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1717 A meeting of the Board of Governors of the Federal Reserve SYstern, Was held in Washington on Saturday, November 18, 1944, at 10:30 PRI T: Mr. Mr. Mr. Mr. Ransom, Vice Chairman Szymczak McKee Draper Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinatter r eferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the ?ecieral Reserve System held on November 17, 1944, were approved unani14%184. Letter to Mr. Young, President of the Federal Reserve Bank of ago reading as follows: la "This refers to Mr. Diercks' letter of November 6, 8 4L.4., with regard to the application of the South Chicago slel_T Bank, Chicago, Illinois, for permission to exercili duciary powers. cora In view of the information submitted, and in acwith Mr. Diercks' recommendation, the Board of 1,147rnors of the Federal Reserve System grants the apnt bank permission, under the provisions of its On of membership numbered 1, to exercise the fiduJ powers now or hereafter authorized under its charter pgIrthe laws of the State of Illinois. The Board's apton.al is given subject to acceptance by the bank of the ng standard conditions prescribed in connection vvith the admission to membership of State banks exercis: iti,idu -ary powers: Such bank shall not invest funds held by it as fiduciary in stock or obligations of, or property acquired from, the bank or its directors, officers, or employees, or their Z 17 11/18/144 -2-"interests, or in stock or obligations of, or property acquired from, affiliates of the bank. 2. Such bank, except as permitted in the case of national banks exercising fiduciary powers, Shall not invest collectively funds held by the bank as fiduciary and shall keep the securities and investments of each trust separate from those of all other trusts and separate also from the properties of the bank itself. 3. If funds held by such bank as fiduciary are deposited in its commercial or savings department or otherwise used in the conduct of its business, it shall deposit with its trust department security in the same manner and to the same extent as is required of national banks exercising fiduciary powers. LOU are requested to advise the South Chicago Savings tZ1 Chicago, Illinois, of the Board's action, and to obof „an appropriate resolution of the board of directors warre bank accepting the conditions listed above and forcertified copy thereof to the Board." Approved unanimously. Letter to the Administrative Assistant to the Secretary of the '47 reading as follows: di "Under the Act of July 7, 1943, relating to the ei,2°8a1 of certain records of the United States Govtlie ent, and the regulations promulgated thereunder, pre:records appearing on this schedule have been aphavt8ed and in the opinion of this office, will not valo-, sufficient administrative, legal research, or other aft-e to warrant their preservation by the Government erlthe period of time indicated in each instance. pea,:it is recommended, therefore, that the records apeha-41g on this schedule, and those of like form and at,racter that may accumulate, be proposed for disposal prr: the retention period specified in each instance, vIded that, when applicable, the requirements of 1719 11/18/44 —3— "8?ction 9 of the Act of July 7, 1943, will be fulfilled Prior to disposal. Hp.s. Referring to continuing authorization for disposition of certain Fiscal Agency records, advice has been received that Forms PD 975 and PD 1340 (items 13 and 19 on list) are now obsolete." Approved unanimously. Thereupon the meeting adjourned. - ad ....1 e —6:611-21-112 4Secretary: .44 15PrOlred . Vice Chairman.
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