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587 A meetin7. of the Board of Governors of the Federal Reserve SYEtem ' "c S held in Waqhington on : 1 ednesday, April 14, 1943, at 11:00 a.m. P[THLIT: Mr. Mr. Mr. Mr. Eccles, Chairman McKee Draper Evans Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mt. Clayton, Assistant to the Chairman The action stated with respect to each of the matters herein- 8Aer„ ' e'errEA to vrs taken by the Board: The Federal minutes of the meeting of the Board of Governors of the Reserve System held on April 13, 1943,were approved unanimously. Memorandum dated April 8, 1943, from Ir. Goldenreiser, Director Of the ry lvision of Research and Statistics, recommending that Mrs. Sue rilfer be appointed as a clerk in that Division on a temporary hssis tor an indefinite period, with basic salary at the rate of $1,620 per "11111 'effecti, as of the date upon which she enters upon the performrice of her duties after having passed satisfactorily the usual physical examination. Approved unanimously. Attort Memorandum dated April 12, 1943, from :.1r. Dreibelbis, General qen, submittirv the resignation of Yrs. Clara A. Hutchinson as a -'gx*4Pher in the Legal Division, to become effective as of the close f hlisiness on April 21, 1943, and recomrnend.ind that the resignation be of that date. The resignation was accepted. 588 4/14/43 -2- Letter to the board of directors of the "Citizens Bank and Trust company Of Clarksville", Clarksville, Virginia, stating that, s ubject to conditions of membership numbered 1 to 3 contained in the B oard's Regulation H, the Board approves the bank's application for membership in the Federal Reserve System and for the appropriate amount of stock in the Federal Reserve Bank of Richmond. The letter also contained the following special comment: "It appears that the bank is authorized to exercise trus t powers but is not doing so and that it possesses ertain Powers which are not being exercised and which : bre not necessarily required in the conduct of a banking bu o'nness, such as the power to guarantee the payment of d "us- Attention is invited to the fact that if the bank trires to exercise any powers not actually exercised at line d time of admission to membership, it will be necessary er condition of membership numbered 1 to obtain the Per flof the Board of Governors before exercising them tl,em. In this connection, the Board understands that :re has been no change in the scope of the corporate : " 7 s exercised by the bank since the date of its apnil ion for membership." Approved unanimously, for transmission through the Federal Reserve Bank of Richmond. Letter to the Presidents of all the Federal Reserve Banks, g c.s Jan "Referrim; to the Board's letter, S-419, dated Of lein 3) 1942, the forwarding to Veashinzton of :,eqit reports referred to therein may be discontinued copiesa, 01 this date." Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks, -L- LIg. as follo-P7s: 589 4/14/43 -3"14,nclosed is a copy of an opinion issued by the .ener*%1 Counsel of the National Housing Agency cover1., 1 g a qrstion which has arisen under the provisions NHA General Order No. 60-4, which was issued pur,s_ant to . to sPction 8(e) of ReEulation W, relatin, e exemption of credits for 'defense housing'. The has to do -dth the repairing or replacing of het _ a inT equipment durin: the s,ring and summer if the ?rk takes place more than 90 days prior to the be21-nniqg of the heatinf season." r 7 Approved unanimously. Thereupon the meeting adjourned. Chairman.
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