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F E D E R A L R E S E R V E BAN K O F N E W Y O R K F iscal A g en t o f the U nited States [ C ir c u la r N o . 4 4 9 A u g u st 12, 1957 G "1 J Special Cash Offering of $1,750,000,000 of 237-Day Treasury Bills Dated August 21, 1957 Maturing A pril 15, 1958 T o A ll In corpora ted B anks and Trust Companies, and Others Concerned, in th e Second F edera l B eserve D istrict: 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 , M o n d a y , A u g u s t 12, 1957. TREASU RY DEPARTM EN T W a s h in g to n T h e T re a su ry D epa rtm en t, b y this p u b lic n otice, invites tenders fo r $1,750,000,000, o r thereabouts, o f 237-day T rea su ry bills, to be issued o n a d iscou n t basis under com p etitive and n on com p etitiv e b id d in g as h ereinafter p rov id ed . T h e bills o f this series w ill be dated A u g u s t 21, 1957, a n d w ill m ature A p ril 15, 1958, w h en the fa ce am ou nt w ill be p ayable w ith o u t interest. T h e y w ill b e issued in b ea rer fo r m on ly, and in den om in a tion s o f $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000 (m a tu rity va lu e). T e n d e rs w ill be receiv ed at F ed era l R es e rv e B anks and B ran ch es up to the clo s in g hour, o n e-th irty o ’c lo c k p.m ., E astern D a y lig h t S a vin g tim e, W e d n e s d a y , A u g u st 14, 1957. T e n d e rs w ill n ot be receiv ed at the T rea su ry D epa rtm en t, W a sh in g to n . E a ch ten der m u st be fo r an even m u ltiple o f $1,000, and in the case o f com p etitiv e ten ders the price o ffe re d m u st be exp ressed o n th e basis o f 100, w ith n ot m o re than three decim als, e.g., 99.925. F ra ction s m a y n ot b e used. It is u rg ed that tenders be m ade o n the printed fo rm s and fo rw a rd e d in the special en velop es w h ich w ill be supplied b y F ed era l R es e rv e B anks o r B ra n ch es o n a pp lica tion th erefor. O th ers than b a n k in g institutions w ill n ot be perm itted to subm it ten ders e x ce p t fo r their o w n a ccou n t. T e n d e rs w ill be receiv ed w ith ou t d ep o sit fr o m in corp ora ted banks and trust com p a n ies and fr o m resp on 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 u st be a ccom p a n ied b y p a ym en t o f 2 p ercen t o f the face a m ou n t o f T r e a s u ry bills a pplied for, u nless the tenders are a ccom p a n ied b y an exp ress gu a ra n ty o f pa ym en t b y an in corp ora ted bank o r trust com p a n y . Im m ed ia tely after the clo s in g h our, ten ders w ill be op en ed at the F ed era l R es e rv e B anks and B ran ches, fo llo w in g w hich pu blic a n n ou n cem en t w ill be m ade b y the T re a su ry D ep a rtm en t o f the a m ou n t and price ra n ge o f a cce p te d bids. T h o s e su b m ittin g ten ders w ill be advised o f the a ccep ta n ce o r re je ctio n th ereof. T h e S ecreta ry o f th e T rea su ry ex p re ssly reserves the rig h t t o a ccep t or re je ct a n y o r a ll tenders, in w h ole o r in part, and his action in any such resp ect shall be final. S u b je ct to these reservations, n on com p etitiv e tenders fo r $300,000 o r less w ith ou t stated p rice fr o m a n y o n e bidder w ill b e a cce p te d in fu ll at the a vera ge p rice (in th ree decim a ls) o f a ccep ted com p etitive b ids. P a ym en t o f a ccep ted tenders at the p rices o ffe re d m u st b e m ade o r com p leted at the F ed eral R eserve B ank in cash or oth er im m ediately available funds o n A u g u st 21, 1957, provid ed , h ow ev er, any qualified d ep osita ry w ill be perm itted to m ake paym ent b y cred it in its T rea su ry T a x and L o a n A c c o u n t fo r T rea su ry bills a llotted to it fo r itself and its cu stom ers up to a n y a m ou n t for w h ich it shall be qualified in e x ce s s o f e xistin g dep osits w h en s o n otified b y the F ed eral R eserve B a n k o f its district. T h e in co m e derived fr o m T rea su ry bills, w h eth er interest o r gain fr o m the sale or oth er d isp osition o f the bills, d oes n ot have any e x e m p tion , as such, and loss fr o m the sale o r oth er d isp osition o f T rea su ry bills d oes n ot have any special treat m en t, as such, under the Internal R even u e C o d e o f 1954. T h e bills are s u b je ct to estate, inheritance, g ift or oth er excise taxes, w h eth er F ed eral or State, but are ex em p t fro m all taxation n o w or hereafter im p osed on the prin cip a l o r interest th e re o f b y any State, o r a n y o f the p ossession s o f the U n ited States, o r b y any lo ca l ta x in g authority. F o r pu rp oses 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 o rig in a lly sold b y the U n ited States is con sid ered to be interest. U n d er S e ctio n s 4 5 4 (b ) and 1 2 2 1(5 ) o f the In tern al R even u e C o d e o f 1954 the a m ou n t o f d iscou n t at w hich bills issued hereun der are so ld is n ot con sid ered t o a ccru e u ntil such bills are sold , red eem ed or oth erw ise disp osed o f, and such bills are e x clu d e d fr o m con sideration as capital assets. A c c o r d in g ly , the ow n er o f T rea su ry bills (o th e r than life insurance co m p a n ie s ) issued hereun der need in clu d e in his in com e ta x return o n ly the differen ce betw een the p rice paid fo r such bills, w h eth er o n o rigin a l issue o r on su b seq u en t pu rch ase, and the a m ou n t actu a lly receiv ed either u p on sale o r red em p tion at m a tu rity d u rin g the taxable yea r fo r w h ich the return is m ade, as ord in a ry ga in o r loss. T r e a s u ry D ep a rtm en t C ircu lar N o . 418, R evised , a n d this n otice, prescrib e th e term s o f the T rea su ry bills a n d g o v e rn the co n d itio n s o f their issue. C op ies o f the circu la r m a y be ob ta in ed fr o m any F ed era l R eserve B ank o r B ranch. This Bank will receive tenders up to 1 :30 p.m., Eastern Daylight Saving time, Wednesday, August 14, 1957, at the Securities Department of 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— Special Cash Offering.” Tenders may be submitted by telegraph, subject to written confirmation; they may not be submitted by telephone. Settlement for accepted tenders must be made in cash or other immediately available funds, except that any qualified depositary may make payment by credit in its Treasury T ax and Loan A ccount for Treasury bills allotted to it fo r itself and its customers, up to any amount for which it shall be qualified in excess of existing deposits. A lfred H ayes, President. ( over) No. TEN D ER F O R 237-D A Y T R E A S U R Y BILLS SPE C IA L CASH OFFERIN G Dated August 21, 1957 T o F ed eral R eserve B a n k of N ew Y Maturing A p ril 15, 1958 Dated at ................................. ork, .................................................. . Fiscal A gent o f the United States. 1957 Pursuant to the provisions of Treasury Department Circular N o. 418, Revised, and to the provisions of the public notice issued by the Treasury Department and printed on the reverse side of this tender, the under signed hereby offers to purchase the above described Treasury bills in the amount indicated below, and agrees to make payment therefor at your Bank on or before the issue date at the price indicated b elow : C O M P E T IT IV E TE N D E R [ D o n ot fill in both Com petitive and N on com petitive tenders on one fo rm $ ............................................................ (maturity value), or any lesser amount that may be awarded. P r i c e : .....................................per 100. (P r ic e must be expressed with not m ore than three decimal places, fo r exam ple, 99.925) N O N C O M P E T IT IV E TEN DER 1 $ ............................................................ (maturity value). (N o t to ex ceed $300,000 fo r one bidder through all sources) A t the average price of accepted competitive bids. Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below: Pieces Denomination $ M aturity value 1,000 □ 1. D eliver over the counter to the undersigned □ 2. Ship to the undersigned CD 3. H old in safekeeping ( f o r ac count o f member bank on ly ) 5,000 10,000 □ 4. H old as collateral for Treasury T a x and Loan Account 100,000 □ 5. Special instructions: 500,000 1,000,000 Payment will be made as follow s: □ By charge to our reserve account □ B y cash or other immediately avail- □ By credit to Treasury T a x Loan Account and (N o changes in delivery instructions will be accepted) Totals------- The undersigned (if a bank or trust company) hereby certifies that the Treasury bills which you are hereby instructed to dispose o f in the manner indicated in item 3 or 4 above are solely owned by the undersigned. N am e o f subscriber .............. Insert this tender in special en velop e m arked “ T en d er for Treasury Bills — Special Cash Offering” _] (Please print) By ................................................. -------. . . . . . B y ........................ (Official signature(s) required) T i t l e ................................................................................T itle A d d ress ........................................................................................................... (B anks submitting tenders fo r customer account must indicate name on line below, or attach a list) (Name of customer) (Address) IN S T R U C T IO N S : 1. N o ten der fo r less than $1,000 w ill be con sid ered , and each ten der m u st be fo r an even m u ltiple o f $1,000 (m a tu rity va lu e). 2. O th ers than b a n k in g institutions w ill n ot be perm itted to subm it ten ders e x ce p t fo r their o w n a ccou n t. B anks su b m ittin g tenders fo r cu stom er a ccou n t m a y con solid a te com p etitive tenders at the same price and m a y con solid a te n o n co m p e titive ten ders, p rov id ed a list is attached sh ow in g the nam e o f each bidd er, the a m ou n t bid fo r his a ccou nt, and m e th o d o f paym ent. F o r m s for this p u rpose w ill b e fu rn ish ed on request. 3. I f the p e rson m a k in g the tender is a corp ora tion , the ten der should be sign ed b y an officer o f the corp ora tion a uthorized to m ake the tender, and the sig n in g o f the ten d er b y an officer o f the corp o ra tio n w ill be con stru ed as a represen tation b y him that he has been so authorized. If th e ten der is m ade b y a partnership, it sh ou ld be sign ed b y a m em b er o f the firm , w h o sh ou ld sign in the fo r m “ .................................................................................................. , a cop artn ersh ip, b y ................................................................................................................. a m em b er o f the firm .” 4. T e n d e rs w ill be receiv ed w ith ou t dep osit fro m in co rp o ra te d banks and trust com pa n ies and fr o m resp o n sible and re co g n ized dealers in in vestm en t securities. T e n d e rs fro m oth ers m u st be a ccom p a n ied b y p a ym en t o f 2 p ercen t o f the face a m ou n t o f T rea su ry bills applied for, unless the ten ders are a ccom p a n ied b y an exp ress guaranty o f pa ym en t b y an in corp ora ted bank o r trust com p a n y . 5. I f the la n g u a ge o f this ten der is ch a n g ed in a n y respect, w hich, in the op in ion o f the S ecreta ry o f the T rea su ry, is m aterial, the ten der m a y be disregarded. ( over) c£f~ t / ¥ f l Federal R eserve Ban k of N ew Yo r k N E W Y O R K 4 5 , N.Y. RECTOR 2-5700 August 12, 1957 To Each State Member Bank in the Second Federal Reserve District: The Board of Governors of the Federal Reserve System has asked me to send you the enclosed material consisting of a copy of Investment Securities Regulation Regulation Regarding National Bank Loans Secured by Direct Obligations of the United States Letter of the Comptroller of the Currency to all national banks explaining the two regulations These regulations, which will become effective August 16 , 1957> apply to all national banks, and by virtue of sections 9 and ll(m) of the Federal Reserve Act, to all State banks that are members of the Federal Reserve System, ALFRED HAYES, President. Encs „ TREASURY DEPARTMENT COMPTROLLER OF THE CURRENCY W A S H I N G T O N 25 ADDRESS REPLY TO •CO M PTR OLLER O F TH E C U R R E N C Y ” July 23, 1957 TO ALL NATIONAL BANKS: We are enclosing for your information copies of (1) the Investment Securities Regulation, as amended, and (2) a new regulation covering Loans Made by National Banks Secured by Direct Obligations of the United States. The two regulations were published in the Federal Register on July 17, 1957, and will become effective August 16, 1957. The Investment Securities Regulation is issued by the Comptroller of the Currency under the authority contained in paragraph Seventh of section 5136 of the Revised Statutes (12 U.S.C. 24) and the purpose of this regulation is to prescribe the limitations and restrictions under which national banks, as well as State member banks of the Federal Reserve System, may purchase investment securities for their own account and to define the term "investment securities." Under the existing regulation there has been doubt as to the eligibility of certain small issues of special revenue obligations because of the present distribu tion requirements set forth in paragraphs (a) and (b) of section 1. The new regu lation clarifies the position that has been taken by the Comptroller with respect to the eligibility of small issues of special revenue obligations. While the distribu tion standards as stated in paragraphs (a) and (b) of section 1 of the present regu lation and paragraphs (1) and (2) of section 2 of the new regulation may not be met by some small special revenue issues, it is recognized that many of such issues possess a high degree of credit soundness which assures marketability to the point contemplated by section 5136 of the Revised Statutes. The restrictions in the present regulation governing the purchase or sale of securities by banks under repurchase or resale agreements are no longer considered desirable because of the basic nature of such transactions and are deleted from the new regulation. Experience has shown that repurchase or resale transactions in securities are used for the lending and borrowing of money. They will henceforth be treated as loan or borrowing transactions governed by sections 5200 and 5202 of the Revised Statutes (12 U.S.C. 84, 82) and not by section 5136 of the Revised Statutes (12 U.S.C. 24). This means that a bank selling securities under an agreement to repurchase them at a future date will be borrowing funds from the purchasing bank and section 5202 provides that national banks may not borrow an amount in excess of their capital stock except from a Federal Reserve Bank or as permitted under other exceptions to section 5202. The purchasing bank will be lending funds to the sell ing bank and, if direct obligations of the United States are involved, national banks, under the provisions of a new regulation discussed below, may lend up to 100% of their capital and surplus accounts on the basis of such security provided the amount of the loan in excess of 25% of capital and surplus is secured by direct obligations of the United States having maturities not exceeding 18 months. The restrictions in the present regulation governing the amortization of premiums paid on investment securities are being amended in the new regulation to permit amortization to the maturity date rather than the call date of the issue, if Federal Internal Revenue Laws and regulations issued thereunder disallow amortiza tion deductions from gross income when computed to the nearest call date. Also amendments are being provided in the new regulation to clarify the section pertain ing to securities convertible into stock. It has also been deemed advisable to in corporate into the new regulation a provision carrying out the present administrative practice which requires that investment securities owned by a bank be supported by adequate information in the files of the bank as to their investment quality. The new regulation, "Loans Made by National Banks Secured by Direct Obliga tions of the United States", issued by the Comptroller, with the approval of the Secretary of the Treasury, under the authority contained in paragraph (8) of section 5200 of the Revised Statutes, as amended, prescribes conditions under which national banks may make loans to one borrower in excess of 25% of capital and surplus, and up to 100% of capital and surplus when such loans made in excess of 25% of capital and surplus are secured by direct obligations of the United States which will mature in not exceeding 18 months. Under the terms of paragraph (8) of section 5200 of the Revised Statutes, national banks may lend to a single borrower an additional 15% of capital and surplus (in addition to the customary 10% limitation) on obligations secured by not less than a like amount of bonds or notes of the United States, certificates of indebted ness of the United States, Treasury Bills of the United States, or obligations fully guaranteed both as to principal and interest by the United States. Because of the amendments being made in the Investment Securities Regulation which will place re sale and repurchase transactions in bonds under sections 5200 and 5202 of the Revised Statutes (12 U.S.C. 84, 82) rather than section 5136 of the Revised Statutes (12 U.S.C. 24), the present 25% limitation embodied in section 5200 is believed to be too restrictive with respect to loans to one borrower which are secured by not less than a like amount of direct obligations of the United States. Under the pro visions of section 5136, repurchase and resale transactions involving United States Bonds have not been subject to any limitation measured by capital and surplus. The issuance of this regulation is necessary to implement the making of such loans above 25% and up to 100% of the bank's capital and surplus, provided they are secured by direct obligations of the United States which will mature within 18 months. As stated above, the two regulations become effective August 16, 1957. It was not possible to include the regulations in the 1957 Supplement to the Digest of Opinions which has now been distributed to national banks. We will issue an invest ment securities Supplement to the Digest in approximately 30 days, which will include the new regulations and appropriate comments relating thereto in the para graphs of the Digest dealing with the subject matter of the regulations. Very truly yours, Enclosures TREASURY COM PTROLLER DEPARTMENT OF THE CURRENCY W A S H IN G TO N IN V E STM E N T SE C U R ITIE S R E G U L A T IO N S E C T IO N 1 — SCOPE AND A P P L IC A T IO N . (a) This regulation is issued by the Comptroller of the Currency under authority of paragraph Seventh o f Section 5136 of the Revised Statutes, as amended (12 U.S.C. 2 4 ); (b ) This regulation applies to the purchase for its own account o f investment securities by a national bank or a State member bank o f the Federal Reserve System. S E C T IO N 2 — D E F IN IT IO N OF THE TERM “ IN V E S T M E N T S E C U R IT IE S ” . (a) An obligation of indebtedness which may be purchased for its own account by a national bank or State member bank of the Federal Reserve System in order to constitute an “ investment security” within the meaning o f paragraph Seventh o f Section 5136 o f the Revised Statutes, must be a marketable obligation, i.e., it must be salable under ordinary circumstances with reasonable promptness at a fair value; and except as provided in (b) and (c) below, there must be present one or both of the following characteristics: (1) A public distribution of the securities must have been provided for or made in a manner to protect or insure the m arketability o f the issue; or, (2) Other existing securities of the obligor must have such a public distribution as to protect or insure the m arketability of the issue under consideration. (b) In the case o f investment securities for which a public distribution as set forth in (1) or (2) above cannot be so provided, or so made, and which are issued by established commercial or industrial businesses or enterprises, that can demonstrate the ability to service such securities, the debt evidenced thereby must mature not later than ten years after the date o f issuance o f the security and must be of such sound value or so secured as reasonably to assure its paym ent; and such securities must, by their terms, provide for the amortization o f the debt evidenced thereby so that at least 75% of the principal will be extinguished by the m aturity date by substantial periodic paym ents: Provided, that no amortization need be required for the period of the first year after the date o f issuance of such securities. (c) Special revenue obligations of States or local governments or of duly constituted public Authorities thereof which possess a high degree of credit soundness, so as to assure sale under ordinary circumstances with reasonable promptness at a fair value, but which do not meet the distribution standards of (a) ( 1 ) or (a) ( 2 ) above, may be considered to constitute “ investment securities.” (d ) Where the security is issued under a trust agreement, the agreement must provide for a trustee independent of the obligor, and such trustee must be a bank or trust company. (e) All purchases of investment securities by national and State member banks for their own account must be securities “ in the form o f bonds, notes, a n d /o r debentures, com m only known as investment securities” ; and every transaction which is in fact such a purchase must, regardless of its form, com ply with this regulation. S E C T IO N 3 — L IM IT A T IO N S A N D R E S T R IC T IO N S O N P U R C H A S E S E C U R IT IE S F O R B A N K ’S O W N A C C O U N T . OF IN V E S T M E N T (a) Although the bank is permitted to purchase “ investment securities” for its own account for purposes o f investment under the provisions o f R . S. 5136 and this regulation, the bank is not permitted otherwise to participate as a principal in the marketing o f securities. (b ) The statutory limitation on the amount of the “ investment securities” o f any one obligor or maker which may be held by the bank is to be determined on the basis o f the par or face value o f the securities, and not on their market value. (c) The purchase o f “ investment securities” in which the investment characteristics are distinctly or predominantly speculative, or the purchase of securities which are in default, whether as to principal or interest, is prohibited. (d) Purchase o f an investment security at a price exceeding par or face value is prohibited, unless the bank shall: (1) Provide for the regular amortization o f the premium paid so that the premium shall be entirely extinguished at or before the maturity of the security, and the security (including premium) shall at no intervening date be carried at an amount in excess of that at which the obligor m ay legally redeem such security, unless the amortization which would be necessary to meet the latter requirement would not be allowable as a deduction from gross income under applicable Federal Internal Revenue laws and regulations issued thereunder, in which case the rate of amortization shall be sufficient to extinguish the premium b y m aturity; or (2) Set up a reserve account to amortize the premium, said account to be credited periodically with an amount not less than the amount required for amortization under ( 1 ) above. (e) Purchase o f securities convertible into stock at the option o f the issuer is prohibited. (f) Purchase o f securities convertible into stock at the option o f the holder or with stock purchase warrants attached is prohibited if the price paid for such security is in excess of the investment value of the security itself, considered independently o f the stock purchase warrants or conversion feature. I f it is apparent that the price paid for an otherwise eligible security reflects the investment value o f the security and does not include any speculative value based upon the presence o f a stock purchase warrant or conversion option, the purchase o f such security is not prohibited. I f the price paid for a convertible security provides a yield reasonably similar to that o f non-convertible securities o f similar quality and maturity, a speculative value will not be deemed to exist. (g) All investment securities shall be supported by adequate inform ation in the files o f the bank as to their investment quality. S E C T IO N 4 — E X C E P T IO N TO L IM IT A T IO N S AND R E S T R IC T IO N S . The restrictions and limitations o f this regulation do not apply to securities acquired through fore closure on collateral, or acquired in good faith by w ay o f compromise o f a doubtful claim or to avert an apprehended loss in connection with a debt previously contracted, or to real estate securities acquired pursuant to Section 24 o f the Federal Reserve A ct, as amended. S E C T IO N 5 — E F F E C T IV E DATE. This regulation is effective August 16, 1957. R A Y M . G ID N E Y C om ptroller o f the Currency TREASURY COM PTROLLER DEPARTMENT OF THE CURRENCY W A S H IN G TO N R E G U L A T IO N R E G A R D IN G N A T IO N A L B A N K LO AN S SECURED B Y D IR E C T O B L IG A T IO N S O F T H E U N ITED STA T E S Section 5200 U.S.R.S. (12 U.S.C. 84) provides as follows: “ Sec. 5200. The total obligations to any national banking association o f any person, copartnership, association, or corporation shall at no time exceed 1 0 per centum of the amount o f the capital stock of such association actually paid in and unimpaired and 1 0 per centum of its unimpaired surplus fund. The term ‘obligations’ shall mean the direct liability o f the maker or acceptor o f paper discounted with or sold to such association and the liability o f the indorser, drawer, or guarantor who obtains a loan from or discounts paper with or sells paper under his guaranty to such association and shall include in the case o f obligations o f a copartnership or association the obligations o f the several members thereof and shall include in the case of obligations o f a corporation all obligations o f all subsidiaries thereof in which such corporation owns or controls a m ajority interest. Such limitation o f 10 per centum shall be subject to the following exceptions: * * * • * “ ( 8 ) Obligations o f any person, copartnership, association, or corporation in the form of notes secured by not less than a like amount o f bonds or notes o f the United States issued since April 24, 1917, or certificates o f indebtedness o f the United States, Treasury bills o f the United States, or obligations fully guaranteed both as to principal and interest b y the United States, shall (except to the extent permitted by rules and regulations prescribed by the Comptroller of the Currency, with the approval of the Secretary o f the Treasury) be subject under this section to a limitation o f 15 per centum of such capital and surplus in addition to such 10 per centum of such capital and surplus.” S E C T IO N 1 — SCOPE AND A P P L IC A T IO N . (a) This regulation is issued by the Comptroller o f the Currency with the approval o f the Sec retary o f the Treasury under authority of paragraph ( 8 ) o f section 5200 o f the Revised Statutes, as amended (12 U.S.C. 8 4), and section 321 (b) o f the A ct o f August 23, 1935 (49 Stat. 7 1 3 ); (b) This regulation applies to loans made b y national banks secured by direct obligations of the United States which will mature in not exceeding 18 months. S E C T IO N 2 — G E N E R A L A U T H O R IZ A T IO N . The obligations to any national banking association in the form of notes o f any person, copartnership, association, or corporation, secured b y not less than a like amount o f direct obligations of the United States which will mature in not exceeding eighteen months from the date such obligations to such national banking association are entered into shall be limited to 75 per centum o f the capital and surplus of such association in addition to the 10 per centum of such capital and surplus prescribed in the opening paragraph o f said section 5200 and the 15 per centum limitation referred to in paragraph ( 8 ) o f section 5200. S E C T IO N 3 — E F F E C T IV E DATE. This regulation is effective August 16, 1957. R A Y M . G ID N E Y C om ptroller o f the Currency A pproved: GEORGE M. HUM PH REY Secretary of the Treasury
@FedFRASER