Full text of Federal Reserve Bank of New York Circulars : 6600. Amendment to Rules Regarding Delegation of Authority

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F E D E R A L R ESER VE B AN K
O F N E W YORK
["Circular No. 6 6 0 0 * 1
L September 2, 1970 J

Amendment to Rules Regarding Delegation of Authority

To A ll M em ber Banks, and Others Concerned,
in the Second F ederal R eserve D istric t:

Enclosed is a copy of an amendment, effective A ugust 25, 1970, to section 265.1a(a)
of the Rules Regarding Delegation of Authority of the Board of Governors of the Federal
Reserve System. The purpose of the amendment is to permit delegation to a member of
the Board of Governors of authority to grant specific consent to certain acquisitions by
‘ ‘E d g e9’ corporations of the stock of domestically chartered companies that are organized
and operated for the purpose of financing exports from the U nited States.
Additional copies of the enclosure will be furnished upon request.




A

lfred

H

ayes,

President.

Board of Governors of the Federal Reserve System
RULES REGARDING DELEGATION OF AUTHORITY
AM ENDM ENT
E ffective A u g u st 25, 1970, su b p a ra g ra p h
(2) of § 2 6 5 .1 a(a) is am ended to re a d as fol­
lows :
S E C T IO N 265.1a— S P E C I F I C F U N C T IO N S
D E L E G A T E D TO B O A R D M E M B E R S
(a ) A ny B o a rd m e m b e r d esig n ated b y th e
C h a irm a n is a u th o riz e d u n d e r sections 25 and
2 5 (a ) of th e F e d e ra l R eserve A c t a n d P a r ts
211 a n d 213 of th is c h a p te r (R eg u latio n s K
and M) :
*

*

*

(2)
To g ra n t specific consent to th e acquisi­
tion, e ith e r d ire c tly or in d ire c tly , b y a m em ­
b e r b an k or an E d g e or A g reem en t co rp o ra­




tio n of stock of (1) a com pany ch a rte red
u n d e r th e law s of a fo re ig n c o u n try or (2) a
com pany c h a rte red u n d e r th e law s of a S tate
of th e U n ited S tates th a t is organized and
o p e ra te d fo r the pu rp o se of financing exports
from the U n ite d S tates, pro v id ed th a t such
acquisition does n o t resu lt, eith er d ire ctly or
in d irec tly , in th e acquisition by such b ank or
co rp o ratio n of effective control of a n y such
com pany (o th er th a n a com pany p erfo rm in g
nom inee, fiduciary, or o th er b a n k in g services
in c id e n tal to the activ ities of a fo reig n b ran ch
or affiliate of such b an k or c o rp o ratio n ) ; and
to ap p ro v e a n y such acquisition th a t m ay
exceed the lim itatio n s in section 2 5 (a ) of the
F e d e ra l R eserve A ct based on such a corpo­
r a tio n ’s c a p ital an d su rp lu s.