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868 A meeting of the Board of Governors of the Federal Reserve 8Ysteni was held in Washington on Saturday, May 26, 1945, at 10:30 PRESENT: Mr. Mr. Mr. Mr. Mr. Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Thurston, Assistant to the Chairman The action stated with respect to each of the matters herein— atter r eferred to was taken by the Board: The Federal. minutes of the meeting of the Board of Governors of the Reserve System held on May 25, 1945, were approved unanimously. tiew Letter to Mr. Rice, Vice President of the Federal Reserve Bank ork, reading as follows: the "The Board of Governors approves the changes in Bani,Personnel classification plan of the Federal Reserve °! Mew York, involving the Savings Bond Issue, Coupon Your-lt e rl; :T11,45713711] 9_4c 5li ., 1fisions, as submitted with Approved unanimously. Letter , 60 Mr. Rice, Vice President of the Federal Reserve Bank qRelvI reading as follows: rja iet accordance with the requests contained in your Prove„, rs of May 21, 1945, the Board of Governors ap— at th: t'lle Payment of salary to Mr. Joseph C. Cosgrove th; Th. „ 4 _n°f $3,400 per annum, which is $400 in excess rate um for the position of Senior Clerk to which Pesently assigned. This approval is for a further vgg of six months beginning May 28, 1945, pending his tWo b. 869 51M5 —2— "transfer to a position commensurate with the salary he is receiving. "The Board of Governors also approves the continua610n of the assigrent of Mr. Joseph F. Delaney to an 'un— assigned' position in the Cash and Collection Function for s: further November 30, 1945, due to theperiod of six months ending fact that the program of rotation of Mr. Delaney ,6_nroughout the various divisions of this function has not been completed." Approved unanimously. Letter to the organizers of the "Pan American Bank of Miami", Florida, stating that, effective if and when the bank is duly al*Lor, ized to commence business by the appropriate State authorities, arld --Ject to conditions of membership numbered 1 to 3 contained in the 13 °ard's Regulation H and the following special condition, the Board aPProvAt the bank's application for membership in the Federal Reserve 8Yetera atld for the appropriate amount of stock in the Federal Reserve tank Of Atlanta: "4. At the time of admission to membership, such bank 811411 have a paid—up and unimpaired capital stock °f not less than $750,000 and a surplus of not less than $200,000." The lett, r also contained the following special comment: half 8 uce the application for membership was made on be— the Pan American Bank of Miami, prior to its organ7 thT as a State bank, it is requested that, in connection A acceptance of the conditions of membership pre— aerib'"e Y the Board the board of directors of the State bank e`' bY raak r.tifY a the action which has been taken in its behalf vs.tzi1.11 application for membership in the Federal Reserve Approved unanimously, together with a letter to Mr. McLarin, President of the 870 5/26/45 -3Federal Reserve Bank of Atlanta, reading as follows: "The Board of Governors of the Federal Reserve Sysapproves the application made on behalf of the 'Pan Aflierican Bank of Miami', Miami, Florida, for membership -La the Federal Reserve System, subject to the conditions Prescribed in the enclosed letter which you are requested T; 0 , forward to the Board of Directors of the institution. 1. 7%copies of such letter are also enclosed, one of which .-,L,°r Your files and the other of which you are requested f- 1.orward to the State Comptroller for the State of Florida, or his information. A„ "Before issuing stock in the Federal Reserve Bank of '14-Lanta to the new State institution, you are requested to T' isfY yourself that its capital stock of $750,000 has been 17,1d in, that the organization papers have been considered oJ Your counsel, and that he is satisfied as to their legal Pect5. It is requested that a copy of the opinion of llour counsel given in this connection be forwarded to the Board as soon as possible. It is requested also that the Board be furnished with a copy of the resolution of the 8.4: 1 d of Directors of the State institution ratifying the hert,°? taken in its behalf in making application for memthe Federal Reserve System. app„, If, when chartered by the State authorities, the legal mi7e of the bank should be other than Pan American Bank of 114, 4. as shown in the copy of the proposed charter submitted sho e application, advice as to the correct legal name be included in the telegram advising us of the bank's -"u.asion to membership." tern 4 4 Letter to "The Farmers National Bank of Belvidere", Belvidere, ()is 3 reading as follows: has ':The Board of Governors of the Federal Reserve System en consideration to your application for fiduciary Powe verrtir,‘" and you authority to act, when not in contraistrast'll of State or local al law, as trustee, executor, adminassi,,2r, registrar of stocks and bonds, guardian of estates, a;:re, receiver, committee of estates of lunatics, or comother fiduciary capacity in which State banks, trust il ,17 .? or other corporations which come into competition laws of theState of banks are permitted to act under the all such rights exercise of Illinois, the 871 5/26/45 —4— "to be subject to the provisions of the Federal Reserve . /: .1ct and the regulations of the Board of Governors of the Federal Reserve System. is. "This letter will be your authority to exercise the duclarY powers granted by the Board pending the prepara— ,:?n of a formal certificate covering such authorization, "uloh will be forwarded to you in due course." j Approved unanimously. Letter to "The First National Bank of Springfield", Springfield, Tentless ee, reading as follows: ^ "This refers to the resolution adopted on August lu '1944, by the board of directors of your bank, sig— nifyin g the bank's desire to surrender its right to exer— cise fiduciary powers heretofore granted to it. d4 "The Board, understanding that your bank has been charged or otherwise properly relieved in accordance the ec a law of all of its duties as fiduciary, has is— formal certificate to your bank certifying that ci.:48 no longer authorized to exercise any of the fidu— „tTY powers covered by the provisions of section 11(k) ;the Federal Reserve Act, as amended. This certificate e%losed herewith. the In this connection, your attention is called to the; act that, under the provisions of section 11(k) of eat ederal Reserve Act, as amended, when such a certifi— pede has been issued by the Board of Governors of the ehalal Reserve System to a national bank, such bank (1) 11(k) 110 longer be subject to the provisions of section I cf the Federal Reserve Act or the regulations of the ) purs card of Governors of the Federal Reserve System made to irnt thereto, (2) shall be entitled to have returned Stet anY securities which it may have deposited with the or ! ,, c similar authorities for the protection of private powe; trusts, and (3) shall not exercise any of the Act! e conferred by section 11(k) of the Federal Reserve or tli7c.213t with the permission of the Board of Governors e rederal Reserve System." Approved unanimously. 5/26/45 Thereupon the meeting adjourned. e Chairman.
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