The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK OF NEW YORK [ Circular No. 10267 November 17, 1988 "| J Nomination off Directors For Terms of Office Ending December 31, 1991 To the Member Banks o f the Second Federal Reserve District: A n e l e c tio n w ill b e h e ld u n d e r th e p r o v is io n s o f s e c tio n 4 o f th e F e d e r a l R e s e r v e A c t, a s a m e n d e d , to c h o o s e s u c c e s s o r s , to s e r v e f o r th r e e - y e a r te r m s , to th e f o llo w in g d ir e c to r s o f th is B a n k , w h o s e te r m s w ill e x p ir e D e c e m b e r 3 1 , 1 9 8 8 : c la s s A d ir e c to r , John F. McGillicuddy, C h a ir m a n o f th e B o a r d , M a n u f a c tu r e r s H a n o v e r T r u s t C o m p a n y , N e w Y o r k , N . Y . , a n d c la s s B d ir e c to r , R ichard L. G elb , C h a ir m a n o f th e B o a r d , B r is t o l- M y e r s C o m p a n y , N e w Y o r k , N .Y . Both directors were elected by member banks in Group 1 and their successors will be chosen by this group. M em ber banks in Groups 2 and 3 will not participate in this election. T h e c l a s s i f i c a t io n o f m e m b e r b a n k s f o r th e p u r p o s e s o f n o m in a tio n a n d e l e c tio n o f C l a s s A a n d B d ir e c to r s o f th e F e d e r a l R e s e r v e B a n k o f N e w Y o r k is a s f o llo w s : Group 1 consists of banks with capital and surplus of more than $400,000,000; Group 2, of banks with capital and surplus of $30,000,000 to $400,000,000, inclusive; and Group 3, of banks with capital and surplus of less than $30,000,000. F o r th e p u r p o s e s o f th is e l e c tio n , a m e m b e r b a n k ’s c l a s s i f i c a t io n w ill b e d e t e r m in e d b y its c a p ita l a n d s u r p lu s a s o f th e d a t e o f th is c i r c u la r , e v e n th o u g h its c a p ita l a n d s u r p lu s m a y c h a n g e b e f o r e th e p o lls c l o s e . T h e b a n k s c o m p r i s in g G r o u p 1 a r e lis te d o n p a g e 3 . E a c h m e m b e r b a n k in G r o u p 1 is p e r m i tte d to n o m in a te o n e c a n d id a te f o r c l a s s A d ir e c to r a n d o n e c a n d id a te f o r c l a s s B d i r e c to r .* T h e n o m in a tio n s s h o u ld b e m a d e b y r e s o lu t io n s o f th e * Section 4 of the Federal Reserve Act, as amended, reads in part as follows: “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 of any of those of which such person is an officer or director.” “Class B shall consist of three members, who shall represent the public and shall be elected without discrimination on the basis of race, creed, color, sex, or national origin, and with due but not exclusive con sideration to the interests of agriculture, commerce, industry, services, labor, and consumers. . . . No di rector of class B shall be an officer, director, or employee of any bank.” “No Senator or Representative in Congress shall be a member of the Board of Governors of the Federal Reserve System or an officer or a director of a Federal reserve bank.” [The Board o f 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 o f 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.] b o a r d s o f d ir e c to r s o f th e n o m in a tin g b a n k s ( o r b y r e s o lu t io n s o f th e b a n k s ’ e x e c u t iv e c o m m itt e e s , i f s u c h c o m m itt e e s a r e e m p o w e r e d to ta k e s u c h a c tio n ) , a n d c e r tif ie d c o p i e s o f s u c h r e s o lu t io n s s h o u ld b e s e n t to th is B a n k so a s to r e a c h th is B a n k o n o r b e f o r e 3 p . m . o n T u e s d a y , D e c e m b e r 1 3 , 1 9 8 8 . T h e e n c lo s e d p r in te d f o r m s s h o w th e a p p r o p r ia t e f o r m s o f r e s o l u t i o n , a n d one executed copy o f th e a p p r o p r ia t e f o r m f o r e a c h n o m in a tio n s h o u ld b e r e tu r n e d to th is B a n k . O n D e c e m b e r 1 4 , 1 9 8 8 , c o p ie s o f th e l is t o f c a n d id a te s ( in d ic a tin g b y w h o m n o m in a te d ) a n d p r e f e r e n t i a l b a l lo ts w ill b e m a ile d to th e b a n k s in G r o u p 1. T h e la w p r o v id e s t h a t th e b a l lo t s h a ll b e c a s t w ith in 15 d a y s a f te r r e c e ip t o f th is lis t. T h e p o lls w ill o p e n a t 10 a . m . , T h u r s d a y , D e c e m b e r 1 5 , 1 9 8 8 , a n d w ill c lo s e a t 12 n o o n o n F r id a y , D e c e m b e r 3 0 , 1 9 8 8 . U p o n th e c l o s in g o f th e p o l l s , th e b a l l o t b o x w ill b e o p e n e d in th e b o a r d r o o m o f th is B a n k , th e v o te s c o u n t e d a n d c h e c k e d b y t e l l e r s , a n d th e r e s u lt s o f th e e l e c tio n a n n o u n c e d . T h e c a n d id a te s m a y , i f th e y s o d e s ir e , b e p r e s e n t o r r e p r e s e n t e d o n th a t o c c a s io n . I n o r d e r to b e c o u n t e d a s v a l id , th e b a l lo t m u s t b e e x e c u t e d b y a n o f f ic e r a u t h o r i z e d to c a s t th e v o te a n d m u s t b e r e c e iv e d b y th is B a n k a t o r b e f o r e th e tim e th u s f ix e d f o r th e c l o s in g o f th e p o lls ( i . e . , a t o r b e f o r e 12 n o o n o n F r i d a y , D e c e m b e r 3 0 , 1 9 8 8 ). T h e o f f ic e r s h e r e to f o r e d e s ig n a t e d f o r th is p u r p o s e b y e a c h b a n k in G r o u p 1 a r e s h o w n o n th e l is t o n p a g e 3 . A n y G r o u p 1 b a n k th a t d e s ir e s to c h a n g e its a u t h o r i z a t io n s h o u ld d o s o b y r e s o lu t io n o f its b o a r d o f d ir e c to r s ; a c e r tif ie d c o p y o f s u c h r e s o lu t io n m u s t r e a c h th is B a n k b e f o r e th e p o lls c lo s e . A f o r m f o r th is p u r p o s e is e n c lo se d . Because banks in Groups 2 and 3 w ill not participate in this election, this circular is sent to them without form s and fo r their information only. John R. Opel, Chairman o f the Board. 2 Electron of Directors For Terms of Office Ending December 31, 1991 List of the 1® Member Banks in Grump 1 (Group 1 consists o f member banks with capital and surplus o f more than $400,000,000, on November 17, 1988.) 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 Y ork.................................................................... 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 B ank.................................................................................... 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 Com pany....................................................................... . 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 New Y o rk .......................... Chairman of the Board, a Vice Chairman, President, any Vice President, Cashier, or Secretary Republic National Bank of New Y o r k ........................................... . 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 B A N K O F N E W Y O R K E le c te d b y T erm B a n k s in E x p ir e s G ro u p N a m e a n d O c c u p a ti o n C la s s D e c . 31 1 J o h n F . M c G i llic u d d y A 1988 A 1989 A 1990 B 1988 B 1989 B 1990 C 1989 c 1990 c 1988 C h a ir m a n o f th e B o a r d M a n u f a c tu r e r s H a n o v e r T r u s t C o m p a n y N e w Y o r k , N .Y . 2 A lb e r to M . P a r a c c h in i C h a ir m a n o f th e B o a r d a n d P r e s id e n t B anco de P once P o n c e , P u e r to R ic o J . K ir b y F o w l e r 3 P r e s id e n t a n d C h i e f E x e c u tiv e O f f ic e r T h e F le m i n g to n N a ti o n a l B a n k a n d T r u s t C o m p a n y F l e m i n g to n , N .J . 1 R i c h a r d L . G e lb C h a ir m a n o f th e B o a r d B r is t o l- M y e r s C o m p a n y N e w Y o r k , N .Y . 2 Jo h n A . G eo rg es C h a ir m a n o f th e B o a r d I n te r n a t io n a l P a p e r C o m p a n y P u r c h a s e , N .Y . J o h n F . W e lc h , J r. 3 C h a ir m a n o f th e B o a r d G e n e r a l E le c tr ic C o m p a n y F a ir f i e ld , C o n n . C h a ir m a n o f th e E x e c u tiv e C o m m itt e e I n te r n a t io n a l B u s in e s s M a c h in e s C o r p o r a ti o n N e w Y o r k , N .Y . e s e r v e S y s te m n o rs o f th e F e d e ra l ited b y th e B o a r d o f Jo h n R . O pel (C h a irm a n ) u ® a. o E lle n V . F u tte r ( D e p u t y C h a i r m a n ) P r e s id e n t B a r n a r d C o l le g e N e w Y o r k , N .Y . M a u r ic e R . G r e e n b e r g P r e s id e n t a n d C h i e f E x e c u tiv e O f f ic e r A m e r ic a n I n te r n a t io n a l G r o u p , I n c . N e w Y o r k , N .Y . 4 Nomination for Class A Director of Federal Reserve Bank of New York For Three-Year Term Ending December 31, 1991 D istr ic t N o . 2 G roup N o . i A t a m e etin g o f the B o ard o f D irec to rs o f the (Name of Bank) o f .................................................................................................(o r o f the E x ec u tiv e C o m m itte e o f su ch B oard) (City or Town and State) d uly ca lle d an d h e ld on t h e ................. d ay o f .................................................................................................. 1988, on m o tio n d u ly m a d e a n d se co n d e d , it w as “R E S O L V E D , T h a t of , w h o se o c c u p a tio n is be, an d is h e re b y , n o m in a te d by this b an k as a c a n d id a te fo r class A d ire c to r o f th e F e d e ra l R e serv e B an k o f N ew Y o rk fo r th e th re e -y e a r te rm en d in g D e c e m b e r 3 1 , 1991, a n d th e se c re ta ry o r o th e r o ffic er o f this b a n k is h ere b y a u th o riz e d , e m p o w e re d , an d d ire c te d to sen d a c e rtifie d c o p y o f this reso lu tio n to the C h a irm a n o f th e B o a rd o f D ire c to rs o f th e F ed era l R e serv e B a n k o f N ew Y o rk .” I h ere b y ce rtify th a t th e fo re g o in g is a tru e an d c o rre c t c o p y o f a re so lu tio n o f th e B o a rd o f D irec to rs o f th is b a n k , o r o f its E x ec u tiv e C o m m itte e , d u ly a d o p te d on th e d ate sp e cifie d . I also ce rtify th a t if th e fo re g o in g re so lu tio n w as ad o p ted by the E x e c u tiv e C o m m itte e o f this b a n k ’s B o a rd o f D ire c to rs, such E x e c u tiv e C o m m itte e is e m p o w e re d to so act. (S eal of B ank) (Official signature) (Title) T o M R . JO H N R . O P E L , C h a ir m a n of the B oard of D F ed er a l R eser v e B a n k ir e c t o r s, of N ew York. Nomination for Class B Director of Federal Reserve Bank of New York For Three-Year Term Ending December 31, 1991 D ist r ic t N o . 2 G roup N o . i 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 . . . ............................................................................. 1988, on motion duly made and seconded, it was “RESOLVED, That ............................................................................................................................ of .............................................................................................................................. . whose occupation is be, and is hereby, nominated by this bank as a candidate for class B director of the Federal Reserve Bank of New York for the three-year term ending December 31, 1991, and the secretary or other officer of this bank is hereby authorized, empowered, and directed to send a certified copy of this resolution 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. (S eal of Bank) (Official signature) (Title) To MR. JOHN R. OPEL, C h a ir m a n of the B oard Fe d er a l R eser ve B of D ir e c t o r s , ank of N ew Y ork. FEDERAL RESERVE BANK OF NEW YORK D esign ation of O fficers A u th orized to Cast V ote o f M em b er B an k in E lection s of D irectors o f F ed era l R eserve B an k o f N e w Y ork D istrict N o . 2 At a meeting of the Board of Directors of the (N am e and Location of Bank) duly called and held on the.......................day o f ................................. 19.............. on motion duly made and seconded, it was “RESOLVED, That the president, any vice president, or the cashier of this bank, or (If d esign ation of som e o ffic e r not included in those m en tion ed is desired, insert his lilJe only h ere) of this bank, be and any one of them is hereby authorized, empowered and directed to cast the vote of this bank fo r class A and class B d ire c to rs o f th e Federal Reserve Bank of New York, in accordance with the provisions of section 4 of the Federal Reserve Act, as amended. “RESOLVED FURTHER, That the authority hereby granted shall continue in force until revoked by the Board of Directors of this bank and that such authority heretofore conferred on any officer of this bank is hereby revoked.” I hereby certify that the foregoing is a true and correct copy of a resolution of the Board of Directors of this bank, duly adopted on the date specified. Dated the................. day o f ................................................. 19.......... (O fficial sign atu re) (SEAL OF BANK) (Title) T o Chairman of the B oard of D irectors, F eder al R eserve B ank of N e \v Y ork.
@FedFRASER