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\ F E D ER AL R E SE R V E B A N K OF NEW Y O R K r C ircu la r N o . 4 2 6 8 T L S eptem ber 23, 1955 J Nomination and Election of Directors T o M em ber Banks in the Second Federal R eserve D istrict: An election will be held under the provisions of section 4 o f the Federal Reserve Act, as amended, to choose successors to the following directors o f this Bank whose terms will expire December 31, 1955: class A director, N. B axter J ackson, Chairman o f the Board, Chemical Corn Exchange Bank, New York, N. Y., and class B director, Clarence F rancis, Director, General Foods Corporation, New York, N. Y. B oth d irectors w ere elected by m em ber banks in G roup 1 and their successors will be chosen by this group. The m em ber banks in G roups 2 and 3 will not participa te in this election. The classification o f member banks fo r the purpose o f nom ination and election o f class A and B directors o f the F ederal R eserve Bank o f New Y ork is as follow s: Group 1 consists o f banks having capital and surplus of $10,000,000 or over (listed on page 3 ) ; Group 2, of banks with capital and surplus over $500,000 but less than $10,000,000; and Group 3, of banks having capital and surplus of $500,000 and less. E xcept in the case o f two o r m ore banks affiliated with the same holding com pany affiliate,* each bank in G roup 1 is perm itted to nominate a candidate fo r class A director and a candidate • S ection 4 o f th e F ed era l R e s e rv e A c t , as a m en ded , reads in p a rt as fo llo w s : “ . . . Th at whenever any tw o or more member banks within the same Federal reserve district are affiliated with the same holding com pany affiliate, participation b y such member banks in any such nom ination or election shall be confined to one o f such banks, which m ay be designated f o r the purpose b y such holding com pany affiliate.” A c c o r d in g ly , banks in G rou p 1 a ffected b y the fo r e g o in g p r ov ision o f th e la w are requ ested to take p rom p t a ctio n t o have th e app ropria te h o ld in g co m p a n y affiliate design ate, i f it h as n ot a lrea d y d esign a ted , on e o f its affili ated banks to particip ate in this n om in a tion and election . eJ -*q f o r class B director.** The nom inations should be made b y resolution o f the boards o f directors o f the nom inating banks and certified copies o f such resolutions should be sent to me so as to reach me on or b efore O ctober 26, 1955. The enclosed printed form s show the appropriate form s o f resolution and one cop y o f each form should be used in sending certified copies of the resolutions to me. On O ctober 28, 1955, copies o f the list o f candidates (indicating b y w’honi nom inated) and preferential ballots w ill be m ailed so that, in the norm al course o f the mails, they w ill be received by all banks in G roup 1 on O ctober 31, 1955. The law provides that the ballot shall be cast within 15 days after receipt o f this list. The polls w ill open on O ctober 31, 1955, and will close at 12 o ’clock noon on T uesday, N ovem ber 15, 1955. U pon the closing o f the polls the ballot box will be opened in the board room o f this Bank, the votes counted and checked by tellers, and results o f the election announced. The candidates w ill be invited to be present o r represented on that occasion. In ord er to be counted as valid, the ballot must be executed b y an officer authorized to cast the vote and must be received b y me at o r b efore the time thus fixed fo r the closing o f the polls (i.e., at or before 12 o ’clock noon on Tuesday, N ovem ber 15, 1955). The list on the follow in g page shows the officers heretofore designated fo r this purpose by the respective banks in G roup 1. B ecau se banks in G roups 2 and 3 will not participate in this election, this circular is sent to them without form s fo r their inform ation only. J E. C r a n e , Chairman o f the Board. ay ♦♦Section 4 o f th e F e d e ra l R e serv e A c t , as am en ded , reads in p a rt as fo llo w s : * ‘ Class A shall consist o f three members, who shall be chosen b y and be representative o f the stock-holding banks. . . . N o officer or director o f a member bank shall be eligible to serve as a class A director unless nom inated and elected b y banks which are members o f the same grou p as the member bank o f which he is an officer or director. “ A n y person who is an officer or director o f more than one member bank shall n ot be eligible f o r nom ination as a class A director except b y banka in the same grou p as the bank having the largest aggregate resources o f any o f those o f w hich such person is an officer or d irector.” “ Class B whftll consist o f three members, who a t the time o f their election shall be actively engaged in their district in com m erce, agriculture or some other industrial pursuit. . . . N o director o f class B shall be an officer, director, or employee o f any b a n k .” “ N o Senator or Representative in Congress shall be a member o f the B oard o f Governors o f the Federal Beserve System or an officer or a director o f a Federal reserve b a n k .” I n a re so lu tion a d o p te d D e ce m b e r 23, 1915, th e B o a r d o f G o v e rn o rs o f th e F e d e ra l R e s e rv e S y ste m ex p resse d th e o p in io n “ that p erson s h o ld in g p o litica l o r p u b lic o ffice in th e service o f th e U n ited States, or o f a n y State, te rrito ry , co u n ty , district, p o litica l su b d ivision , o r m u n icipa lity th ereof, o r a ctin g as m em b ers o f p olitica l party com m ittees, ca n n o t co n siste n tly w ith the spirit and u n d erlyin g p rin cip les o f th e F ed era l R e s e rv e A c t , serve as d ir e cto rs o r o fficers o f F e d e ra l R e s e r v e B a n k s.” U n d er date o f J u ly 2, 1925, th e B o a rd o f G o v e rn o rs o f th e F ed e ra l R e s e rv e S y ste m a d vised it h a d “ rea ch ed th e co n clu s io n th at a person w h o s e s o le o ccu p a tio n is that o f officer o f an in su rance c o m p a n y is n o t e lig ib le fo r ele ctio n as a cla ss B d ire cto r o f a F ed era l R e s e r v e B ank,” a n d o n O c t o b e r 18, 1939, th e B o a rd a d vised “ th at a p e r so n w h o s e sole occu p a tion is that o f p resid en t o f a F ed era l sa vin g s and loan a s so cia tio n and w h o has b een se rv in g as a class A d ire cto r is n o t n o w elig ib le fo r ele ctio n and s erv ice as a cla ss B d ir e cto r.” 1955 E lection o f Directors List of 26 Member Banks in Group 1 Revised to September 21,1955 Group 1 consists o f member banks having capital and surplus of $10,000,000 or over N E W JE R SE Y Place Newark Nam e o f Bank or Trust Com pany Officers Authorized to Cast Vote F idelity Union Trust C o m p a n y ...............................................President, or any V ice President The National Newark and Essex Banking Company o f N e w a r k ........................................................................................President, any V ice President, or Cashier The N ational State Bank o f N e w a r k ..................................President, any V ice President, or Cashier Paterson F irst N ational Bank and Trust Company o f Paterson . Chairman o f the Board, President, any V ice President, or Cashier NEW YORK Albany The N ational Commercial Bank and Trust Company o f A lban y ................................................................................. . President, any V ice President, or Cashier State Bank o f A l b a n y ...................................................... . President, any V ice President, or Cashier B uffalo M anufacturers and Traders Trust Company . President, any V ice President, or Secretary The M arine Trust Company o f W estern N ew Y ork . President, or any Vice President Franklin Square The Franklin N ational Bank o f Franklin Square . . President, any V ice President, or Cashier Freeport The Meadow B rook N ational Bank o f Freeport . President, any V ice President, or Cashier N ew Y ork City The Bank o f N ew Y o r k ...................................................... . President, any V ice President, or Treasurer Bankers Trust C o m p a n y ...................................................... . President, or any V ice President . The Chase Manhattan B a n k ............................................... Chemical Corn Exchange B a n k ........................................ City Bank Farm ers Trust C o m p a n y ................................. . President, any V ice President, or Secretary The F irst National City Bank o f N ew Y ork Guaranty Trust Company o f N ew Y ork . . . . . President, any V ice President, or Secretary The Hanover B a n k ............................................................ . Chairman o f the Board, any V ice Chairman o f the Board, President, or any V ice President Irvin g Trust C o m p a n y ...................................................... . Chairman, or in his absence, the President Manufacturers Trust C o m p a n y ........................................ . H onorary Chairman o f the Board, Chairman o f the Executive Committee, President, or any Vice President The Marine Midland Trust Company o f New York . Chairman o f the Board, Chairman o f the Executive Committee, President, or any V ice President J. P. M organ & Co. I n c o r p o r a t e d .................................. President, or any V ice President The New Y ork Trust C o m p a n y ........................................ . President, or any V ice President United States Trust Company o f New Y ork . President, or any V ice President Rochester Lincoln Rochester Trust C o m p a n y ................................. . President, or any V ice President W hite Plains The County Trust C o m p a n y ............................................... . President, or any Vice President 3 FEDERAL RESERVE BANK OF NEW YORK Nomination for Class A Director, 1955 D N is t r ic t o . 2 G roup N o . 1 A t a meeting o f the Board o f Directors of t h e ........................................................................ (N am e o f Bank) o f............................................................................duly called and held on the....................... day (C ity or Tow n and State) o f........................................................... 1955, on motion duly made and seconded, it was “ RESOLVED, That.............................................................................. , o f............................... whose occupation i s ...................................................... , be, and he is hereby, nominated by this bank as a candidate for class A director of the Federal Reserve Bank of New York, and the cashier 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 Y ork.” 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. (S eal B of a n k ) (Official signature) To MR. JA Y E. CRANE, C h a ir m a n F of th e ederal R B ................................. (TiUe) oard eserve B of a n k D ir e c t o r s , of N e w Y ork . FEDERAL RESERVE BANK OF NEW YORK Nomination for Class B Director, 1955 D N is t r ic t o . 2 G roup N o . 1 A t a meeting o f the Board o f Directors of t h e ........................................................................ (N am e o f Bank) o f............................................................................duly called and held on the........................day (C ity or Tow n and State) o f........................................................... 1955, on motion duly made and seconded, it was “ RESOLVED, That................................................................................, o f.............................. whose occupation is....................................................... , be, and he is hereby, nominated by this bank as a candidate for class B director of the Federal Reserve Bank of New York, and the cashier or other officer of this bank is hereby authorized, empowered and directed to send a certified copy o f this resolution to the Chairman of the Board of Directors of the Federal Reserve Bank of New Y ork.” I hereby certify that the foregoing is a true and correct copy of a resolution of the Board o f Directors o f this bank duly adopted on the date specified. (S eal B of a n k ) (Official signature) ................................. (— To MR. J A Y E. CRANE, C h a ir m a n F of th e ederal R B oard eserve B of a n k D ir e c t o r s , of N ew Y o rk . AT 4 2 6 8 FEDERAL RESERVE BANK OF NEW YO R K Septem ber 27, 1955. To all Banking Institutions in the Second Federal Reserve District: On Septem ber 26, 1955, The National Bank o f Great Neck, Great Neck, New Y ork, converted into a State trust company, to be known as Central Bank and T rust Com pany, Great Neck, New Y ork. The successor bank was adm itted to membership in the F ederal Reserve System at the opening o f business on Septem ber 27, 1955. A llan S proul, P resident.
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