Full text of Federal Reserve Bank of New York Circulars : 3351. Amendment to Regulation L of the Board of Governors of the Federal Reserve System

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FEDERAL RESERVE BANK
OF NEW YORK

No. 3 3 5 1 1
July 12, 1948
J
(Circular

AMENDMENT TO REGULATION L OF THE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Effective July 1, 1948

To all Member Banks in the

Second Federal Reserve District:

The Board of Governors o f the Federal Reserve System has
amended its Regulation L, relating to interlocking bank directorates
under the Clayton Act, by adding a new paragraph ( /) at the end of
section 3. Enclosed herewith is a printed copy of the amendment,
effective July 1, 1948.
The amendment is similar in general effect to an exception which
is already contained in the law and in the regulation, except that, under
tile amendment, an agreement with the Board pursuant to section 25 of
the Federal Reserve Act is not required.
Additional copies of the amendment will be furnished upon request.




A

llan

S prou l,

President.

INTERLOCKING BANK DIRECTORATES
UNDER THE CLAYTON ACT
AMENDMENT TO REGULATION L

I ssu ed

by t h e

B oard

of

G overnors

of t h e

F ederal R eserve S y s t e m

S e c t i o n 3 o f R e g u l a t i o n L i s amended, e f f e c t i v e J u ly 1,
by a dd in g a t

the

end

thereof

the

Any d i r e c t o r ,

(f)

fo llo w in g
o ffice r,

or em plo yee o f a member

bank o f the F e d e r a l R e s e r v e Syst em may be a t
a director,
w hich

is

o ffice r,

p rin c ip a lly

the

U n ited

States

engaged

in

in te rn ation al

receive

except

as

i n t e r n a t i o n a l or f o r e i g n b u s i n e s s .




the same time

or em ployee o f not more than one bank

b a n k in g and w h ich d o e s n o t
in

1948,

new p a r a g r a p h :

d e p o sits

may be

or

fo reig n

or make l o a n s

in c id en ta l

to

its