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FE D E RAL R E SE R VE BANK O F N E W YORK r Circular N o. 5 5 5 4 T September 29, 1964 J L Nomination and Election of Directors To the Member Banks of the Second Federal Reserve District: 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, 1964: class A director, G e o r g e C h a m p i o n , Chairman of the Board, The Chase Manhattan Bank, New York, N. Y., and class B director, B. E a r l P u c k e t t , form er Chairman o f 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. 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 follow s: Group 1 consists o f banks with capital and surplus of more than $40,000,000; Group 2, o f banks with capital and surplus o f $1,500,000 to $40,000,000, inclu sive; and Group 3, of banks with capital and surplus o f less than $1,500,000. F or 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 of the Federal Reserve Act, as amended, reads in part as follows: “ . . . 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 o f such banks, which may be designated fo r the purpose by such holding com pany affiliate.” Accordingly, banks in Group 1 affected by the foregoing provision of the law are requested to take prompt action to have the appropriate holding company affiliate designate, if it has not already designated, one of its affiliated banks to participate in this nomination and election. 16 14 FIFTIETH ANNIVERSARY 19 6 4 fo r class B directors of me so as to appropriate director.** The nominations should be made by resolutions o f the boards of the nominating banks and certified copies of such resolutions should be sent to reach me on or before November 4, 1964. The enclosed printed forms show the form s of resolution, and one executed copy of each form should be returned to me. On November 6,1964, copies of the list of candidates (indicating by whom nominated) and preferential ballots will be mailed so that, in the normal course o f the mails, they will be received by all banks in Group 1 by November 9, 1964. 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, 1964, and will close at 12 o ’clock noon on Tuesday, November 24, 1964. Upon the closing of 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 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 Tuesday, November 24, 1964). The officers heretofore designated fo r this purpose by the respective banks in Group 1 are shown in the list on the following page. Any Group 1 bank that desires to change its authorization should do so by resolution of its board o f 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 form s and fo r their information only. P h il ip D . R eed, Chairman of the Board. **Section 4 of the Federal Reserve Act, as amended, reads in part as follows: ‘ ‘ Class A shall consist o f three members, who shall be chosen b y 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 b y 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 by 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. ’ ’ [Under interpretations of the Board of Governors of the Federal Reserve System, a person whose sole occupation is that of officer of an insurance company or of a savings and loan association is not eligible for election as a class B director of a Federal Reserve Bank.] “ No Senator or Representative in Congress shall be a member o f the Board 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 December 23, 1915, the Board of Governors of the Federal Reserve System expressed the opinion “ that persons holding political or public office in the service of the United States, or any State, territory, county, district, political subdivision, or municipality thereof, or acting as members of political party committees, cannot consistently with the spirit and underlying principles of the Federal Reserve Act, serve as directors or officers of Federal Reserve Banks.” ] 2 196 4 Election of Directors List of 13 Member Banks in Group 1 ( Group 1 consists of member banks with capital and surplus of more than $40,000,000, on September 29, 1964) N E W JER SE Y Place Newark Name of Bank or Trust Company Officers Authorized to Cast Yote Fidelity Union Trust C o m p a n y ............................................... President, or any Vice President N E W YO R K Buffalo Manufacturers and Traders Trust Com pany........................... President, any Vice President, or Secretary The Marine Trust Company of Western New York . . . President, or any Vice President Mineola Franklin National B a n k .............................................................President, any Vice President, or Cashier New York City The Bank of New Y o r k ................................................................... Chairman of the Board, President, or any Vice President Bankers Trust C o m p a n y .................................. . . . . President, or any Vice President The Chase Manhattan B a n k ......................................................Chairman of the Board, President, Vice Chairman of the Board, any Vice Presi dent, or Secretary Chemical Bank New York Trust C o m p a n y ...........................President, any Executive Vice President, or Secretary First National City B a n k ............................................................ President, any Vice President, or Cashier Irving Trust C om p an y................................................................... Chairman, or in his absence, President Manufacturers Hanover Trust Com pany..................................Chairman of the Board, or President The Marine Midland Trust Company of New York . . . Chairman of the Board, Chairman of the Executive Committee, President, or any Vice President Morgan Guaranty Trust Company of New York . . Chairman, a Vice Chairman, President, any Vice President, Cashier, or Secretary . Digitized FRASER R ofor om 511 M r . P h il ip D. R e e d , Chairman, Board o f Directors, Federal Reserve Bank of New York, Federal Reserve P. 0 . Station, New York, N. Y. 10045 F E D E R AL R E SE R VE BANK O F N E W YORK Nomination for Class A Director, 1964 D is t r 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 .................................................................... 1964, 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 for 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 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 of B a n k ) (Official signature) (Title) To MR. P H IL IP D. R E E D , C h a ir m a n o f t h e B o a r d o f D ir e c t o r s , F ed eral R eserve B a n k of N e w Y o r k . FEDE R AL R E SE R VE BANK O F N E W YORK Nomination for Class A Director, 1964 D i s t r i c t N o. 2 Group No. 1 A t a meeting o f the Board 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 ....................................................................1964, 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 for 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 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 of B a n k ) (Official signature) (Title) To MR. P H IL IP D. R E E D , C h a ir m a n o f t h e B o a r d o f D ir e c t o r s , F ederal R eserve B a n k of N ew Y or k . FE D E R A L RE SE R VE BANK O F N E W YORK Nomination for Class B Director, 1964 D i s t r i c t N o. 2 Group No. 1 A t a meeting o f the Board 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 ..................................................................1964, 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 of B a n k ) (Official signature) (Title) To MR. P H IL IP D. R E E D , C h a i r m a n o f t h e B o a r d o f D ir e c t o r s , F ederal R eserve B a n k of New Y or k . FEDE R AL RE SE RVE BANK O F N E W YORK Nomination for Class B Director, 1964 D is t r ic t N o . 2 Group No. 1 A t a meeting o f the Board 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 ....................................................................1964, 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 for 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 of B a n k ) (Official signature) (Title) To MR. P H IL IP D. R E E D , C h a ir m a n o f t h e B o a r d o f D ir e c t o r s , F ederal R eserve B a n k of New Y or k .
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