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F E D E R A L R ES E R V E B A N K O F N E W Y OR K ["Circular No. 6 6 1 3 1 L October 7, 1970 J Nomination of Directors To the M em ber BanTcs o f the Second Federal Reserve D istric 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, 1970: class A director, R. E. McNeill, Jr., Chairman of the Board, Manu facturers Hanover Trust Company, New York, N. Y., and class B director, W. D. E berle, President and Chief Executive Officer, American Standard Inc., New York, N. Y. B oth 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 purposes of nomination and election of class A and B directors of the Federal Reserve Bank of New York is as follows: G roup 1 consists of b anks w ith c a p ita l a n d su rp lu s of m ore th a n $65,000,000; G roup 2, of b an k s w ith c a p ita l a n d s u rp lu s of $3,000,000 to $65,000,000, in c lu siv e ; and G roup 3, of b anks w ith c a p ita l a n d su rp lu s of less th a n $3,000,000. 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 any member banks that are subsidiaries of the same bank holding company,* each bank in Group 1 is permitted to nominate a candidate for class A director * Section 4 of the Federal Reserve Act, as amended, reads in part as follows: “ . . . T h a t w henever an y m em ber banks w ith in th e sam e F e d e ra l R eserve d is tric t are su b sid iaries of th e sam e b an k h o ld in g com pany w ith in th e m eaning of th e B a n k H o ld in g C om pany A c t of 1956, p a r tic ip a tio n in a n y such n o m in atio n or election by such m em ber banks, in c lu d in g such b an k ho ld in g com pany if it is also a m em ber bank, sh all be confined to one of such banks, w hich m ay be d e sig n ated fo r th e p u rp o se b y such h o ld in g com pany. ’ ’ Accordingly, banks in Group 1 affected by the foregoing provision of the law are requested to take prompt action to have the appropriate bank holding company designate, if it has not already designated, one of such banks to participate in this nomination and election. and a candidate for class B director.-}- The nominations should be made by resolutions of the boards of directors of the nominating banks and certified copies of such resolutions should be sent to me so as to reach me on or before Friday, November 13, 1970. The enclosed printed forms show the appropriate forms of resolution, and one executed copy of each form should be returned to me. On November 16,1970, 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 by November 17, 1970. 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 17, 1970, and will close at 12. noon on Wednesday, December 2, 1970. 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 may, if they so desire, 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 noon on Wednesday, December 2, 1970). The officers heretofore designated for this purpose by the respective banks in Group 1 are shown on the list on page 3. 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 w ithout form s and for their inform ation only. A lber t L . N ickersojst, Chairman of the Board. f Section 4 of the Federal Reserve Act, as amended, reads in part as follows: “ Class A sh all consist of th re e m em bers, who shall be chosen by a n d be rep re se n ta tiv e of the stockholding banks. . . . No officer or d ire cto r of a m em ber b an k shall be eligible to serve as a class A d ire c to r u nless n o m in ated a n d elected b y banks w hich are m em bers of the sam e g ro u p as th e m em ber b an k of w hich he is a n officer or d irecto r. “ A n y p erso n who is an officer or d ire c to r of m ore th a n one m em ber ban k sh all n o t be eligible fo r n o m in atio n as a class A d ire c to r excep t by banks in th e sam e g ro u p as the b ank h a v in g th e larg e st a g g re g a te resources of a n y of those of w hich such perso n is an officer or d ire c to r.” ‘ ‘ Class B sh all consist of th re e m em bers, who a t th e tim e of th e ir election sh all be actively engaged in th e ir d is tric t in com merce, a g ric u ltu re or some o th er in d u s tria l p u rs u it. . . . No d ire c to r of class B sh all be an officer, d ire c to r, or em ployee o f a n y 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 S e n a to r or R e p re se n ta tiv e in C ongress shall be a m em ber of th e B o a rd of G overnors of the F e d e ra l R eserve S ystem or a n officer or a d ire c to r of a F e d e ra l 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 of 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.” ] 1970 Election of Directors List of 12 Member Banks in Group 1 ( G roup 1 consists of m em b er banks w ith cap ita l and surplus of m ore than $65,000,000, on O ctober 7, 1970) NEW YORK Place Name of Bank or Trust Company Officers Authorized to Cast Vote Buffalo Marine Midland Bank — W e ste r n .............................Chairman of the Executive Committee, President, or any Vice President Mineola Franklin National B a n k ..............................................President, any Vice President, or Cashier New York City Manhattan The Bank of New Y o r k ..............................................Chairman of the Board, President, Senior Executive Vice President, or any Execu tive Vice President Bankers Trust Company..............................................President, or any Vice President The Chase Manhattan Bank (National Association) Chemical B a n k ......................................................... .... . Chairman of the Board, President, Vice Chairman of the Board, any Vice Presi dent, or Secretary Chairman, President, any Executive Vice President, or Secretary First National City B a n k ..............................................Chairman, President, Chairman of the Executive Committee, any Vice Chair man, any Executive Vice President, Cashier, any Senior Vice President, or any Vice President Irving Trust C o m p a n y ..............................................Chairman, President, any Executive Vice President, or any Vice President Manufacturers Hanover Trust Company.......................Chairman of the Board, President, or any Vice President Marine Midland Grace 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 Queens Jamaica National Bank of North America Chairman or any Vice Chairman, Presi dent, any Vice President, or Cashier 3
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