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Minutes of actions taken by the Board of Governors of the laral Reserve System on Tuesday, September 2, 1952. PRESENT: Mr. Mr. Mr. Mr. Mr. Szymczak, Acting Chairman Evans Vardaman Mills Robertson Mr. Sherman, Assibtant Secretary Mr. Kenyon, Assistant Secretary Minutes of actions taken by the Board of Governors of the 4deral ,xeserve System on August 9, 1952, were approved unanimously. Letter to Mr. Slade, Vice President, Federal Reserve Bank of SEtri lirancisco, reading as follows: "This refers to your letter of August r, 1952, regarding inve6tment in the First American Insurance Agency, Inc., Townsend, ‘,ashington, by Union Bond & Mortgage Company, rort Angeles, W shington. tn.. The information submitted with your letter shows that aml , (311 Bond & Mortga!':e Comny invested only a very small 0'318) in 318 of the 1,000 shores of stock issued by AMerican Insurance Agency, Inc., and that the letter ;Jporation was organized to take over and operate the in.4_rance agency business f - ormerly handled by the Insurance 1' merit of First American National Bank of Port Townsend, Ilhieh the holding com-3any owns the same proportionate 'c'elt interest as it ]7_,=s acquired in the new corporation. "On the basis of these f'icts it doe:, not appear that Nrchase by 2 Bond & Mortgage Company of 312 shares of Of the First American Insurance Agency, Inc., changed 13;8 7 general character of the holding company affiliate's ) ;investments within the meaning of the ogreement 111.Z 10 ze; the holding company in connection with the issuance lt Of a general voting permit." Approved unanimously. Ass -tnt Secretary.
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