinal’s Committee of the Laity, and the Board of Governors of The Society of the New York Hospital. He also serves as the member of the Federal Advisory Council of the Federal Reserve System representing the Second Federal Reserve District. RICHARD S. SIM M O N S, Committee Chairman Vice Chairman, Chemical Bank New York, New York D ESM O N D P. MCDONALD President, Midlantic National Bank Newark, New Jersey ROBERT W. BOUCHARD President and Chief Executive Officer Key Bancshares of New York Inc. Albany, New York HERM AN H. SU E N H O LZ President, First Jersey National Bank Jersey City, New Jersey ALBERT J. JULIANO President, Orange County Trust Company Middletown, New York R OBERT H. W IN S TA N LEY Executive Vice President New Canaan Bank and Trust Company New Canaan, Connecticut
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