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F E D E R A L R E S E R V E B A NK O F N EW YORK r Circular No. 4 7 8 1 T L September 21, 1959 J Amendment of Regulations E, G, H, I, J, L, Q, and U T o A ll Banlcs, and Others Concerned, in th e Second Federal Reserve D istrict: A s indicated in our Circular No. 4775, dated A ugust 24, 1959, the B oard o f G overnors o f the F ederal R eserve System amended its Regulations E, G, H, I, J, L, and U, effective A ugust 21, 1959, to reflect the adm ission o f H aw aii to statehood. Copies o f the amendments are enclosed fo r those on our m ailing lists to receive the respective regulations. E ffective O ctober 1, 1959, the B oard o f G overnors amended its R egulation Q, P aym ent o f In terest on D eposits, b y perm itting member banks to allow a grace period o f 10 calendar days in any month in com puting interest on savings deposits rather than as now provided in section 3( d) o f the regulation. Copies o f the amendment to R egula tion Q are enclosed fo r those on our m ailing list to receive that regulation. A dditional copies o f any o f the enclosures w ill be furnished upon request. A lfred H ayes, President. PURCHASE OF WARRANTS AMENDMENT TO REGULATION E I s s u e d b y t h e B oard of G o v er n o r s o f t h e F ederal R e se r v e S y s t e m E ffective August 21, 1959, the term ■municipality* as defined in section II o f Regulation E is amended to read as follow s: The county, o f the gation, term "municipality" shall be construed to mean “State, district, political subdivision, or municipality in the States United States and the District o f Columbia, including irri drainage, and reclamation districts.* C O L L E C T IO N O F N O N C A S H IT E M S AMENDMENT TO REGULATION G I ssued by t h e B oard of G overnors of t h e F ederal R eserve System E ffective August 21, 1959, footnote 1 of Regulation G is amended to read as follows: * For th e pu rposes of th is R e g u la tio n , any dep en d en cy, In s u la r p o s s e s s io n p a r t o f t h e U n it e d S t a t e s o u t s i d e th e S t a t e s o f t h e U n it e d S t a t e s a n d th e D i s t r i c t o f C o l u i p b i a s h a l l b e d e e m e d t o b e In o r o f s u c h F e d e r a l R e s e r v e d i s t r i c t a s t h e B o a r d o f G o v e rn o rs m ay d e s ig n a te . D E S IG N A T IO N S O F F E D E R A L R E S E R V E D I S T R IC T S F O R IN T E R R I T O R I E S , D E P E N D E N C IE S , E T C . BANKS Pursuant to footnote 1 of Regulation G, as amended, the Board o f Governors has taken the following action for the purposes of such regulation: The designation of Hawaii is hereby deleted. or MEMBERSHIP OF STATE BANKING INSTI TUTIONS IN TH E FEDERAL RESERVE SYSTEM AMENDMENT TO REGULATION H I ssu ed b y t h e B oard of G overnors of th e F ederal R eserve System E ffective August 21, 1959. footnote 1 o f Regulation H is amended read as follows: 1 U n d e r th e p r o v i s i o n s o f 3 a c t i o n 19 o f t h e F e d e r a l R e s e r v e A c t , n a t i o n a l b a n k s o r b a n k s o r g a n i z e d u n d e r l o c a l l a w s , l o c a t e d in a d e p e n d e n c y o r I n s u l a r p o s s e s s i o n o r a n y p a rt o f t h e U n it e d S t a t e s o u t s i d e th e S t a t e s o f t h e U n it e d S t a t e s a n d t h e D is tr ic t o f C o l u m b i a a r e n o t r e q u i r e d t o b e c o m e m e m b e 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 bu t m a y , w it h th e c o n s e n t o f t h e B o a r d , b e c o m e m e m b e r s o f t h e S y s t e m . H o w e v e r , t h is R e g u l a t i o n H i s a p p l i c a b l e o n l y t o t h e a d m i s s i o n o f b a n k s e l i g i b l e f o r a d m i s s i o n to m e m b e r s h ip u n d e r s e c t i o n 9 o f th e F e d e r a l R e s e r v e A c t a n d d o e s n o t c o v e r th e a d m i s s i o n o f b a n k s e l i g i b l e u n d e r s e c t i o n 19 o f th e A c t . A n y ban k d e s ir in g t o be a d m it t e d t o th e S y s t e m u n d e r t h e p r o v i s i o n s o f s e c t io n 19 s h o u l d c o m m u n ic a t e w it h th e F e d e r a l R e s e r v e B a n k w it h w h ic h it d e s ir e s to d o b u s in e s s . IN C R E A S E O R D E C R E A SE O F C A P IT A L S T O C K O F F E D E R A L R E SE R V E B A N K S A N D C A N C E L A T IO N O F O L D A N D IS S U E O F N E W S T O C K C E R T IF IC A T E S AMENDMENT TO REGULATION I I ssu ed b y t h e B oard of G overnors of t h e F ederal R eserve System E ffective August 21, 1959, footnote 1 of Regulation I is amended to read as follow s: 1 U n d e r th e p r o v i s i o n s o f s e c t i o n 19 o f t h e F e d e r a l R e s e r v e A c t , n a t i o n a l b a n k s l o c a t e d i n a d e p e n d e n c y o r i n s u l a r p o s s e s s i o n or a n y p a r t o f t h e U n it e d S t a t e s o u t s i d e t h e S t a t e s o f t h e U n it e d S t a t e s a n d t h e D i s t r i c t o f C o l u m b i a a r e n o t r e q u i r e d t o b e c o m e m e m b e 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 b u t m a y , w it h t h e c o n s e n t o f t h e B o a rd , b e c o m e m e m b e rs o f th e S y s te m . A n y s u c h ban k d e s ir in g to b e a d m itte d to th e S y s t e m u n d e r t h e p r o v i s i o n s o f s e c t i o n 19 s h o u l d c o m m u n ic a t e w it h t h e F e d e r a l R e s e r v e B a n k w it h w h i c h i t d e s i r e s t o d o b u s i n e s s . C H E C K C L E A R IN G A N D C O L L E C T IO N AMENDMENT TO REGULATION J I ssu ed b y t h e B oard of G overnors of t h e F ederal R eserve System E ffective August 21, 1959. footnote 1 of Regulation J is amended to read as follow s: * F o r th e p u r p o s e s o f t h is R e g u la tio n , a n y d e p e n d e n c y , In s u la r p o s s e s s i o n p a r t o f t h e U n it e d S t a t e s o u t s i d e t h e S t a t e s o f t h e U n it e d S t a t e s a n d t h e D i s t r i c t o f C o l u m b i a s h a l l b e d e e m e d t o b e in o r o f s u c h F e d e r a l R e s e r v e d i s t r i c t a s t h e o f G o v e rn o rs m ay d e s ig n a te . B oa rd D E S IG N A T IO N S O F F E D E R A L R E S E R V E D IS T R IC T S F O R R A N K S IN T E R R I T O R I E S , D E P E N D E N C IE S , E T C . Pursuant to footnote 1 of Regulation J, as amended, the Board o f Governors has taken the following action for the purposes of such regu lation: The designation o f Hawaii is hereby deleted. or 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 System E ffective August 21, 1959, footnote 3(b) to section 2(b) of Regulation L is amended to read as follow s: B a n k in g i n s t i t u t i o n s o r g a n i z e d u n d e r th e l a w s o f t e r r i t o r i e s , d e p e n d e n c i e s , o r i n s u l a r p o s s e s s i o n s o f t h e U n it e d S t a t e s , s u c h a s P u e r t o R i c o o r t h e C a n a l Z o n e , a n d .n o t o r g a n i z e d u n d e r t h e N a t io n a l B a n k A c t ; a n d P A Y M E N T O F IN T E R E S T O N D E P O S IT S AMENDMENT TO REGULATION Q I ssued by t h e B oard of G overnors of t h e F ederal R eserve System Regulation Q is hereby amended, effective October 1, 1959» by chang ing subsection (d) of section 3 thereof to read as follow s: (d) Grace periods in computing interest on savings deposits. -- A member bank may pay interest on a savings deposit received during the first 10 calendar days of any calendar month at the applicable maximum rate prescribed pursuant to subsection (a) o f this section calculated from the first day of such calendar month until such de p osit is withdrawn or cea ses to constitute a savings deposit under the provisions of this regulation, whichever shall first occur; and a member bank may pay interest on a savings deposit withdrawn during its last 3 business days of any calendar month ending a regular quar terly or semi-annual interest period at the applicable maximum rate prescribed pursuant to subsection (a) calculated to the end of such calendar month. LOANS B Y BANKS FOR TH E PURPOSE OF PURCHASING OR CARRYING REGISTERED STOCKS AMENDMENT TO REGULATION U I ssu ed by t h e B oard of G overnors of t h e E ffective August 21, 1959» section amended to read as follow s: F ederal R eserve System 221.2(0 o f Regulation U is (*) Any loan made outside the States of the United States and the D istrict o f Columbia;
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