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FED ERAL RESERVE BANK O F NEW YORK r Circular N o . 5 0 9 1 T L O ctober 2 , 1961 J Nomination and Election of Directors To the M em ber Banks o f the Second Federal D is tr ic t: An election will be held under the provisions of section 4 of the Federal Reserve Act, as amended, to choose successors to the following directors of this Bank whose terms will expire December 31, 1961: class A director, H e n r y C. A l e x a n d e r , Chairman of the Board, Morgan Guaranty Trust Company of New York, New York, N. Y., and class B director, B. E a r l P u c k e t t , Chairman of the Board, Allied Stores Corporation, New York, N. Y. Both directors were elected by member banks in Group 1 and their successors will be chosen by this group. The member banks in Groups 2 and 3 will not participate in this election. The classification of member banks for the purpose of nomination and election of class A and B directors of the Federal Reserve Bank of New York is as follows: Group 1 consists of banks with capital and surplus of $25,000,000 or m ore; Group 2, o f banks with capital and surplus of more than $1,000,000 but less than $25,000,000; and Group 3, of banks with capital and surplus of $1,000,000 or less. For the purposes of this election, a member bank’s classification will be determined by its capital and surplus as of the date of this circular, even though its capital and surplus may change before the polls close. The banks comprising Group 1 are listed on page 3. Except in the case of two or more banks affiliated with the same holding company affiliate,* each bank in Group 1 is permitted to nominate a candidate for class A director and a candidate ♦ Section 4 o f the F ed era l R e s e rv e A ct, as a m en ded, reads in part as f o llo w s : “ . . . That whenever any two or more member banks within the same Federal reserve district are affiliated with the same holding company affiliate, participation by such member banks in any such nomination or election shall be confined to one of such banks, which may be designated for the purpose by such holding company affiliate.” A c c o r d in g ly , banks in G ro u p 1 a ffected b y th e fo r e g o in g p ro v is io n o f the la w are req u ested to take p rom p t a ction to have th e app ropriate h o ld in g co m p a n y affiliate design ate, if it h as n o t alrea dy design ated, on e o f its affiliated banks to participate in this n om in a tion and election. for class B directors of me so as to appropriate director.** The nominations should be made by resolutions of the boards of the nominating banks and certified copies of such resolutions should be sent to reach me on or before November 3, 1961. The enclosed printed forms show the forms of resolution, and one executed copy of each form should be returned to me. On November 8, 1961, copies of the list of candidates (indicating by whom nominated) and preferential ballots will be mailed so that, in the normal course of the mails, they will be received by all banks in Group 1 on November 9, 1961. The law provides that the ballot shall be cast within 15 days after receipt of this list. The polls will open at 10 a.m., November 9, 1961, and will close at 12 o ’clock noon on Friday, November 24, 1961. Upon the closing of the polls the ballot box will be opened in the board room of this Bank, the votes counted and checked by tellers, and results of the election announced. The candidates will be invited to be present or represented on that occasion. In order to be counted as valid, the ballot must be executed by an officer authorized to cast the vote and must be received by me at or before the time thus fixed for the closing of the polls (i.e., at or before 12 o ’clock noon on Friday, November 24, 1961). The officers heretofore designated for this purpose by the respective banks in Group 1 are shown in the list on the following page. Each Group 1 bank that has not designated an officer or officers for the purpose of executing the ballot, or any Group 1 bank that desires to change its authorization, should do so by resolution of its board of directors; a certified copy of such resolution must reach me before the polls close. A form for this purpose will be furnished upon request. Because banks in Groups 2 and 3 will not participate in this election, this circular is sent to them without forms and for their information only. P h ilip D. R e e d , Chairman of the Board. * * S e ctio n 4 o f the F ed era l R e s e rv e A c t, as a m en ded , reads in part as fo llo w s : ‘ ‘ Class A shall consist o f three members, who shall be chosen by and be representative o f the stock holding b a n k s.. . . No officer or director o f a member bank shall be eligible to serve as a class A director unless nominated and elected by banks which are members o f the same group as the member bank of 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 not be eligible for nomination as a class A director except b y banks in the same group as the bank having the largest aggregate resources o f any o f those o f which such person is an officer or director. ’ ’ ‘ ‘ Class B shall consist o f three members, who at the time o f their election shall be actively engaged in their district in commerce, agriculture or some other industrial pursuit. . . . No director o f class B shall be an officer, director, or employee o f any bank. ’ ’ [On Ju ly 2, 1925, the B oard o f Governors o f the Federal Reserve System advised that it had “ reached the conclusion that a person whose sole occupation is that o f officer o f an insurance com pany is not eligible f o r election as a class B director o f a Federal Reserve B a n k ,” and on October 18, 1939, the B oard advised “ that a person whose sole occupa tion is that o f president o f a Federal savings and loan association and who has been serving as a class A director is not now eligible fo r election and service as a class B d irector.” ] “ No Senator or Representative in Congress shall be a member o f the B oard o f Governors o f the Federal Reserve System or an officer or a director o f a Federal reserve bank. ’ ’ [In a resolution adopted Decem ber 23, 1915, the B oard o f Governors o f the Federal Reserve System expressed the opinion ‘ ‘ that persons holding political or public office in the service o f the U nited States, or o f any State, territory, county, district, political subdivision, or m unicipality thereof, or acting as members o f political party committees, cannot consistently with the spirit and underlying principles o f the Federal Reserve A ct, serve as directors or officers o f Federal Reserve B a n k s.” ] 3 1961 E lection o f D irectors List of 16 Member Banks in Group 1 ( G roup 1 consists o f m em ber banks with capital and surplus o f $25,000,000 or m ore, on O ctober 2, 1961J N EW JERSEY Place Newark Name o f Bank or Trust Company Officers Authorized to Cast V ote Fidelity Union Trust C o m p a n y ............................................... President, or any V ice President The N ational State Bank o f N e w a r k ........................................ President, any V ice President, or Cashier NEW YORK B u ffalo M anufacturers and Traders Trust Company President, any Vice President, or Secretary . The Marine Trust Company o f W estern New Y ork President, or any V ice President Franklin Square The Franklin N ational Bank o f L on g Island President, any V ice President, or Cashier N ew Y ork City The Bank o f New Y o r k ............................................... Chairman o f the Board, President, or any V ice President Bankers Trust Company President, or any V ice President The Chase Manhattan Bank Chairman o f the Board, President, V ice Chairman o f the Board, any V ice Presi dent, or Secretary Chemical Bank New Y ork Trust Company President, any Executive V ice President, or Secretary The First National City Bank o f New Y ork . President, any Vice President, or Cashier Irving Trust C o m p a n y ............................................... Chairman, or in his absence, the President Manufacturers H anover Trust Company . Chairman o f the Board, President, Chairman o f the Finance Committee, or any V ice President The Marine Midland Trust Company o f New Y ork Chairman o f the Board, Chairman o f the Executive Committee, President, or any V ice President M organ Guaranty Trust Company o f New Y ork Chairman, a V ice Chairman, President, any V ice President, Cashier, or Secretary United States Trust Company o f New Y ork . President, or any V ice President Rochester Lincoln Rochester Trust Company . . . 3 . . President, or any V ice President FEDERAL RESERVE BANK O F N EW YORK Nomination for Class B Director, 1961 D is t r ic t No. 2 Group No. 1 A t a meeting o f the B oard o f Directors o f t h e .................................................. (Name of Bank) o f ................................................................................ duly called and held on the.........................day (City or Town and State) o f................................................................... 1961, on motion duly made and seconded, it was “ R E SO L V E D , That..........................................................................................................................., o f............................................................................................................................... , whose occupation is be, and he is hereby, nominated by this bank as a candidate fo r class B director o f the Federal Reserve Bank o f New York, and the cashier or other officer o f this bank is hereby authorized, empowered and directed to send a certified copy o f this resolution to the Chairman o f the Board o f Directors o f the Federal Reserve Bank o f New Y o rk .” I hereby certify that the foregoing is a true and correct copy o f a resolution o f the Board o f Directors o f this bank duly adopted on the date specified. (S eal B of a n k ) (Official signature) (Title) To MR. P H IL IP D. R E E D , C h a ir m a n F of t h e ederal B oard of R eserve B a n k D ir e c t o r s , of New Y ork. FEDERAL RESERVE BANK O F N EW YORK Nomination for Class B Director, 1961 D is t r ic t No. 2 Group No. 1 A t a meeting o f the B oard o f Directors o f t h e .................................................. (Name of Bank) o f ................................................................................ duly called and held on the.........................day (City or Town and State) o f................................................................... 1961, on motion duly made and seconded, it was “ R E S O L V E D , That..........................................................................................................................., o f............................................................................................................................... , whose occupation is be, and he is hereby, nominated by this bank as a candidate fo r class B director o f the Federal Reserve Bank o f New York, and the cashier or other officer o f this bank is hereby authorized, empowered and directed to send a certified copy o f this resolution to the Chairman o f the Board o f Directors o f the Federal Reserve Bank o f New Y o rk .” I hereby certify that the foregoing is a true and correct copy o f a resolution o f the Board o f Directors o f this bank duly adopted on the date specified. (S eal B of a n k ) (Official signature) (Title) To MR. P H IL IP D. R E E D , C h a ir m a n F of t h e ederal B oard R eserve B of D ir e c t o r s , a n k of New Y ork. FEDERAL RESERVE BANK OF NEW YORK Nomination for Class A Director, 1961 D is tr ic t N o. 2 Group No. 1 A t a meeting o f the B oard o f Directors o f t h e ............................................................................ (Name of Bank) o f ................................................................................ duly called and held on the......................... day (City or Town and State) o f ............................................................................. 1 9 6 1 , on motion duly made and seconded, it was “ R E S O L V E D , That.................................................................................................................. -......., o f ............................................................................................................................... . whose occupation is be, and he is hereby, nominated b y this bank as a candidate fo r class A director o f the Federal Reserve Bank o f New York, and the cashier or other officer o f this bank is hereby authorized, empowered and directed to send a certified copy o f this resolution to the Chairman o f the B oard o f Directors o f the Federal Reserve Bank o f New Y o rk .” I hereby certify that the foregoing is a true and correct copy o f a resolution o f the Board o f Directors o f this bank duly adopted on the date specified. (S eal Bank) of (Official signature) (Title) To MR. P H IL IP D. R E E D , C h a ir m a n of t h e F R ederal B oard ese rv e of Bank D ir e c t o r s , of N ew Y ork. FEDERAL RESERVE BANK OF NEW YORK Nomination for Class A Director, 1961 D is tr ic t N o. 2 Group No. 1 A t a meeting o f the B oard o f Directors o f t h e .................................................. (Nam e o f Bank) o f................................................................................ duly called and held on the......................... day (C ity or Tow n and State) o f ................................................................... 1961, on motion duly made and seconded, it was “ R E S O L V E D , That............................................................................................................................ o f............................................................................................................................... . whose occupation is be, and he is hereby, nominated b y this bank as a candidate fo r class A director o f the Federal Reserve Bank o f New York, and the cashier or other officer o f this bank is hereby authorized, empowered and directed to send a certified cop y o f this resolution to the Chairman o f the Board o f Directors o f the Federal Reserve Bank o f New Y o rk .” I hereby certify that the foregoing is a true and correct copy o f a resolution o f the Board o f Directors o f this bank duly adopted on the date specified. (S eal op Ban k ) (Official signature) (Title) To MR. P H IL IP D. R E E D , C h a ir m a n of t h e F R ederal B oard of eserve Bank D ir e c t o r s , of New Y ork. M r . P h il ip D. R e e d , C h a ir m a n , B o a r d o f D i r e c t o r s , Federal Reserve Bank of New York, Federal Reserve P. O. Station, R oom 515 New York 45, N. Y.
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