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M40 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Tuesday, November 5, 1940, at 11:30 a•m. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Szyiwzak Davis Draper Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinafter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Federal Reserve System held on November 4, 1940, were approved unanimously. Memorandum from Mr. Goldenweiser, Director of the Division of Research and Statistics, submitting the resignation of Susan L. Bull as a clerk in that Division, effective as of the close of business on November 5, 1940, and recommending that the resignation be accepted as of that date. The resignation was accepted. Letter to the "First National Bank of Belden", Belden, Nebraska, reading as follows: "This refers to the resolution adopted on May 2, 1940, by the board of directors of your bank, signifying the bank's desire to surrender its right to exercise fiduciary powers heretofore granted to it. "The Board, understanding that your bank has never actually accepted or undertaken the exercise of any trust, 1441 11/5/40 "has issued a formal certificate to your bank certifying that it is no longer authorized to exercise any of the fiduciary powers covered by the provisions of section 11(k) of the Federal Reserve Act, as amended. This certificate is enclosed herewith. "In this connection, your attention is called to the fact that, under the provisions of section 11(k) of the Federal Reserve Act, as amended, when such a certificate has been issued by the Board of Governors of the Federal Reserve System to a national bank, such bank (1) shall no longer be subject to the provisions of section 11(k) of the Federal Reserve Act or the regulations of the Doard of Governors of the Federal Reserve System made pursuant thereto, (2) shall be entitled to have returned to it any securities which it may have deposited with the State or similar authorities for the protection of private or court trusts, and (3) shall not exercise any of the powers conferred by sections 11(k) of the Federal Reserve Act except with the permission of the Board of Governors of the Federal Reserve System." Approved unanimously. Letter to Mr. Harrison, President of the Federal Reserve Bank of New York, reading as follows: "Referring to your October 24, 1940 letter, the Board of Governors of the Federal Reserve System has changed the classification of member banks in your district for the purpose of electing Class A and B Directors of your Bank so that effective January 1, 1941, Group 1 will consist of banks with capital and surplus of '10,000,000 and over; Group 2, of banks with capital and surplus of more than t300,000 and less than 10,000,000; and Group 3, of banks with capital and surplus of P300,000 and less." Approved unanimously. 1442 11/5/40 -3- Thereupon the meeting adjourned. eit2e, Approved: IM Chairman. Secretary.
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