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1477 A meeting of the Board of Governors of the Federal Reserve 413tem was held in Washington on Thursday, November 30, 1239 at 4:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Ransom, Vice Chairman Szymczak McKee Draper Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters herein4fter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the ?eder al Reserve System held on November 28, 1939, were approved unani111°11813r. Memorandum dated November 25, 1939, from Mr. Smead, Chief of the . ' lvlsion of Bank Operations, submitting a letter dated November 22 trot 'r. Walden, First Vice President of the Federal Reserve Bank of Richz °Ild, which requested approval by the Board of changes in the perBotts, 4- cl assification plan of the bank to provide for the creation of the, -ew Positions of "Assistant Manager" of the Accounting Department, 11.1d Q, " "uatistician" in the Research and Statistics Department, and for illereas s e in the maximum salaries for the nositions of "Assistant 144111-nerli -Ln the Examining Department, "Shipping Teller" in the Money ile134rtmen, tnernor"dizt and "Personnel Clerk" in the Personnel Department. The stated that the proposed changes had been reviewed and re- clEniletcled that they be approved. Approved unanimously. 1478 11/zo/39 -2- Letter dated November 29, 1939, to the board of directors of "The Shiawassee County Bank", Durand, Michigan, stating that, subject to v aaitions of membership numbered 1 to 3 contained in the Board's Co.s... 1 Ilegu1 H and the following special conditions, the Board approves the bankls application for membership in the Federal Reserve System 44d for the appropriate amount of stock in the Federal Reserve Bank Qf Chicago: "4. Prior to admission to membership, the capital of such bank shall have been increased to not less than 450,000. 115. Prior to admission to membership, such bank, if it has not already done so, shall set up on its books the liability for any unpaid balance due the trustees for waiving depositors under the agreement, dated July 15, 1939, between the bank and the trustees." Approved unanimously, together with a letter to Mr. Schaller, President of the Federal Reserve Bank of . Chicago, reading as follows: "The Board of Governors of the Federal Re$erve System approves the application of 'The Shiatassee County Bank', Durand, Michigan, 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 l'equested to forward to the Commissioner of Banking for the State of Michigan for his information. "In view of the fact that estimated losses classified in the report of examination for memberwere only nominal in amount, the usual condition Of membership regarding the elimination of estimated -10sses has not been prescribed." 1479 11A0/39 -3-. Letter to the board of directors of the "Citizens Bank & Illust Company", Campbellsville, Kentucky, stating that, subject to ecnolitions of membership numbered 1 to 3 contained in the Board's Regtaation H and the following special condition, the Board approves the bankts application for membership in the Federal Reserve System " a fcr the appropriate amount of stock in the Federal Reserve Bank Louis. "4. Such bank shall make adequate provision for depreciation in its banking house and furniture and fixtures." The letter also contained the following special comments: "It has been noted that the bank is authorized to exercise trust powers but is not doing so at this time, and it appears that the institution nossesses certain other powers which are not being exercised and which are not necessarily required in the conduct of a banking business, such as the power to guarantee the Payment of securities of others. Attention is invited to the fact that if the bank desires to exercise any Powers not actually exercised at the time of admission to membership, it will be necessary under condition of membership numbered 1 to obtain the nermission of the Board of Governors before exercising them. In this connection, the Board understands that there has been nc change in the scope of the corporate powers exercised by the bank since the date of its application for me mbership." Approved unanimously for transmission through the Federal Reserve Bank of St. Louis. Thereupon the meeting adjourned.
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