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FED ER AL R ESER VE B AN K O F N E W YO R K
Fiscal Agent of the United States
N o. 3 7 7 1
{ Circular
October 18. 1951
Offering o f $1,200,000,000 of 91-Day Treasury Bills
Dated October 25, 1951
Maturing January 24, 1952
T o all Incorporated Banks and Trust Companies in the
Second Federal Reserve District and Others Concerned:
Following is the text o f a notice published today:
F O R R E L E A S E , M O R N IN G N E W S P A P E R S ,
T h u rsd a y, O c t o b e r 18, 1951.
TREASU RY DEPARTM EN T
W a s h in g to n
T h e S e cre ta ry o f the T rea su ry, b y this p u b lic n otice, invites tenders fo r $1,200,000,000, or thereabouts, o f 91-day T rea su ry
bills, fo r cash and in e x ch a n g e fo r T rea su ry bills m aturing O c to b e r 25, 1951, in the a m ou n t o f $1,200,544,000, to be issued o n a
d iscou n t basis under co m p etitive and n on -co m p e titiv e b id d in g as h ereinafter provid ed . T h e bills o f this series w ill be dated
O c t o b e r 25, 1951, and w ill m ature January 24, 1952, w h en th e face a m ou n t w ill be p ayable w ith ou t interest. T h e y w ill be issued
in bearer fo r m o n ly, and in den om in ation s o f $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (m a tu rity v a lu e).
T e n d e rs w ill be receiv ed at Federal R eserve B anks and B ra n ch es up t o the c lo s in g hour, tw o o ’ c lo ck p.m ., E astern
Standard tim e, M on d a y , O c to b e r 22, 1951. T en d ers w ill n ot be receiv ed at the T r e a s u ry D epa rtm en t, W a s h in g to n . E ach
ten der m u st b e fo r an even m u ltiple o f $1,000, and in the case o f com p etitive ten ders the p rice offered m u st be exp ressed on
the basis o f 100, w ith n o t m ore than th ree decim als, e.g., 99.925. F ra ction s m a y n ot be used. It is u rged that tenders be
m ade on th e printed fo rm s and forw a rd ed in th e special en velopes w h ich w ill b e supplied b y F ed eral R e serv e B anks o r
B ra n ch es o n a pp lica tion th erefor.
O th e rs than b a n k in g institutions w ill n ot be perm itted t o subm it ten ders e x cep t fo r their ow n a ccou n t. T en d ers w ill be
receiv ed w ith o u t d ep o sit fro m in corp ora ted banks and trust com p a n ies and fr o m respon sib le and recog n ized dealers in in vest
m en t securities. T e n d e rs fr o m oth ers m ust be a ccom p a n ied b y pa ym en t o f 2 percen t o f the fa ce a m ou n t o f T rea su ry bills
a pplied fo r, unless the tenders are a ccom p a n ied b y an exp ress gu a ra n ty o f paym ent b y an in corp ora ted ba n k o r trust com p a n y .
Im m ed ia tely a fter the clo s in g hour, ten ders w ill be op en ed at the F ed eral R eserve B anks and B ran ches, fo llo w in g w hich
p u blic a n n ou n cem en t w ill be m ade b y the S ecreta ry o f the T rea su ry o f the a m ou n t and p rice ran ge o f a ccep ted bids. T h o s e
s u b m ittin g ten ders w ill b e advised o f the a ccep ta n ce or re je ctio n th ereof. T h e S ecreta ry o f the T rea su ry e x p ressly reserves
the righ t to a cce p t o r re ject any or all tenders, in w h o le or in part, and his a ction in a n y such resp ect shall b e final. S u bject
t o th ese reservations, n o n -co m p e titiv e tenders fo r $200,000 o r less w ith ou t stated p rice fr o m a n y on e b id d er w ill be a ccep ted
in fu ll at th e a vera ge p rice (in three decim a ls) o f a ccep ted com p etitive bids. S ettlem ent fo r a ccep ted ten ders in a ccord a n ce
w ith the bids m u st be m ade o r com p leted at the F ed era l R e serv e B ank on O c t o b e r 25, 1951, in cash o r o th e r im m ediately avail
able fu n ds o r in a like fa ce a m ou n t o f T rea su ry bills m atu rin g O c t o b e r 25, 1951. Cash and exch a n ge tenders w ill receiv e equal
treatm ent. Cash adjustm ents w ill be m ade fo r d ifferen ces betw een the par value o f m atu rin g bills a ccep ted in exch a n ge and
the issue price o f the n ew bills.
T h e in co m e derived fro m T rea su ry bills, w h eth er interest or gain fr o m the sale or oth er d isp osition o f the bills, shall
n o t h av e a n y exem p tion , as such, and lo s s fr o m the sale o r oth er d isp osition o f T r e a s u ry bills shall n ot have a n y special
treatm ent, as such, u nder the Internal R even u e C ode, o r law s a m en d a tory or supplem entary thereto. T h e bills shall be
s u b je ct to estate, inheritance, gift, o r oth er excise taxes, w h eth er F ed eral or State, but shall be ex em p t fr o m all taxation
n o w o r h ereafter im p o se d on the principal o r interest th e re o f b y a n y State, o r a n y o f th e possession s o f the U n ited States,
o r b y a n y lo ca l ta x in g authority. F o r pu rposes o f taxation the a m ou n t o f d iscou n t at w h ich T rea su ry bills are origin a lly
s o ld b y th e U n ited States shall be con sid ered t o b e interest. U n d er S ection s 42 and 1 1 7 (a )(1 ) o f th e In tern a l R even u e
C ode, as a m en ded b y S ection 115 o f the R even u e A c t o f 1941, th e a m ou n t o f d iscou n t at w h ich bills issued hereun der are
so ld shall n o t be con sid ered t o a ccru e u ntil such bills shall be sold, red eem ed o r oth erw ise disp osed o f, and such bills are
exclu d e d frb m con sidera tion as capital assets. A c c o r d in g ly , the ow n er o f T r e a s u ry bills (o th e r than life insurance com p a n ie s)
issued hereun der need in clude in his in co m e tax return o n ly the differen ce betw een th e price paid fo r such b ills, w h eth er
o n origin a l issue o r o n subsequen t pu rch ase, and the a m ou n t actu ally receiv ed either u p on sale or red em ption at m aturity
du rin g the taxable yea r fo r w hich the return is m ade, as ord in a ry gain o r loss.
T re a su ry D e p a rtm e n t C ircu lar N o. 418, as am en ded, and this n otice, p rescrib e th e term s o f th e T rea su ry bills and g ov e rn
the con d ition s o f th eir issue. C opies o f the circular m ay be obtain ed fr o m a n y F ed era l R e serv e B ank or B ranch.
This Bank will receive tenders up to 2 p.m., Eastern Standard time, Monday, October 22, 1951, at the Securities
Department o f its Head Office and at its Buffalo Branch. Please use the form on the reverse side of this circular to
submit a tender, and return it in an envelope marked “ Tender for Treasury Bills.” Payment for the Treasury bills
cannot be made by credit through the Treasury Tax and Loan Account. Settlement must be made in cash or other
immediately available funds or in maturing Treasury bills.
A l l a n S p r o u l , President.
Results of last offering of 91-day Treasury bills, dated October 18, 1951, maturing January 17, 1952
Total applied f o r ....$1,922,582,000
Total accepted ...............$1,200,221,000 (includes $177,841,000
entered on a non-com petitive basis
and accepted in fu ll at the average
price shown below )
A verage price . . . .
99.592
Equivalent rate o f discount
approx. 1.615% per annum
Range o f accepted competitive b id s :
H igh .........................
99.615
L ow
99.588
.........................
Equivalent rate
approx. 1.523%
Equivalent rate
approx. 1.630%
o f discount
per annum
o f discount
per annum
(49 percent o f the amount bid fo r at the low
price was accepted)
Federal Reserve
District
Total
Applied fo r
$
Philadelphia
Cleveland ........
Richm ond . . .
Atlanta ..........
Chicago ...........
St. L ouis . . . .
Minneapolis . .
Kansas City .
D allas ...............
San Francisco
24,418,000
1,393,079,000
33,392,000
63,186,000
29,575,000
21,359,000
126,975,000
25,015,000
14,382,000
53,199,000
53,338,000
84,664,000
$1,922,582,000
Total
Accepted
$
24,418,000
720,049,000
18,392,000
63,186,000
29,575,000
21,359,000
95,445,000
24,964,000
14,382,000
53,099,000
53,238,000
82,114,000
$1,200,221,000
( over)
26E
IMPORTANT— If you desire to bid on a competitive basis, fill in rate per 100 and maturity
value in paragraph headed "Competitive Bid.” If you desire to bid on a non-competitive
basis, fill in only the maturity value in paragraph headed "Non-competitive Bid.” DO
N O T fill in both paragraphs on one form. A separate tender must be used for each bid,
except that banks submitting bids on a competitive basis for their own and their customers*
accounts may submit one tender for the total amount bid at each price, provided a list is
attached showing the name of each bidder, the amount bid for his account, and method
of payment. Forms for this purpose will be furnished upon request.
N o...............................
T E N D E R F O R 9 1 -D A Y T R E A S U R Y BILLS
Dated October 25, 1951
To F e d e r a l R e s e r v e B a n k
of
N
ew
Maturing January 24, 1952
Y
Dated a t ................................
ork,
Fiscal Agent o f the United States.
1951
COMPETITIVE BID
NON-COMPETITIVE BID
Pursuant to the provisions o f Treasury
Department Circular No. 418, as amended, and
to the provisions o f the public notice on October
18, 1951, as issued by the Secretary o f the Treas
ury, the undersigned offers................................. *
Pursuant to the provisions o f Treasury
Department Circular No. 418, as amended, and
to the provisions of the public notice on October
18, 1951, as issued by the Secretary of the Treas
ury, the undersigned offers a non-competitive
tender for a total amount o f $ ................................
(Rate per 100)
for a total amount o f $ . .............. ......................
(maturity value) o f the Treasury bills therein
described, or for any less amount that may be
awarded, settlement therefor to be made at your
Bank, on the date stated in the public notice, as
indicated below:
□
By surrender o f maturing Treasury bills
(Not to exceed $200,000)
(maturity value) o f the Treasury bills therein
described, at the average price (in three deci
mals) of accepted competitive bids, settlement
therefor to be made at your Bank, on the date
stated in the public notice, as indicated below:
□
By surrender of maturing Treasury bills
amounting t o .................. $____________1__________
amounting t o .................. $__________________ _
□
□
By cash or other immediately available funds
By cash or other immediately available funds
* P rice must be expressed on the basis o f 1 0 0 , with not
more than three decimal places, fo r example, 99.925.
The Treasury bills for which tender is hereby made are to be dated October 25, 1951, and are to
mature on January 24, 1952.
This tender will be inserted in special envelope marked “ Tender for Treasury Bills.”
Name of Bidder
By ...
(Please print)
(Official signature required)
(Title)
Street Address
(City, Town or Village, P.O. No., and State)
If this tender is submitted by a bank for the account of a customer, indicate the customer’s name on line below:
(Name of Customer)
(City, Town or Village, P.O. No., and State) *.■
IMPORTANT INSTRUCTIONS:
1. N o tender for less than $1,000 will be considered, and each tender must be for an even multiple of $1,000
(maturity value).
2. I f the person making the tender is a corporation, the tender should be signed by an officer of the corpora
tion authorized to make the tender, and the signing of the tender by an officer of the corporation will be construed as a
representation by him that he has been so authorized. If the tender is made by a partnership, it should be signed by a
member of the firm, who should sign in the form “ .......................................................................... .........................a copartnership, by
........................................................................................................................ a member of the firm.”
3. Tenders will be received without deposit from incorporated banks and trust companies and from respon
sible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent
of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment
by an incorporated bank or trust company.
4. If the language of this tender is changed in any respect, which, in the opinion of the Secretary of the
Treasury, is material, the tender may be disregarded.
Payment by credit through Treasury Tax and Loan Account will not be permitted.
Digitized forT EFRASER
N T B — 1112-a
( over)
^
7
BY-LAW S
of the
FEDERAL RESERVE BANK
OF NEW YO R K
As Amended Effective October 5, 1951
and
BY-LAW S
of Its
BUFFALO BRANCH
As Amended Effective March 1,1947
Issued October 1951
7
/
BY-LAW S
of the
FEDERAL RESERVE BANK
OF NEW YORK
As Amended Effective October 5, 1951
and
BY-LAW S
of Its
BUFFALO BRANCH
As Amended Effective March 1, 1947
Issuetl O ctober 1951
CONTENTS
BY-LA W S
Page
Federal Reserve Bank of New York . . . .
1
Buffalo Branch ..........................................
15
BY-LAWS OF THE FEDERAL
RESERVE BANK OF NEW YORK.
A r tic le
I.— Board of Directors.
S e c t i o n 1. Quorum and m anner o f acting.
— A m a jority o f the directors shall constitute
a quorum fo r the transaction o f business, and
action by the board o f directors shall be upon
vote o f a m ajority o f the directors present at
any m eeting o f the board a t w hich a quorum
is present, but less than a quorum m ay
adjourn fro m tim e to tim e until a quorum
is in attendance.
S e c t i o n 2 . V acancies.— A s soon as practi
cable a fter the occurrence o f any vacancy in
the m em bership o f the board, the chairm an
o f the board shall take such steps as m ay be
necessary to cause such vacancy to be filled
in the manner provided b y law.
S e c t i o n 3 . M eetings.— There shall be a
regular m eeting o f the board on the first and
1
2
B Y -L A W S
third Thursday of each calendar month at
2 o’clock p.m. (or at such other hour as
the board may order) unless that day be a
holiday, in which case the meeting shall be
held on the next preceding business day un
less otherwise ordered by the board. The
board or the chairman or deputy chairman of
the board may call a special meeting at any
time and the chairman or deputy chairman
shall do so upon the written request of any
three directors, or of the president, or the
first vice president in the absence of the presi
dent. Notice of regular and special meetings
may be given by the secretary or an assistant
secretary and shall be given by mail or by
telegraph addressed to each director at the
place designated by him to the secretary from
time to time as the place to which to send
notices of such meetings intended for him.
If given by mail, such notice shall be mailed
at least two days before the date of the
meeting. If given by telegraph, such notice
shall be dispatched at least twenty-four
hours before the time of the meeting. Notices
FED E RA L RESERVE B A N K
OF
NEW
YORK
3
o f m eetings need not state the purpose
th ereof or the business to be transacted
thereat. N otice o f any m eeting m ay be dis
pensed w ith i f each o f the directors w ithin
the U nited States at the tim e such m eeting is
held shall in w riting or b y telegraph waive
such notice or shall attend such m eeting.
S e c t i o n 4. Powers.— The business o f this
Bank shall be conducted under the supervision
and control o f its board o f directors, su bject
to the supervision vested by law in the Board
o f Governors o f the Federal R eserve System .
The board o f directors shall appoint the
officers and fix their com pensation.
The board m ay appoint counsel fo r the
Bank w ith such duties and com pensation as
the board m ay determine.
S e c t io n
Special com m ittees. — Special
the Bank m ay be referred b y the
tim e to time to special com m it
shall exercise such pow ers as the
delegate to them.
5.
business o f
board from
tees, w hich
board m ay
4
B Y -L A W S
S e c t i o n 6 . Order o f business.— T h e board
m ay fro m tim e to tim e make such regulations
as to order o f business as m ay seem t o it
desirable.
A r t i c l e I I .—
Executive Committee.
S e c t i o n 1. H ow constituted. — There shall
be an executive com m ittee consisting o f the
chairm an o f the board o f directors who when
present shall serve as its chairm an and fou r
or m ore directors chosen by the board, who
shall serve during th e pleasure o f the board
or fo r term s fixed by it. A ll other directors
are invited to attend the m eetings o f the
com m ittee, and while so attending shall also
be m em bers o f the com m ittee f o r all purposes,
including the constitution o f a quorum . Three
or m ore m em bers o f the com m ittee shall
constitute a quorum fo r the transaction of
business, and action by the com m ittee shall
be upon the vote o f a m a jority o f those pres
ent at any m eeting o f the com m ittee at
which a quorum is present.
FE D E RA L RESERVE B A N K
OF N EW
YORK
5
E xcept as otherw ise prescribed by this
article the com m ittee or the board o f direc
tors shall have pow er to fix the tim e and place
o f holding regular or special m eetings o f the
com m ittee and the m ethod o f g ivin g notice
th e re o f; but unless otherw ise prescribed
m eetings o f the com m ittee m ay be called in
the same manner and upon the same notice,
and notice o f such m eetings m ay be dispensed
w ith in the sam e manner, as provided in
section 3 o f A rticle I o f these by-law s w ith
respect to m eetings o f the board o f directors.
I f a quorum o f the m em bers o f the board o f
directors is not present at a m eeting o f the
board, and i f a m a jority o f the m em bers o f
the board present at such m eeting so request,
the executive com m ittee shall m eet imm edi
ately upon the adjournm ent o f such m eeting
o f the board o f directors, and no notice o f
such m eeting o f the executive com m ittee
shall be required.
Minutes of all meetings of the executive
committee shall be submitted to the board of
6
B Y -L A W S
directors at its next succeeding m eeting.
Such m inutes, or a digest th ereof, shall be
read to the m eeting if requested b y any m em
ber o f the board.
[Resolution adopted by Board of Directors, June 1, 1950:
“ VOTED that, until otherwise ordered by the board of
directors or the executive committee, a regular meeting of
the executive committee be held at the office o f the Bank at
2 o’clock p.m. on Thursday o f each week in which no meeting
o f the board of directors is held except (1 ) if that day be
a holiday, the meeting shall be held on the next preceding
business day unless otherwise ordered by the board o f direc
tors or the executive committee, and (2 ) if that day be the
fifth Thursday of any calendar month, no such meeting shall
be held on that day (or the business day next preceding it
if it be a holiday) unless either (a) no meeting o f the board
of directors or o f the executive committee was held during
the calendar week next preceding the week in which such
fifth Thursday occurs, or (b) the chairman, the deputy chair
man, the president, or (in the absence o f the president) the
first vice president requests that such a meeting be held.” ]
S e c t i o n 2 . Powers.— Su bject to the super
vision and control o f the board o f directors,
as set forth in A rticle I, section 4, the execu
tive com m ittee shall, between m eetings o f the
board o f directors, have pow er to direct the
business o f the Bank, and to exercise all
the pow er and authority vested by law in the
FE D E RA L RESERVE B A N K OF N E W
YORK
7
board o f directors in so fa r as such pow er
and authority m ay law fully be delegated to
the com m ittee.
A r tic le
III.— Officers.
S e c t i o n 1. The board o f directors shall ap
point, su bject to the approval o f the Board
o f Governors o f the Federal R eserve System,
a president and a first vice president, each
fo r a term o f five years com m encing on
M arch 1, 1936, and on or b efore M arch 1 o f
each fifth year th ereafter shall appoint, sub
je c t to the approval o f the Board o f G over
nors o f the Federal R eserve System , a presi
dent and a first vice president, each fo r a
term o f five years com m encing on M arch 1 o f
such y e a r ; and at the first m eeting o f the
board o f directors in January o f each year
shall appoint one or m ore vice presidents, one
or m ore assistant vice presidents, one or m ore
m anagers o f departm ents o f the Bank, a
secretary, an assistant secretary, and a gen
eral a u d itor; and m ay at any tim e whenever
8
B Y -L A W S
fo r any reason any office is vacant make an
appointm ent to fill such office, and m ay from
tim e to tim e appoint such additional or other
officers as the board m ay determ ine to be
necessary and appropriate fo r the conduct of
the business o f the Bank. In case a vacancy
in the office o f president or first vice president
shall occu r during the five year term o f such
office the appointm ent to fill such vacancy
shall be fo r the unexpired portion o f such
term and shall be su bject to the approval of
the Board o f Governors o f the Federal R e
serve System . The same person m ay be ap
pointed to hold m ore than one office at the
same tim e except that the president or first
vice president m ay not be appointed to hold
any other office. The officers chosen b y the
board shall hold office during the pleasure o f
the board.
Chairman o f the Board. — The
chairm an o f the board shall preside at all
m eetings th ereof and shall perform such
other duties as the board m ay require.
S e c tio n
2.
FE DERAL RESERVE B A N K OF N E W
YORK
9
S e c t i o n 3 . D eputy Chairman.— In the ab
sence or disability o f the chairm an, his pow
ers and duties as chairm an shall be exercised
and perform ed b y the deputy chairman.
In the absence o f both the chairm an and
deputy chairman, the third Class C director
shall preside at m eetings o f the board and o f
the executive com m ittee.
S e c t i o n 4. President.— S u b ject to the su
pervision and control o f the board o f direc
tors, th e president shall be the ch ie f execu
tive officer o f the Bank and all other officers
and all em ployees o f the Bank shall be directly
responsible to him. The president shall have
power to prescribe, or to delegate to any
other officer or officers the pow er to prescribe,
the duties o f other officers and o f agents and
em ployees o f the Bank where such duties are
not specifically prescribed b y law or by the
board o f directors or by the executive com
m ittee or by the by-la w s; and shall have
power to appoint such com m ittees o f officers
o f the Bank and others as he m ay fro m time
10
B Y -L A W S
to tim e deem advisable, and to prescribe the
powers and duties o f such com m ittees where
such pow ers and duties are not specifically
prescribed b y the board o f directors or by the
executive com m ittee. T he president m ay sus
pend or rem ove any em ployee o f the Bank.
S e c t i o n 5. First Vice President.— D uring
the absence or disability o f the president, or
during any vacancy in the office o f th e presi
dent, the first vice president shall, su bject to
the supervision and control o f the board o f
directors, serve as ch ie f executive officer o f
the Bank and shall have all the pow ers o f the
president. T he other duties o f the first vice
president shall be such as m ay fro m tim e to
time be prescribed by the president, where
such duties are not specifically prescribed by
law o r by the board o f directors or b y the
executive com m ittee or by the by-law s.
S e c t i o n 6. Vice Presidents.— The duties o f
the vice presidents shall be such as m ay
fro m tim e to tim e be prescribed b y the presi
F E D E RA L RESERVE B A N K O F N E W
YORK
11
dent, where such duties are not specifically
prescribed b y the board o f directors, or by the
executive com m ittee.
S e c t i o n 7 . Assistant Vice Presidents.—
The duties o f th e assistant vice presidents
shall be such as m ay fro m tim e to tim e be
prescribed by the president, where such
duties are not specifically prescribed b y the
board o f directors, or by the executive com
mittee.
S e c t i o n 8 . Managers.— The duties o f the
m anagers shall be such as m ay fro m tim e to
tim e be prescribed by the president, where
such duties are not specifically prescribed by
the board o f directors, or by the executive
com m ittee. E ach m anager shall have the
title o f m anager o f the departm ent or o f each
departm ent to w hich he shall be assigned
from tim e to tim e b y the president.
S e c t i o n 9. Secretary and Assistant Secre
tary.— The secretary or assistant secretary
12
B Y -L A W S
shall keep the m inutes o f all m eetings o f the
board, o f the executive com m ittee, and o f all
com m ittees o f the board unless som e other
person is designated to keep any such m in
utes. T hey shall have custody o f the seal o f
the Bank w ith pow er to affix same to cer
tificates o f stock o f the Bank, to acknowledg
ments o f assignm ents o f registered bonds o f
the United States, to instrum ents and docu
ments the execution o f w hich m ay fro m time
to tim e be authorized by the board or b y the
executive com m ittee, and to certified copies
o f resolutions, extracts from m inutes, and
oth er records o f the Bank. The board o f
directors m ay appoint a secretary pro tem.
with power, or em power one or m ore officers,
to affix the seal o f the Bank to certificates of
stock or other instrum ents or docum ents, and
otherw ise to exercise the pow ers o f the secre
tary, upon any occasion when in the dis
cretion o f the board greater convenience can
be attained thereby. The secretary and the
assistant secretary shall have such other
duties as m ay fro m tim e to tim e be pre
FEDERAL RESERVE B A N K O F N E W
YORK
13
scribed by the president, w here such duties
are not specifically prescribed b y the board
o f directors, or b y the executive com m ittee.
A r tic le
IV .—Certificates of Stock.
A ll certificates o f stock, or o f paym ent o f
or on account o f stock subscriptions, shall be
signed b y the president, the first vice presi
dent, or another vice president and the secre
tary or an assistant secretary, or such other
officers as m ay be designated by the board;
and such certificates shall bear the corporate
seal.
A r tic le
V .—Business Hours.
The Bank shall be open fo r business from
10 o’clock a.m. to 3 o ’clock p.m. on each week
day other than Saturday, except that it shall
not be open fo r business on days or parts o f
days which are public or legal holidays. On
Saturdays w hich are not public or legal holi
days fo r the Bank, the Bank shall be open
14
B Y -L A W S
fo r business from 10 o ’clock a.m. to 12 o ’clock
noon.
[The Bank is closed on each Saturday pursuant to the
terms o f the following resolution adopted by the board of
directors at its meeting held March 6, 1947:
“ VOTED that, pursuant to the provisions o f Sections 24
and 24-a o f the General Construction Law o f New York,
as amended by Chapter 22 o f the Laws o f 1947, the Federal
Reserve Bank o f New York, including its Buffalo Branch,
be closed on each Saturday beginning April 5, 1947, and
until further action o f this board.”
While the foregoing resolution is in effect, each Saturday
is “ a public holiday and a holiday” with respect to the Bank.]
A r tic le
VI.— Amendments.
These by-law s m ay be amended at any
regular or special m eeting o f the board by a
m a jority v ote o f the entire b oa rd : Provided
that at least five days prior to such m eeting
there shall have been m ailed to each m em ber
o f the board a written notice o f such m eeting
stating that a proposal to amend the by-laws
will be presented to such m eeting, unless
w aiver th ereof shall have been m ade in w rit
ing.
BY-LAWS OF THE BUFFALO BRANCH
OF THE
FEDERAL RESERVE BANK
OF NEW YORK.
A r tic le
I.
S e c t i o n 1 . Name and place of business.—
The name o f this branch shall be the Buffalo
Branch o f the Federal R eserve Bank o f New
Y ork and it shall have its principal place o f
business in the C ity o f Buffalo, State o f New
Y ork.
Branch territory.— The terri
tory apportioned to the Branch shall be that
part o f the State o f N ew Y ork included in the
counties o f M onroe, Livingston, Allegany,
Orleans, Genesee, W yom ing, Cattaraugus,
N iagara, Erie, and Chautauqua.
S e c t io n
2.
Powers and functions.— Sub
je c t to such rules and regulations as the
S e c t io n
3.
15
16
B Y -L A W S
Board o f Governors o f the Federal Reserve
System m ay prescribe, and to the direction
and control o f the Federal R eserve Bank of
N ew Y ork, th e Branch shall have authority
to act fo r, and to exercise and perform pow
ers and functions of, the Federal Reserve
Bank o f N ew Y ork as fo llo w s :
(a) To make and receive paym ents, rem it
tances, and tran sfers o f funds, in any
manner.
(b ) T o receive and collect cash and non
cash item s.
(c ) T o open and m aintain on its books de
posit accounts fo r m em ber banks and
nonm em ber clearing banks located in
Branch territory.
(d ) To receive from banks located in
Branch territory applications fo r dis
counts, rediscounts, loans, and ad
vances, and fo r renewals and exten
sions th e re o f; to grant, r e je ct and
BUFFALO BRAN CH
17
otherw ise act upon such applications;
to make, renew, extend and collect
such discounts, rediscounts, loans, and
advances; and to hold, and take all
action deemed necessary or appropri
ate in connection w ith, collateral fo r
such discounts, rediscounts, loans, and
advances.
(e) To receive from individuals, partner
ships o r corporations located in
Branch territory applications fo r ad
vances secured by obligations o f the
United States under the paragraph
added to Section 13 o f the Federal
Reserve A c t b y the A ct o f M arch 9,
1933, as such paragraph has been, or
m ay h ereafter be, amended, and fo r
renewals and extensions th e r e o f; to
grant, re je ct or otherw ise act upon
such applications; to make, renew, ex
tend, and collect such advances; and
to hold, and take all action deemed
necessary or appropriate in connection
with, collateral fo r such advances.
18
B Y -L A W S
(f)
To hold custody o f securities.
(g ) T o act as depositary and fiscal agent
o f the U nited States and o f any agency
o r instrum entality o f the United
States.
(h ) T o do, exercise and perform any other
acts, pow ers and functions, w hich
have been or m ay h ereafter be au
thorized, granted, requested or di
rected b y the Federal R eserve Bank
o f N ew Y ork.
(i)
To do and perform any and all acts
and things deemed to be incidental to,
or necessary or appropriate in connec
tion with, any o f the acts, powers or
functions w hich are herein referred
to, or w hich the Branch has been or
m ay hereafter be authorized to do,
execute or perform .
S e c t i o n 4 . R eports. — The
Branch shall
make such reports as m ay be required by the
Federal R eserve Bank o f N ew Y ork.
BUFFALO BRAN CH
A r tic le
19
II. — Board of Directors.
S e c t i o n 1 . Number, term of office, and
quorum.— The board o f directors o f the
Branch (usually referred to in these by-laws
as the “ board” ) shall consist o f seven m em
bers, fou r o f whom shall be appointed by the
Federal R eserve Bank o f N ew Y o rk and three
by the Board o f Governors o f the Federal
R eserve System , and all o f whom shall be
appointed in accordance w ith the regulations
o f the Board o f G overnors o f the Federal
R eserve System relating to branches o f Fed
eral Reserve Banks. The full term o f office
fo r each director shall be three years. The
term s o f office o f the directors shall be so
arranged that the term o f office o f one di
rector appointed b y the Board o f Governors
o f the Federal Reserve System shall expire
at the end o f each year, the term o f office
o f one director appointed b y the Federal
Reserve Bank o f N ew Y ork shall expire at
the end o f the years 1947 and 1948 and every
third year after each o f said years, and the
term o f office o f tw o directors appointed by
20
B Y -L A W S
the Federal R eserve Bank o f N ew Y ork shall
expire at the end o f the year 1949 and every
third yea r thereafter. The Federal R eserve
Bank o f N ew Y ork shall designate as chair
man o f the board, annually or whenever there
shall be a vacancy in the office o f chairm an
o f the board, one o f the directors appointed
by th e Board o f G overnors o f the Federal
Reserve System . A m a jority o f the direc
tors shall constitute a quorum fo r the trans
action o f business but less than a quorum
m ay adjourn fro m tim e to tim e until a
quorum is in attendance.
S e c t io n 2.
V acancies. — A n appointment
to a vacancy in the m em bership o f the board
shall be m ade in the sam e manner as the
appointm ent o f the person whose place is
vacant, and the person so appointed shall
hold office fo r the unexpired term o f his
predecessor.
S e c t i o n 3 . M eetings. — There shall be a
regular m eeting o f th e board on such day o f
BUFFALO
BRANCH
‘2 1
each m onth and at such time as the board
shall designate. The chairm an m ay call a
special m eeting at any tim e, and shall do
so upon the request o f the Federal Reserve
Bank o f N ew Y ork or the w ritten request o f
the general m anager or any two directors o f
the Branch. N otice o f any m eeting, i f given
b y mail, shall be mailed at least tw o days
prior to the date o f such m eeting, and, if
given by telegraph or telephone, shall be
dispatched at least tw en ty-fou r hours before
the tim e o f such m eeting.
S e c t i o n 4. Powers.— The board shall su
pervise the operations o f the Branch under
the direction and control o f the Federal R e
serve Bank o f N ew Y ork and su bject to such
regulations as the Board o f Governors o f
the Federal R eserve System m ay prescribe.
S e c t i o n 5 . Order of business.— The board
m ay from tim e to tim e make any rules as
to order o f business that seem to it de
sirable.
22
B Y -L A W S
A r tic le
III. — Executive Committee.
S e c t i o n 1. How constituted.— The board
m ay appoint an executive com m ittee con
sisting o f three or m ore directors. N ot less
than tw o m em bers o f the com m ittee shall
constitute a quorum.
S e c t i o n 2 . M eetings.— The executive com
m ittee shall m eet at such tim es as m ay be
designated b y the board or on call in such
manner as m ay be authorized by the board.
Powers.— Subject to the direc
tion and control o f the Federal R eserve Bank
o f N ew Y ork and the board o f directors o f
the Branch, the executive com m ittee shall
have the follow in g pow ers:
S e c tio n
3.
(a ) To pass upon, and to grant, reject,
and otherw ise act upon, applications
to the Branch fo r discounts, redis
counts, loans, and advances, and for
renewals and extensions thereof.
BUFFALO
BRANCH
23
(b ) T o exercise such other pow ers as m ay
be delegated to such com m ittee by the
board.
A r tic le
IV . — Discount Committee.
S e c t i o n 1. How constituted.— T h e board
m ay appoint a discount com m ittee Consist
ing o f the general m anager, the assistant
manager, the cashier, each assistant cashier,
and the ch ie f o f the credit and discount di
vision. N ot less than tw o m em bers o f the
com m ittee shall constitute a quorum fo r the
transaction o f business.
S e c t i o n 2. Meetings.— The discount com
m ittee shall m eet daily (Sundays and holi
days excepted), provided there is business
fo r the com m ittee to transact, or on call at
such tim es as the business o f the Branch m ay
require.
S e c t i o n 3 . Powers.— S u bject to the direc
tion and control o f the Federal Reserve Bank
24
B Y -L A W S
o f N ew Y o rk and the board o f directors o f
the Branch, the discount com m ittee shall
have pow er and authority to pass upon, and
to grant, reject, and otherw ise a ct upon, ap
plications to the B ranch fo r discounts, redis
counts, loans, and advances, and fo r renewals
and extensions thereof.
A r tic le
V .—
Special Committees.
Special business o f the Branch m ay be
referred fro m time to tim e to special com
mittees, w hich shall exercise such powers
as the board m ay delegate to them su bject
to the direction and control o f the Federal
Reserve Bank o f N ew Y ork.
A r tic le
V I. — Officers.
Appointed by the Federal Re
serve Bank of New York.— The officers o f
the Branch, who shall be chosen by the board
o f directors o f the Federal R eserve Bank of
N ew Y ork, shall be the general m anager and
S e c tio n
1.
BUFFALO BRAN CH
25
such other officers as the board o f directors
o f the Federal R eserve Bank o f N ew Y ork
m ay from tim e to tim e determ ine t o be
necessary and appropriate fo r the conduct
o f the business o f the Branch. T h ey shall
hold office during the pleasure o f the board
o f directors o f the Federal Reserve Bank o f
N ew Y ork.
S e c t i o n 2 . General M anager.— The general
m anager shall be the active m anager o f the
Branch and shall have general charge thereof.
In all cases where duties o f subordinate
officers o f the Branch are not specifically
prescribed b y the by-law s or the board o f
directors o f the Branch or b y the Federal
Reserve Bank o f N ew Y ork, th ey shall be
the duties prescribed by the general manager.
S e c t i o n 3. A ssistant M anager.— The as
sistant m anager shall perform such duties
as m ay be prescribed b y the general m an
ager, subject to the approval o f the board.
In the absence or disability o f the general
manager, the assistant m anager shall exer
26
B Y -L A W S
cise the pow ers and discharge the duties o f
the general manager.
S e c t i o n 4. Cashier.— The cashier, or such
other person as m ay be designated b y the
board, shall keep the m inutes o f the m eetings
o f the board and o f all com m ittees appointed
by the board. In the absence or disability
o f the assistant m anager, or if the office o f
assistant m anager is vacant, the cashier
shall exercise the powers and discharge the
duties o f the assistant m anager. The cashier
shall also perform such other duties as m ay
be prescribed by the general m anager, sub
je c t to the approval o f the board.
S e c t i o n 5. Assistant Cashiers.— Each as
sistant cashier shall perform such duties as
m ay be prescribed by the general m anager,
su b ject to the approval o f the board. In the
absence or disability o f the cashier, the as
sistant cashier designated by the board or
by the general m anager shall exercise the
powers and discharge the duties o f the
cashier.
BUFFALO
BRANCH
27
S e c t i o n 6 . Salaries of officers and employ
ees.— The board o f directors o f th e Federal
R eserve Bank o f N ew Y o rk shall fix the com
pensation o f officers and em ployees o f the
Branch, su b ject to the approval o f the Board
o f Governors o f the Federal R eserve System .
S e c t i o n 7.
Expenditures. — A ll expendi
tures o f the Branch shall be su b ject to the
control o f the board o f directors o f th e Fed
eral Reserve Bank o f N ew Y ork.
S e c t i o n 8 . Counsel.— The general counsel
o f the Federal R eserve Bank o f N ew Y ork
shall act as counsel fo r the Branch, and shall
represent the Branch in such m atters as
m ay be referred to him and said general
counsel m ay appoint a local attorney as asso
ciate counsel, w ith a retainer to be approved
by the Federal R eserve Bank o f N ew Y ork.
S e c t i o n 9 . Auditor.— The general auditor
o f the Federal R eserve Bank o f N ew Y ork
shall audit the accounts and affairs o f the
Branch.
28
B Y -L A W S
A r tic le
V II. — Business Hours.
The Branch shall be open fo r business
from 10 o ’clock a.m. to 3 o ’clock p.m . on
each day except Saturdays and Sundays and
days or parts o f days established as legal
holidays. On Saturdays w hich are not holi
days the Branch shall be open fo r business
from 10 o ’clock a.m. to 12 noon.
[The Branch is closed on each Saturday pursuant to the
terms o f the resolution adopted by the Bank’s board o f direc
tors at its meeting held March 6, 1947. The text o f the
resolution is set forth after Article V o f the Bank’s by-laws.
While that resolution is in effect, each Saturday is “ a public
holiday and a holiday” with respect to the Branch.]
A r tic le
V III.— Amendments.
These by-law s m ay be amended at any
regular or special m eeting o f th e board o f
directors o f the Federal R eserve Bank o f
N ew Y ork b y a m a jority vote o f the entire
board, i.e., b y vote o f sufficient directors to
constitute a quorum o f the entire board.
@FedFRASER