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750 A meeting of the Board of Governors of the Federal Reserve SYStem was held in Washington on Saturday, June 21, 1941, at 11:00 a.m. PRESENT: Mr. Szymczak Mr. Draper Mr. Bethea, Assistant Secretary r The action stated with respect to the matter hereinafte referred to was taken by the Board: "Jersey Shore State Letter to the board of directors of the subject to condiDank", Jersey Shore, Pennsylvania, stating that, 's Regulations of membership numbered 1 to 3 contained in the Board cation for membership in tion H, the Board approves the bank's appli the Federal Reserve System and for the appropriate amount of stock in the Federal Reserve Bank of Chicago. wThe letter also contained the follo ing special comment: certain powers "It appears that the bank possesses not necesare Which are not being exercised and which ess, busin ng banki sarily required in the conduct of a mcircu in certa such as the power to act as surety in the if that fact stances. Attention is invited to the lly exerbank desires to exercise any powers not actua it will , rship cised at the time of admission to membe red 1 numbe be necessary under condition of membership nors before Gover to obtain the permission of the Board of under Board the exercising them. In this connection, the of scope the stands that there has been no change in since the date corporate powers exercised by the bank of its application for membership." a Approved unanimously, together with the of dent Presi letter to Mr. Sinclair, Federal Reserve Bank of Philadelphia, reading as follows: 751 6/21/41 0 "The Board of Governors of the Federal Reserve System approves the application of the 'Jersey Shore State Bank', Jersey Shore, Pennsylvania, for membership in the Federal Reserve System, subject to the conditions prescribed in the enclosed letter which you are requested to forward to the Board of Directors of the institution. Two copies of such letter are also enclosed, one of which is for your files and the other of which you are requested to forward to the Secretary of Banking for the Commonwealth of Pennsylvania for his information. "It is assumed that the Reserve Bank will follow to a conclusion the matter of bringing into conformity with the provisions of law and the Board's regulations, the time deposit described on page 16 of the report of examination and the bank's practices with respect to withdrawals of savings deposits." Thereupon the meeting adjourned. Assistant Secretary.
@FedFRASER