Full text of Federal Reserve Bank of New York Circulars : 6552. Rules Regarding Delegation of Authority

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F E D E R A L R ES ER V E BANK
O F NEW YO RK

TCircularNo. 65521
June1,1970
J

I

RULES REGARDING DELEGATION OF AUTHORITY
Amendment and Reprint

To A ll Member BanTcs, and Others Concerned,
in the Second Federal Reserve District:

Enclosed are a reprint, in the new size, of the Board of G overnors’ Rules
R egarding Delegation of A uthority, as amended effective A pril 2, 1970, and an amend­
ment thereto, effective May 14, 1970.
The enclosed reprint, besides replacing your small-size printing of the Rules
and of the amendments thereto, reflects the following additional changes:
On F eb ru ary 19, 1970, subparagraph (17) of section 265.2(c) was added.
On A pril 2, 1970, p arag rap h (b) of section 265.1a was added.

The enclosed amendment changes subparagraph (17) of section 265.2(c). It
delegates to the D irector of the Division of Supervision and Regulation authority to
furnish the responsible agency with the competitive-factor reports required by the
‘‘Bank M erger Act of 1960” in cases where there is agreem ent at the staff level of
the Federal Reserve System th at the proposed bank m erger would have no, or only
slightly, adverse competitive effects.
A dditional copies of the enclosures will be furnished upon request.




A lfr ed H ayes,

President.

Board of Governors of the Federal Reserve System
RULES REGARDING DELEGATION OF AUTHORITY
AM ENDM ENT
Effective M ay 14, 1970, § 265.2(c) is
am ended by changing subparagraph (17) to
read as follow s:
S E C T IO N 265.2— S P E C IF IC FU N C TIO N S
D E L E G A T E D TO BOARD E M PL O Y E E S
AND F E D E R A L R E S E R V E B A N K S
*

*

*

(c)
T he D irector of th e Division of S uper­
vision and R egulation (or, in his absence, the
A cting D irector) is au th o rized :
*

*

*

(17) U nder section 1 8 (c )(4 ) of the F ed ­
eral Deposit Insurance A ct (12 U.S.C. 1828




(c) (4 ) ), to furnish to the C om ptroller of the
C urrency and the F ederal Deposit Insurance
C orporation reports on competitive factors
involved in a bank m erger required to be
approved by one of those agencies if each of
the appropriate departm ents or divisions of
the appropriate F ederal Reserve B ank and
the B oard of Governors is of the view th a t
the proposed m erger either would have no
adverse competitive effects or would have only
slightly adverse competitive effects, and if no
member of the B oard has indicated an objec­
tion p rio r to the forw arding of the re p o rt to
the appropriate agency.

P R I N T E D IN N E W Y O R K




BOARD OF GOVERNORS

of the
FEDERAL RESERVE SYSTEM

RULES REGARDING DELEGATION OF AUTHORITY

(12 CFR 265)

As amended effective April 2, 1970

Any inquiry relating to this regulation should be addressed to the Federal
Reserve Bank of the Federal Reserve District in which the inquiry arises.

CONTENTS

Sec.

265.1 — D e l e g a t i o n
G

Sec.

of

F u n c tio n s
3

enerally

265.1a — S p e c i f i c
g a te d

F u n c tio n s

3

(a ) A ny Board M em ber designated by
the C h a ir m a n ......................................

3

(b ) The Com m ittee on Organization,
Com pensation, and Building Plans

3

265.2 — S p e c i f i c

B oard

D e le ­

M em bers

Sec.

to

F u n c tio n s

D e le ­

g a te d t o B o a rd E m p lo y e e s
and

to

B anks

F ederal

Sec.

R eserve

..............................................

(a ) The Secretary of the B o a r d ................
(b ) The G eneral Counsel of the Board
(c) T he D irector of the D ivision of Super­
vision and Regulation .....................
(d ) The D irector of the Division of F ed ­
eral Reserve Bank O perations .
(e) The D irector of the D ivision o f P er­
sonnel A dm inistration .....................
(f) Each Federal Reserve Bank ..............
(g) The D irector o f the Division of In ter­
national Finance ...............................

3
3
4
5
5
5
7

265.3— R e v i e w o f A c t i o n a t D e l e ­
g a te d

3

L evel

...............................

7

ST A T U T O RY A U T H O RIT Y

This regulation is issued under authority of
section 11 ( k) of the F ederal Reserve A ct (12
U.S.C. 248(k)), w hich reads as follows:
Sec. 11. T he Board of G overnors of the F e d ­
eral Reserve System shall be authorized and em ­
pow ered:
*

*

*

*

*

(k) To delegate, by published order o r rule
and subject to the A dm inistrative P rocedure A ct,




any of its functions, other than those relating to
rulem aking o r pertaining principally to m onetary
and credit policies, to one o r m ore hearing exam ­
iners, m em bers o r em ployees o f the Board, or
Federal Reserve Banks. The assignm ent o f respon­
sibility fo r the perform ance o f any function th at
the Board determ ines to delegate shall be a func­
tion of the C hairm an. T he Board shall, upon the
vote o f one m em ber, review action taken at a
delegated level w ithin such tim e and in such
m anner as the Board shall by rule prescribe.

RULES REGARDING DELEGATION OF AUTHORITY*
<12 CFR 265)
As amended effective April 2, 1970

any foreign com pany (o th er than a com pany per­
form ing nom inee, fiduciary, or other banking serv­
ices incidental to the activities of a foreign branch
o r affiliate of such bank or co rp o ratio n ).
(3 )
T o perm it an Edge o r A greem ent corpo­
ration to exceed the lim itations in § 211.9 (b )
and (c) of this chapter (R egulation K ) .1
(b)
The Committee on Organization, Compen­
sation, and Building Plans, consisting of three
m em bers of the Board designated by the C hair­
m an, is authorized, pursuant to the tw enty-second
paragraph of section 4 of the Federal Reserve A ct
(12 U .S.C. 307), to approve the salary of any
officer of a Federal Reserve Bank holding a posi­
tion below that o f Senior Vice President, subject
to general guidelines prescribed by the Board.

SEC T IO N 265.1— D E L E G A T IO N O F
F U N C T IO N S G E N E R A L L Y
P ursuant to the provisions of section 11 (k ) of
the F ederal Reserve A ct (12 U.S.C. 2 4 8 ( k ) ) , the
Board of G overnors of the F ederal Reserve Sys­
tem delegates authority to exercise those of its
functions described in this P art, subject to the
lim itations and guidelines herein prescribed. The
C hairm an of the B oard of G overnors assigns the
responsibility for the perform ance of such dele­
gated functions to the persons herein specified. A
delegee m ay subm it any m atter to the Board for
determ ination if he considers such submission
appropriate because of the im portance o r com ­
plexity of the m atter.
SEC T IO N 265.1a— S P E C IF IC F U N C T IO N S
D E L E G A T E D TO BO A RD M EM B ER S

SE C T IO N 265.2— S P E C IF IC F U N C T IO N S
D E L E G A T E D TO B O A RD E M P L O Y E E S A N D
F E D E R A L R E S E R V E BA N K S
(a)
Any Board member designated by the
Chairman is authorized under sections 25 and
(a ) The Secretary of the Board (o r, in his
2 5 (a ) of the Federal Reserve A ct and Parts 211
absence, the Acting Secretary) is authorized,
and 213 of this chapter (R egulations K and M ):
u nder the provisions of P art 261 of this chapter,
(1 ) T o approve the establishm ent, directly or
to m ake available, upon request, inform ation in
indirectly, of a foreign branch or agency by a
the records of the Board.
m em ber bank or corporation organized under sec­
(b ) The General Counsel of the Board (o r, in
tion 2 5 (a ) (an “E dge” corporation) or operating
his absence, the A cting G eneral C ounsel) is
under an agreem ent w ith the B oard pursuant to
authorized:
section 25 (an “A greem ent” corporation) which
(1 ) U n d er the provisions o f section 2 (g ) of
has already established, or has been authorized to
the Bank H olding C om pany A ct (12 U.S.C.
establish, branches in two or m ore foreign coun­
1 8 4 1 (g )), to determ ine w hether a com pany th at
tries.
transfers shares to any of the types of tran s­
ferees specified therein is incapable of controlling
(2 ) To grant specific consent to stock acquisi­
the transferee.
tions, either directly or indirectly, by a m em ber
bank or an Edge o r A greem ent corporation (and
(2 ) U n d er the provisions o f section 4 (c ) (8 ) of
to approve such acquisitions w hich may exceed
the Bank H olding C om pany A ct (12 U .S.C . 1843
the lim itations in section 2 5 (a ) based on such a
( c ) ) , to determ ine th at a com pany engaged in
corporation’s capital and surplus) not resulting
activities of a financial, fiduciary, or insurance
in the acquisition, either directly o r indirectly, by
natu re falls w ithin the exem ption described th ere­
such bank or corporation of effective control of
in perm itting retention o r acquisition of control
thereof by a bank holding com pany.
*
T h is text co rresp o n d s to the C o d e o f F e d e r a l R e g u la ­
tion s, T itle 12, C hapter II, P art 26 5 , cited as 12 C F R 265.
T h e w ords “ this P a rt,” as used herein, m ea n R u les R e ­
garding D e le g a tio n o f A u th o rity .




3

1 S u b ject, o f cou rse, to th e lim ita tio n s in s ec tio n 25(a)
relating to aggregate liab ilities o u tstan d in g o n d ebentures,
b on d s, and p rom issory n otes.

DELEGATION OF AUTHORITY

§ 265.2

(3 ) U nder the provisions of sections 1101-1103
of the Internal R evenue Code (26 U.S.C. 11011103), to m ake certifications (prior and final) for
Federal tax purposes with respect to distributions
pursuant to the Bank H olding C om pany Act.
(4 ) U nder the provisions of section 4 ( c ) ( 8 ) of
the Bank H olding C om pany A ct (12 U.S.C. 1843
( c ) ( 8 ) ) and § 2 2 2 .4 (a ) of this chapter (R egula­
tion Y ), to issue an order for a hearing to be
conducted for the purpose of determ ining w hether
a com pany engaged in activities of a financial, fi­
duciary, or insurance nature falls w ithin the
exem ption described therein perm itting retention
or acquisition of control thereof by a bank holding
com pany.

(6 ) U n d er the provisions of section 1 2 (f) of
the Securities Exchange A ct (15 U.S.C. 7 8 /(f) ) ,
to issue notices w ith respect to an application by
a national securities exchange for unlisted trading
privileges in a security of a m em ber State bank.
(7 ) U n d er the provisions of section 1 2 (h ) of
the Securities Exchange A ct (15 U.S.C. 7 8 /( h ) ) ,
to issue notices w ith respect to an application by a
m em ber State bank fo r exem ption from regis­
tration.
(8) U nder the provisions of § 206.5(f) and (i)
of this chapter (Regulation F), to perm it the m ail­
ing of proxy and other soliciting m aterials by a
m em ber State bank before the expiration of the
tim e prescribed therein.
(9 ) U n d er the provisions of §§ 206.41, 206.42,
(c)
The Director of the Division of Supervision
and
206.43 (Instructions as to Financial State­
and Regulation (or, in his absence, the Acting
m ents 9, 4, and 3, respectively) of this chapter
D irector) is authorized:
(Regulation F), to perm it the omission of financial
(1 ) U nder the provisions of the seventh p ara­
statem
ents from reports by a m em ber State bank
graph of section 9 of the F ederal Reserve A ct (12
a
n
d
/o
r
to require other financial statem ents in
U.S.C. 3 2 5 ), to select o r to approve the appoint­
addition
to, or in substitution for, the statem ents
m ent of Federal Reserve Bank exam iners, assist­
required
therein.
ant exam iners, and special examiners.
(1 0 ) T o exercise the functions described in
(2 ) U nder the provisions of the nineteenth
subparagraph (4 ) of paragraph (f) of this section
paragraph of section 2 5 (a ) of the Federal Reserve
in cases in which the conditions specified therein
A ct (12 U.S.C. 625) and § 2 1 1.9(e) of this chapter
as prerequisites to exercise of such functions by
(Regulation K), to require submission and publi­
the Federal Reserve Banks are not present o r in
cation of reports by an “Edge A c t” corporation.
which, even though such conditions are present,
(3 ) U nder the provisions of section 5 of the
the appropriate Federal Reserve Bank considers
Bank H olding C om pany A ct (12 U .S.C. 1844),
that nevertheless it should not take action on the
after having received clearance from the Bureau
m em ber b an k ’s request, and to exercise the func­
of the Budget (w here necessary) and in accord­
tions described in subparagraphs ( 1 ), ( 2 ), and
ance w ith the law of A dm inistrative Procedure
(7 ) of paragraph (f) of this section in cases in
(5 U.S.C. 5 5 3 ), to prom ulgate registration, an­
w hich the appropriate Federal Reserve Bank con­
nual report, and other form s for use in connection
siders th at it should not take action to approve
w ith the adm inistration of such Act.
the m em ber bank’s request.
(4) U nder the provisions of section 12(g) of
(1 1 ) U n d er sections 25 and 2 5 (a ) of the
the Securities Exchange Act (15 U.S.C. 7 8 /( g ) ) :
F ederal Reserve A ct and P arts 211 and 213 of
(i) to accelerate the effective date of a regis­
this chapter (R egulations K and M ), to approve
tration statem ent filed by a m em ber State bank
increases and reductions in the capital stock and
with respect to its securities;
am endm ents to the articles of association o f a
(ii) to accelerate term ination of the registration
corporation organized under section 2 5 (a ) and
of such a security that is no longer held of record
additional investm ents by a m em ber bank in the
by 300 persons; and
stock of a corporation operating under an agree­
(iii) to extend the tim e for filing a registration
m ent w ith the Board pursuant to section 25.
statem ent by a m em ber State bank.
(1 2 ) To exercise the functions described in
subparagraphs (1 5 ) (i) and (ii) of paragraph ( f ) ;
(5 ) U nder the provisions of section 1 2(d ) of
and to exercise the functions described in subthe Securities Exchange A ct (15 U.S.C. 7 8 /( d ) ) ,
paragraph (1 5 ) (iii) of paragraph (f) in those
to accelerate the effective date of an application
cases in w hich the appropriate Federal Reserve
by a m em ber State bank for registration of a
Bank concludes that, because of unusual consider­
security on a national securities exchange.




4

DELEGATION OF AUTHORITY

§ 265.2

ations, or for other good cause, it should not take
action.
(1 3 ) U nder the provisions of §§ 2 0 7 .2 (f),
2 2 0 .2 (e ), and 2 2 1 .3 (d ) of this chapter (R egula­
tions G , T, and U , respectively), to approve
issuance of the list o f O TC m argin stocks and to
add, om it, o r rem ove any stock in circum stances
indicating that such change is necessary or appro­
priate in the public interest.
(14) U nder the provisions of the seventh para­
graph of section 25 of the Federal Reserve A ct
(12 U.S.C. 6 0 2 ), to require subm ission of a re­
port of condition respecting any foreign bank in
which a m em ber bank holds stock acquired under
the provisions of § 213.4 of this chapter (R egula­
tion M ).
(15) U nder the tw elfth paragraph of section 13
of the Federal Reserve A ct (39 Stat. 754) and
§ 203.2 of this chapter (Regulation C ), to perm it
any m em ber bank to accept drafts or bills of
exchange draw n upon it for the purpose of fu rn ­
ishing dollar exchange.
(16) U nder the provisions of section 4 (b ) of
the Federal D eposit Insurance Act (12 U .S.C.
1 8 1 4 (b )), to certify to the F ederal D eposit In ­
surance C orporation that, w ith respect to the
admission of a State-chartered bank to Federal
Reserve m em bership, the factors specified in sec­
tion 6 of that Act (12 U .S.C. 1816) were con­
sidered.
(17) U nder section 1 8 (c )(4 ) of the Federal
D eposit Insurance A ct (12 U.S.C. 1 8 4 8 ( c ) ( 4 ) ) ,
to furnish to the C om ptroller of the C urrency and
the Federal Deposit Insurance C orporation re­
ports on com petitive factors involved in a bank
m erger required to be approved by one of those
agencies if the appropriate departm ents or divi­
sions of the appropriate Federal Reserve Bank
and the Board of G overnors are in unanim ous
agreem ent that the proposed m erger would have
no adverse com petitive effects and if no m ember
of the Board has indicated an objection prior to
the forw arding of the report to the appropriate
agency.
(d)
The Director of the Division of Federal
Reserve Bank Operations (or, in his absence, the
Acting D irector) is authorized:
(1 )
U nder the provisions of the sixteenth para­
graph of section 4 of the F ederal Reserve A ct (12
U.S.C. 3 0 4 ), to classify m em ber banks for the
purposes of electing Federal Reserve Bank class
A and class B directors, giving consideration to




5

(i) the statutory requirem ent th at each of the
three groups shall consist as nearly as m ay be of
banks o f sim ilar capitalization and (ii) the desira­
bility th at every m em ber bank have the o p p o rtu ­
nity to vote fo r a class A or a class B director at
least once every three years.
(2 ) U nder the provisions o f the third para­
graph o f section 16 o f the Federal Reserve Act
(12 U .S.C. 4 1 3 ), to apportion credit am ong the
Reserve Banks for unfit notes th at are destroyed,
giving consideration to the net num ber of notes of
each denom ination that were issued by each Re­
serve Bank during the preceding calendar year.
(3 ) U n d er the provisions of section 19(b) of
the F ederal Reserve A ct (12 U.S.C. 461) and
§ 204.2(a)(2) of this chapter (Regulation D), to
perm it a m em ber bank in a reserve city to m ain­
tain reserves at the ratios prescribed fo r banks
not in reserve cities, provided such bank holds
dem and deposits o f not m ore than $25 million, or,
dem and deposits less than the am ount of dem and
deposits of the largest bank in the city th at is per­
m itted to m aintain reserves at such low er ratio,
w hichever is larger, giving consideration to fac­
tors such as the am ount of the b an k ’s resources,
total deposits, dem and deposits, dem and deposits
owing to banks, types of depositors and borrow ­
ers, turnover of dem and deposits, geographical
location w ithin the city, and com petitive position
with relation to other banks in the city.
(4 ) U n d er the provisions o f §§ 2 1 6 .5 (b ),
2 1 6 .5 (d ), and 216.6 of this chapter (R egulation
P ) , w ith respect to F ederal Reserve Banks and
branches: (i) to require reports on security de­
vices; (ii) to require special reports; and (iii) to
determ ine, in view of the provisions of §§ 216.3
and 216.4, w hether security devices and proce­
dures are deficient in m eeting the requirem ents of
P art 216, to determ ine w hether such requirem ents
should be varied in the circum stances o f a particu­
lar banking office, and to require corrective action.
(e) The Director o f the Division of Personnel
Administration (or, in his absence, the A cting D i­
rector) is authorized, u nder the provisions of the
twenty-first paragraph of section 4 of the F ederal
Reserve A ct (12 U.S.C. 3 0 6 ), to approve the ap­
pointm ent of assistant F ederal Reserve agents (in ­
cluding representatives and alternate representa­
tives of such agents).
(f) Each Federal Reserve Bank is authorized,
as to m em ber banks o r o th er indicated organiza­
tions headquartered in its district:

§ 2 6 5 .2

(1 ) U nder the provisions of the third paragraph
of section 9 of the F ederal Reserve A ct (12
U .S.C. 3 2 1 ), section 5155 of the Revised Statutes
(12 U.S.C. 3 6 ), and § 208.8 of this chapter (R eg­
ulation H ) , to approve the establishm ent by a
State m em ber bank of a dom estic branch if the
proposed branch has been approved by the ap­
propriate State authority and if the Reserve Bank
is satisfied that approval is w arranted after giving
consideration to:
(1) the bank’s capitalization in relation to the
character and condition of its assets and to its
deposit liabilities and other corporate responsibili­
ties, including the volum e of its risk assets and of
its m arginal and inferior quality assets, all con­
sidered in relation to the strength of its m anage­
m ent;
(ii) the ability of bank’s m anagem ent to cope
successfully w ith existing o r foreseeable problem s,
and to staff the proposed branch w ithout any
significant deterioration in the overall m anage­
m ent situation;
(iii) the convenience and needs of the com ­
m unity;
(iv) the com petitive situation (either actual or
p o te n tia l);
(v) the prospects for profitable operations of
the proposed branch w ithin a reasonable tim e, and
the ability of the bank to sustain the operational
losses of the proposed branch until it becomes
profitable; and
(vi) the reasonableness of b an k ’s investm ent in
bank premises after the expenditure for the pro­
posed branch.
(2 ) U nder the provisions of the sixth paragraph
of section 9 of the Federal Reserve A ct (12
U.S.C. 324) and the provisions of section 5199 of
the Revised Statutes (12 U.S.C. 6 0 ), to perm it a
State m em ber bank to declare dividends in excess
of net profits for the calendar year com bined w ith
the retained net profits of the preceding two years,
less any required transfers to surplus or a fund for
the retirem ent of any preferred stock, if the R e­
serve Bank is satisfied th a t approval is w arranted
after giving consideration tp:
(i)
the bank’s capitalization in relation to the
character and condition of its assets and to its
deposit liabilities and other corporate responsibili­
ties, including the volum e of its risk assets and of
its m arginal and inferior quality assets, all con­
sidered in relation to the strength of its m anage­
m ent; and




DELEGATION OF AUTHORITY

(ii)
the b an k ’s capitalization after paym ent of
the proposed dividend.
(3 ) U n d er the provisions of the ten th p ara­
graph of section 9 o f the Federal Reserve A ct (12
U .S.C. 3 2 8 ), to waive six m onths’ notice by a
bank of its intention to w ithdraw from F ederal
Reserve m em bership.
(4 ) U n d er the provisions of the eleventh p ara­
graph of section 9 of the F ederal Reserve A ct
(12 U.S.C. 3 2 9 ), to perm it a State m em ber bank
to reduce its capital stock if its capitalization
th ereafter will be:
(i) in conform ity w ith the requirem ents of F ed ­
eral law, and
(ii) adequate in relation to the character and
condition of its assets and to its deposit liabilities
and other corporate responsibilities, including the
volume of its risk assets and of its m arginal and
inferior quality assets, all considered in relation
to the strength o f its m anagem ent.
(5 ) U n d er the provisions of the seventeenth
paragraph of section 9 of the F ederal Reserve
A ct (12 U.S.C. 3 3 4 ), to extend the tim e, for good
cause shown, w ithin w hich an affiliate of a State
m em ber bank m ust file reports.
(6 ) U n d er the provisions of the seventh p ara­
graph of section 13 of the Federal Reserve A ct
(12 U.S.C. 3 7 2 ), to perm it a m em ber bank to
accept com m ercial drafts in an aggregate am ount
at any one tim e up to 100 per cent of its capital
and surplus.
(7 ) U nder the provisions o f section 24A of the
Federal Reserve A ct (12 U.S.C. 371 d ), to perm it
a State m em ber bank to invest in bank premises
in an am ount in excess of its capital stock, if the
Reserve Bank is satisfied th at approval is w ar­
ranted after giving consideration to:
(i) the b an k ’s capitalization in relation to the
character and condition of its assets and to its
deposit liabilities and other corporate responsibili­
ties, including the volum e o f its risk assets and of
its m arginal and inferior quality assets, all con­
sidered in relation to the strength of its m anage­
ment: A n d provided, T hat
(ii) upon com pletion of the proposed invest­
ment, the b an k ’s aggregate investm ent (direct and
indirect) in bank premises plus the indebtedness
of any wholly-owned bank premises subsidiary
will not exceed 40 per cent o f its total capital
funds (including capital notes and debentures)
plus reserves o th er than valuation reserves.
(8 ) U n d er the provisions of the ninth p ara­

DELEGATION OF AUTHORITY

§ 2 6 5 .3

lation H ), fo r good cause shown, to extend the
tim e fo r publication of reports of condition, such
extensions not ordinarily to be for m ore than 10
days except in very unusual circum stances beyond
control of the reporting bank.
(1 7 ) U n d er the provisions of § 2 0 7 .1 (b ) of this
chapter (Regulation G ) , to approve applications
for term ination of registration by persons who are
registered pursuant to § 2 0 7 .1 (a ).
(1 8 ) U n d er the provisions of the second p ara­
graph o f section 2 5 (a ) of the F ederal Reserve
A ct (12 U .S.C. 612) and § 211.3 of this chapter
(R egulation K ), to approve am endm ents to the
A rticles of A ssociation of any “Edge A ct” corpo­
ration to reflect the following: (i) any increase in
the capital stock of such corporation w here all
additional shares are to be acquired by existing
shareholders; (ii) any change in the location of
the hom e office of such corporation w ithin the
city w here such corporation is presently located;
and (iii) any change in the num ber of m em bers
of the Board of D irectors of such corporation.
(g)
The Director of the Division of Internation­
al Finance (or, in his absence, the A cting D irec­
to r) is authorized, under the provisions of the
sixth paragraph of section 14 of the F ederal R e­
serve A ct (12 U.S.C. 358) to approve the estab­
lishm ent of foreign accounts w ith the Federal
Reserve Bank o f N ew Y ork.

graph of section 2 5 (a ) of the F ederal Reserve
A ct (12 U.S.C. 6 1 5 ), to extend the tim e in w hich
an “Edge A ct” corporation m ust divest itself of
stock acquired in satisfaction of a debt previously
contracted.
(9 ) U nder the provisions of the tw enty-second
paragraph of section 2 5 (a ) of the F ederal Reserve
Act (12 U .S.C. 6 2 8 ), to extend the period of cor­
porate existence of an “Edge A ct” corporation.
(10) U nder the provisions of section 5 (a ) of
the Bank H olding C om pany A ct (12 U.S.C.
1 8 4 4 (a )), to extend the tim e w ithin w hich a bank
holding com pany m ust file a registration statem ent.
(11) U nder the provisions of section 4 (a ) of
the Bank H olding C om pany A ct (12 U.S.C.
1 8 4 3 (a )), to extend the tim e w ithin w hich a bank
holding com pany m ust divest itself of interests in
nonbanking organizations.
(12) U nder the provisions of section 4 ( c ) ( 2 )
of the Bank H olding Com pany A ct (1 2 U.S.C.
1 8 4 3 (c )), to extend the tim e w ithin w hich a bank
holding com pany m ust divest itself of interests in
a nonbanking organization acquired in satisfaction
of a debt previously contracted.
(13) U nder the provisions of section 5 (c ) of
the Bank H olding C om pany A ct (12 U.S.C.
1 8 4 4 (c )), to require reports under oath to deter­
mine w hether a com pany is com plying w ith the
provisions of such A ct and the B oard’s regulations
prom ulgated thereunder.
(1 4 ) U nder the provisions of § 2 08.10(c) of
this chapter (R egulation H ), to extend the time
w ithin w hich a m em ber bank that has given notice
of intention to w ithdraw from m em bership m ust
surrender its F ederal Reserve Bank stock and its
certificate of m em bership.
(15) U nder the provisions o f § § 2 1 6 .5 (b ),
2 1 6 .5 (d ), and 216.6 of this chapter (R egulation
P ) , w ith respect to State m em ber banks only: (i)
to require reports on security devices; (ii) to re­
quire special reports; and (iii) to determ ine, in
view of the provisions of §§ 216.3 and 216.4,
w hether security devices and procedures are defi­
cient in meeting the requirem ents of P art 216, to
determ ine w hether such requirem ents should be
varied in the circum stances of a particular banking
office, and to require corrective action.
(16) U nder § 2 0 8 .9 (a ) of this chapter (R egu­




SEC T IO N 265.3— R E V IE W O F A C T IO N
AT D ELEG A TED LEVEL
A ny action taken at a delegated level shall be
subject to review by the Board only if such review
is requested by a m em ber of the Board either on
his own initiative or on the basis of a petition fo r
review by any person claim ing to be adversely
affected by the action. A ny such petition fo r re­
view m ust be received by the Secretary of the
Board not later than the fifth day after the date
of such action. N otice o f any such review shall
be given to the person w ith respect to w hom such
action was taken and be received by such person
not later than the close of the ten th day follow ­
ing the date of such action. U pon receipt of such
notice, such person shall not proceed fu rth er in
reliance upon such action until he is notified of
the outcom e of review thereof by the Board.

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