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FED ERAL RE SE R V E BANK OF NEW YORK r Circular L N o. 4 2 2 9 "1 M ay 12, 1955 J AMENDMENTS TO REGULATIONS D AND Q Definition of “ Savings Deposits” Broadened To all Member Banks in the Second Federal Reserve D istrict: The Board of Governors o f the Federal Reserve System has adopted identical amendments to Regulations D and Q, effective May 16, 1955. The amendments, which supplement the definition o f “ savings deposits” as provided by section 1(e) of each regulation, permit a deposit to be classified as a savings deposit in certain circumstances and subject to certain limitations, although the deposit is not evidenced by a pass book. A copy o f each amendment is enclosed; additional copies will be furnished upon request. A llan S proul, President. RESERVES OF MEMBER BANKS AMENDMENT TO REGULATION D IS S U E D B Y T H E B O A R D OF G O V E R N O R S O F T H E F E D E R A L R E S E R V E S Y S T E M Effective May 16, 1955, Regulation D is amended in the following respects: 1. By adding at the end of section 1(e) the following new undesignated paragraph and footnote reference: The term “ savings deposit” also means a deposit evidenced by a written receipt or agreement although not by a pass book, consisting o f funds o f the kind described above in this section 1(e) and in respect to which deposit the depositor is required, or may at any time be required, by the bank to give notice in writing of an intended withdrawal not less than 30 days before such withdrawal is made, and withdrawals are permitted only through payment to the depositor himself but not to any other person whether or not acting for the depositor.53 2. By adding the following new footnote to section 1(e) : 5a Payment may be made to the depositor over the counter, through the mails or otherwise. P R IN T E D IN N E W YO RK PAYMENT OF INTEREST ON DEPOSITS AMENDMENT TO REGULATION Q ISS U E D B Y T H E B O A R D OF G O V E R N O R S OF T H E F E D E R A L R E S E R V E S Y S T E M Effective May 16, 1955, Regulation Q is amended in the following respects: 1. By adding at the end o f section 1 (e ) the following new undesignated paragraph and footnote reference: The term “ savings deposit” also means a deposit evidenced by a written receipt or agreement although not by a pass book, consisting of funds o f the kind described above in this section 1(e) and in respect to which deposit the depositor is required, or may at any time be required, by the bank to give notice in writing of an intended withdrawal not less than 30 days before such withdrawal is made, and withdrawals are permitted only through payment to the depositor himself but not to any other person whether or not acting for the depositor.53 2. By adding the following new footnote to section 1(e) : 5a Payment may be made to the depositor over the counter, through the mails or otherwise. P R IN T E D IN N E W Y O R K