Full text of Federal Reserve Bank of New York Circulars : 6880. Nomination of Class B Director

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F E D E R AL R E S E R V E B AN K
OF N E W YORK

r Circular N o. 6 8 3 0
L
January 2 0 , 1972

~1
j

Nomination of Class B Director
For Unexpired Portion of Term Ending December 31, 1973

To the Member Banks o f the Second Federal Reserve District ;

An election will be held under the provisions of section 4 of the Federal Reserve Act, as
amended, to fill the vacancy in the office of class B director of this Bank for the unexpired
portion of the term ending December 31, 1973, from which W . D. E b e r l e has resigned.
Mr. Eberle ivas elected a class B director of the Federal Reserve Bank of New York by
member banks in Group 1 and his successor 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 follows:
Group 1 consists of banks with capital and surplus of more than $65,000,000;
Group 2, of banks with capital and surplus of $3,000,000 to $65,000,000, inclusive; and
Group 3, of banks with capital and surplus of less than $3,000,000.

For 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 hold­
ing company,* each bank in Group 1 is permitted to nominate a candidate for class B

* Section 4 of the Federal Reserve Act, as amended, reads in part as follow s:

“ .. .That whenever any member banks within the same Federal Reserve district are subsidiaries
of the same bank holding company within the meaning of the Bank Holding Company Act of 1956
participation in any such nomination or election by such member banks, including such bank holding
company if it is also a member bank, shall be confined to one of such banks, which may be designated
for the purpose by such holding company.’ ’
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.




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 Thursday, February 24, 1972. The enclosed printed form shows the appro­
priate form of resolution, and one executed copy of the form should be returned to me.
On February 25, 1972, 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 on February 28, 1972. 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., February 28, 1972,
and will close at 12 noon on Tuesday, March 14, 1972. 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 the result 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 Tuesday, March 14, 1972). The officers heretofore desig­
nated for this purpose by the respective banks in Group 1 are shown in 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 without forms and for their information only.
R

osw ell

L . G il p a t r ic ,

Chairman of the Board.

f Section 4 of the Federal Reserve A ct, as amended, reads in part as follow s:

“ Class B shall consist of three members, who at the time of their election shall be actively engaged
in their district in commerce, agriculture or some other industrial pursuit. .. .No director of class B
shall be an officer, director, or employee of any bank.”
[Under interpretations o f the Board o f 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 o f a Federal Reserve Bank.]

“ No Senator or Representative in Congress shall be a member of the Board of Governors of the
Federal Reserve System or an officer or a director of a Federal reserve bank. ’ ’
[In a resolution adopted December 23, 1915, the Board o f Governors o f the Federal Reserve System expressed the
opinion “ that persons holding political or public office in the service o f the United States, or o f any State, Territory,
county, district, political subdivision, or municipality thereof, or acting as members o f 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

Special Election of Class B Director
For Unexpired Portion of Term Ending December 31, 1973

List of 12 Member Banks in Group 1
( Group 1 consists of member banks with capital and surplus of more than $65,000,000,
on January 20, 1972)

N EW YORK

Place

Name o f Bank or Trust Company

Buffalo

Officers Authorized to Cast Vote

Marine Midland Bank — W e s t e r n ............................... Chairman o f the Board, President, or any

Senior Vice President
New York City
Brooklyn
Manhattan

Franklin National B a n k .................................................. President, any Vice President, or Cashier
The Bank o f New Y o r k .................................................. Chairman of the Board, President, Senior
Executive Vice President, or any Execu­
tive Vice President
Bankers Trust C o m p a n y .................................................. President, or any Vice President
The Chase Manhattan Bank (National Association) .

Chairman o f the Board, President, Vice
Chairman o f the Board, any Vice Presi­
dent, or Secretary

Chemical B a n k .....................................................................Chairman of the Board, President, any
Executive Vice President, or Secretary

Queens
Jamaica




First National City Bank

Chairman o f the Board, President, Chair­
man o f the Executive Committee, any
Vice Chairman, any Executive Vice Presi­
dent, Cashier, any Senior Vice President,
or any Vice President

Irving Trust Company .

Chairman of the Board, President, any
Executive Vice President, or any Vice
President

Manufacturers Hanover Trust Company

Chairman of the Board, President, or any
Vice President

Marine Midland Bank — New York .

Chairman of the Board, Chairman o f the
Executive Committee, President, or any
Executive Vice President

Morgan Guaranty Trust Company o f New York .

Chairman of the Board, a Vice Chairman,
President, any Vice President, Cashier, or
Secretary

National Bank of North A m e r i c a ............................... Chairman or any Vice Chairman o f the
Board, President, any Vice President,
or Cashier

3

F E D E R A L R E S E R V E B AN K
OF N E W YORK

Nomination for Class B Director
For Unexpired Portion of Term Ending December 31, 1973

D istrict N o. 2

Group No. 1

At a meeting of the Board of Directors of the ................................... „...............................
(N am e o f Bank)

o f.............................................................................. duly called and held on the........................day
(C ity or T ow n and State)

of

1972, on motion duly made and seconded, it was
“ RESOLVED, That.................................................................................... ................................ ,

o f........................................................................................................................ , whose occupation is

be, and he is hereby, nominated by this bank as a candidate for class B director of the
Federal Reserve Bank of New York for the unexpired portion of the term ending Decem­
ber 31, 1973, and the cashier or other officer of this bank is hereby authorized, empowered,
and directed to send a certified copy of this resolution to the Chairman of the Board of
Directors of the Federal Reserve Bank of New Y ork.”
I hereby certify that the foregoing is a true and correct copy of a resolution of the
Board of Directors of this bank duly adopted on the date specified.

(S eal

of

Bank)
(O fficial signature)

(T itle)

To MR. ROSW ELL L. GILPATRIC,
C h a ir m a n




F

of t h e

ederal

B oard

of

R eserve B a n k

D ir e c t o r s ,
of

New Y

ork.

FE D E R AL R E SE R V E B AN K
OF N EW YORK

Nomination for Class B Director
For Unexpired Portion of Term Ending December

31, 1973

Group No.

D is t r ic t N o . 2

1

A t a meeting of the Board of Directors of the ....................................................................
(N am e o f Bank)

o f..............................................................................duly called and held on the........................ day
(C ity or T ow n and State)

o f................................................................1972, on motion duly made and seconded, it was
“ RESOLVED, That....................................................................................................................,
o f........................................................................................................................ . whose occupation is

be, and he is hereby, nominated by this bank as a candidate for class B director of the
Federal Reserve Bank of New York for the unexpired portion of the term ending Decem­
ber 31, 1973, and the cashier or other officer of this bank is hereby authorized, empowered,
and directed to send a certified copy of this resolution to the Chairman of the Board of
Directors of the Federal Reserve Bank of New Y ork.”
I hereby certify that the foregoing is a true and correct copy of a resolution of the
Board of Directors of this bank duly adopted on the date specified.

(S eal

Bank)

of

( Official signature)

(T itle )

To MR, ROSW ELL L. GILPATRIC,
C h a ir m a n
F




of t h e

ederal

B

oard o f

R eserve B a n k

D ir e c t o r s ,
of

N ew Y

ork.

M r . R o s w e l l L . G il p a t r ic ,
Chairman, Board o f Directors

,

Federal Reserve Bank of New York,
Federal Reserve P. 0 . Station,
New York, N. Y. 10045
Room 1118