Full text of Federal Reserve Bank of New York Circulars : 7247. Nomination of Directors

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F E D E R AL R E S E R V E BANK
O F N E W YORK

r Circular No. 7 2 4 7
ui October 11, 1973

'1
-J

Nomination of Directors

To the Member Banks of the Second Federal Reserve D istrict:
Aii election will be held under the provisions of section 4 o f the Federal Reserve Act, as
amended, to choose successors, to serve for three-year terms, to the following directors of this
Bank whose terms will expire December 31, 1973: class A director, D a v i d R o c k e f e l l e r , Chair­
man of the Board, The Chase Manhattan Bank (National Association), New York, N. Y., and
class B director, M a u r i c e F. G r a n v i l l e , Chairman o f the Board, Texaco Inc., New York, N. Y.
Both d irectors ivere elected by m em ber banks in Group 1 and their successors will be
chosen by this group. M em ber banks in G roups 2 and 3 will not participate in this election.

The classification of member banks for the purposes of nomination and election o f class A
and B directors of the Federal Reserve Bank of New York is as follow s:
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.

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 o f 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 R eserve A c t, as am ended, reads in part as fo llo w 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, par­
ticipation 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.”
A cco rd in gly , banks in Group 1 affected b y the foreg oin g provision of the law are requested to take prom pt
action to have the appropriate bank holding com p any designate, if it has not already designated, one of such
banks to participate in this nom ination 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 16, 1973. The enclosed printed
forms show the appropriate forms of resolution, and one executed copy o f each form should be
returned to me.
On November 19,1973, 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 20, 1973. 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 20,
1973, and will close at 12 noon on Wednesday, December 5, 1973. 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 5, 1973). The officers heretofore
designated for this purpose by each bank 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.
B ecause banks in Groups 2 and 3 will not participate in this election, this circular is sent
to them without form s and fo r their inform ation only.
R o s w e l l L . G ilp a t r ic ,

Chairman o f the Board.

f Section 4 of the Federal Reserve Act, as amended, reads in part as follows:

“ Class A shall consist of three members, who shall be chosen by and be representative of the
stockholding banks. . . . No officer or director of a member bank shall be eligible to serve as a class A
director unless nominated and elected by banks which are members of the same group as the member
bank of which he is an officer or director.
“ Any person who is an officer or director of more than one member bank shall not be eligible for
nomination as a class A director except by banks in the same group as the bank having the largest
aggregate resources of any of those of which such person is an officer or director.”
“ 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.”
[U nder interpretations o f the Board o f Governors o f the Federal Reserve System, a person whose sole occupation is
that o f officer o f an insurance com pany or o f a savings and loan association is not eligible fo r election us 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 m unicipality thereof, or acting as members o f political party committees,
cannot consistently with the spirit and underlying principles o f the Federal Reserve A ct, serve as directors or officers
o f Federal Reserve B anks.” ]




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

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



Nomination for Class A Director
of Federal Reserve Bank of New York
For Three-Year Term Ending December 31, 1976

G roup N o . 1

D i s t r i c t N o. 2

A t a meeting of the Board of Directors of the
(Name of Bank)

of.

duly called and held on the

day

(City or Town and State)

1973, on motion duly made and seconded, it was

of

“ RESOLVED, That
, whose occupation is

of.

be, and he is hereby, nominated by this bank as a candidate for class A director of the
Federal Reserve Bank of New York, 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 B a n k )

(Official signature)

(Title)

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

of t h e

F

R




ederal

B

oard of

eserve

D

Bank

ir e c t o r s ,
of

New Y

ork.

Ne w Yo r k State B a n k e r s A
485 LEXINGTON AVE.

n
L U SJD .O

s s o c ia t io n

NEW YORK, N. Y. 10017

/
S t

Telephone

0212)
906-6083

October 11, 1973

COMMITTEE ON RECOMMENDATION OF CANDIDATES
FOR DIRECTORS OF THE FEDERAL RESERVE BANK OF NEW YORK
T O THE IN ST IT U T IO N ADDRESSED:
The directors o f the Federal Reserve Bank o f N ew Y ork to be elected in this year’s regular election, for the three-year
terms ending December 31, 1976, will be chosen by the member banks in Group 1, as classified by the Board o f Governors
o f the Federal Reserve System, that is, those banks with capital and surplus o f more than $65,000,000.
The undersigned committee, appointed by the bankers associations o f N ew York, N ew Jersey, and Connecticut to make
recommendations to member banks o f candidates for directors o f the Federal Reserve Bank o f N ew York, and to inform
member banks o f the qualifications o f these candidates, recommends for renomination the follow ing gentlemen, who have
consented to serve if elected:

R egular Election — Terms Ending December 3 1 , 1976
For Class A Director
D A V ID ROCKEFELLER

Chairman of the Board
The Chase Manhattan Bank (National Association), N ew York, N . Y .
D avid R o c k e f e l l e r was born in N ew Y ork City on June 12, 1915.

He received a Bachelor o f Science degree from

Harvard University in 1936 and, after post-graduate study at Harvard and the London School o f Economics, he received a
Ph.D. degree in economics from the University o f Chicago in 1940. He holds honorary doctor o f laws degrees from several
colleges and universities.
He was secretary to the Mayor o f N ew York in 1940-41 and assistant regional director o f the U. S. Office o f Defense,
Health and W elfare Service in 1941-42. He served in the U. S. Army during W orld W ar II and was awarded the U. S.
L e^on o f Merit, the U. S. Army Commendation Ribbon, and the French Legion o f Honor.
Mr. Rockefeller began his career with The Chase National Bank o f the City o f N ew Y ork as an assistant manager in its
foreign department in 1946 and became a senior vice president in 1952. W hen Chase National merged with the Bank o f the
Manhattan Company in 1955, Mr. Rockefeller was appointed an executive vice president in charge o f the bank development
department. He became vice chairman o f the board in 1957, with responsibility for the administrative and planning functions
o f the bank. In 1961 he was named president and chairman o f the executive committee and assumed his present position as
chairman o f the board and chief executive officer in 1969. He also serves as chairman o f the parent holding company, the
Chase Manhattan Corporation, and o f the Chase International Investment Corporation, a foreign-financing subsidiary o f
the bank.
A leader in many public and private projects in the international, governmental, civic, and cultural fields, Mr.
Rockefeller, among other activities, is chairman o f the executive committee and board o f trustees o f Rockefeller University,
chairman o f the Downtown-Lower Manhattan Association, chairman o f the board o f the Council on Foreign Relations, Inc.,
and vice chairman o f the board o f trustees o f the Museum o f Modern Art. He is a member o f the steering committee o f the




( over)

National Urban Coalition, vice chairman and trustee o f the Rockefeller Brothers Fund, and a trustee o f the Rockefeller
Family Fund, the Council o f the Americas, the University o f Chicago, and the U. S. Council o f the International Chamber o f
Commerce, Inc.

Mr. Rockefeller also serves as a director o f the International Executive Service Corps, The Business

Committee for the Arts, the Center for Inter-American Relations, the Overseas Development Council, and Rockefeller Center,
Inc. He has been president o f the Harvard College Board o f Overseers and served as a member o f that board from 1954
to 1968.
Mr. Rockefeller served as the Second Federal Reserve District member o f the Federal Advisory Council for 1972. He is
now a class A director o f the Federal Reserve Bank o f N ew York, having been elected, effective January 1, 1973, for the
unexpired portion o f the term ending December 31, 1973.

For Class B Director
M AURICE F. G R A N VILLE

Chairman of the Board and Chief Executive Officer
Texaco Inc., N ew York, N . Y .
M a u r ic e F. G r a n v il l e was born in La Grange, Texas, on October 26, 1915. He was graduated from the University
o f Texas in 1937 with a Bachelor o f Science degree in Chemical Engineering. In 1939, after receiving a Master o f Science
degree from the Massachusetts Institute o f Technology, he began his career with Texaco as a student engineer.

Following various assignments at the company’s refineries, he was appointed supervisor o f operations at the Westville,
N . J. plant in 1950 and the follow ing year was named assistant plant manager. In 1955, he became manager o f Texaco’s
chemical activities at the company’s Port Arthur, Tex. plant.
Mr. Granville was appointed general manager o f the company’s petrochemical operations headquarters in N ew York
City in 1958; in I960 he was appointed a vice president and, in 1967, rose to the position o f vice president and assistant to
the chairman o f the board. He was elected president and director o f the company in 1970 and chairman in 1971; effective
January 1, 1972, he was also named chief executive officer.
He is a member o f the board o f directors o f The American Petroleum Institute and the Metropolitan Opera Association
and is a member o f the board o f trustees o f The Presbyterian Hospital in N ew York.
Mr. Granville is now a class B director o f the Federal Reserve Bank o f New York, having been elected, on March 14,
1972, for the unexpired portion o f the term ending December 31, 1973.

Very truly yours,
( Representing the New York State Bankers Association)
T. W a l l is , Committee Chairman
Chairman
Irving Trust Company
New York
G ordon

Pa u l J. H a n n a

Executive Vice President
Manufacturers Hanover Corporation
New York

R. M c L ees
Executive Vice President
Bankers Trust Company
New York
Jo s e p h

( Representing the New Jersey Bankers Association)
W il l ia m C. Jo h n s o n , Sr.
Chairman, Executive Committee
United Counties Trust Company
Keansburg

T h e r o n L. M a r s h

Chairman
National Newark & Essex Bank
Newark




( Representing the Connecticut Bankers Association)
W

ayne

A. K i r k l i n , Jr.

President
Westport National Bank
Westport

Nomination for Class B Director
of Federal Reserve Bank of New York
For Three-Year Term Ending December 31, 1976

D is t r ic t

No. 2

G roup

No. 1

A t a meeting of the Board of Directors of the ....................................................................
(Name of Bank)

o f..............................................................................duly called and held on the........................day
(City or Town and State)

o f..................................................................1973, on motion duly made and seconded, it was
“ RESOLVED, T h a t...................................................................................................................,
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, 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 York.”
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)

( Official signature)

(Tide)

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

of t h e

F

R




ederal

B

oard of

eserve

B ank

D

ir e c t o r s ,

of

N ew Y

ork.

Nomination for Class A Director
of Federal Reserve Bank of New York
For Three-Year Term Ending December 31, 1976

D i s t r i c t N o. 2

G

roup

N o. 1

A t a meeting of the Board of Directors of t h e ........................................................................
(Name of Bank)

o f................................................................................ duly called and held on the........................day
(City or Town and State)

of...........................................................................1973, on motion duly made and seconded, it was

“ RESOLVED, That.................................................................................................................... .
of.......................................................................................................................... , whose occupation is

be, and he is hereby, nominated by this bank as a candidate for class A director of the
Federal Reserve Bank of New York, 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 o f Directors of this bank duly adopted on the date specified.

(S eal of B a n k )

( Official signature)

(Title)

To MR. RO SW ELL L. G ILPATRIC,
C h a ir m a n




F

of t h e

ederal

B

oard of

R eserve B

D

ank

ir e c t o r s ,
of

N ew Y

ork.

1973 Election of Directors

List of 13 Member Banks in Group 1
( Group 1 consists of member banks with capital and surplus of more than $65,000,000,
on October 11, 1973)

N E W YORK

Place

Name of Bank or Trust Company

Officers Authorized to Cast Vote

Buffalo

Marine Midland Bank — W e s t e r n ....................................Chairman of the Board, President, or any
Senior Vice President

Hempstead

Security National B a n k .........................................................Chairman of the Board, President, any
Executive Vice President, or Cashier

New York City
B rooklyn

M anhattan

Franklin National Bank

..........................................................Chairman of
Cashier

the

Board,

President,

or

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 C o m p a n y .........................................................President, or any Vice President
The Chase Manhattan Bank (National Association)

.

Chairman of the Board, President, Vice
Chairman of the Board, any Vice Presdent, or Secretary

Chemical B a n k ....................................................................... Chairman of the Board, President, any
Executive Vice President, or Secretary
First National City B a n k ..................................................Chairman of the Board, Chairman of the
Executive Committee, any Vice Chair­
man, President, any Executive Vice
President, any Senior Vice President,
any Vice President, or Cashier
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 of the
Executive Committee, President, or any
Executive Vice President

Morgan Guaranty Trust Company of New York

Q u eens
Jamaica




National Bank of North America

.

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

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