Full text of Federal Reserve Bank of New York Circulars : 6801. Amendment to Rules Regarding Delegation of Authority

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FEDERAL RESERVE BANK
OF N EW YORK

r Circular No. 6 8 0 1 ~1
L September 14, 1971 J

Amendment to Rules Regarding Delegation of Authority

To All Member Batiks, and Others Concerned,
in the Second Federal Reserve D istrict:

Enclosed is a copy of an amendment, effective September 2, 1971, to section
265.2(c) of the Rules Regarding Delegation of Authority o f the Board of
Governors o f the Federal Reserve System. The purpose o f the amendment is
to delegate to the Director of the Board o f G overnors’ Division o f Supervision
and Regulation authority to approve, upon application, repayments of deficien­
cies on stock option loans in lower amounts and over longer periods o f time
than those specified in section 207.4(a) (2) (ii) o f Regulation G.
Additional copies of the enclosure will be furnished upon request.




A

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President.

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eserve

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RULES REGARDING DELEGATION OF AUTHORITY




AMENDMENT
Effective September 2, 1971, § 265.2(c) is
amended by adding a new subparagraph (1 8 ),
to read as fo llo w 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 B O A R D E M P L O Y E E S
AND FE D ER AL RESERVE BANKS
*

*

*

(c)
T he D irector o f the Division o f Super­
vision and Regulation (or, in his absence, the
A ctin g D irector) is authorized:
*

*

*

(18) Under the provisions of § 207.4(a) (2)
(ii) of this chapter (Regulation G) to approve
repayments o f the “ deficiency” on stock
option loans in lower amounts and over longer
periods o f time than those specified in the
regulation.

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