Salt Lake Telegram | 1935-12-07 | Page 10 | Holding Bank Vote Granted

HOLDING BANK VOTE GRANTED l I l Il W WASHINGTON Dec 7 A. 7 A. A P. P j Giannini's Transamerica corporation corporation corpora corpora- I tion is being granted permission by bythe bythe I I the federal reserve board to vote its huge stock holdings in about II banks at the January annual meetings it was learned today I Bank holding companies like Transamerica rica are required by the banking laws to obtain permits from I the Ule reserve board before they may exercise voting rights in the selection selection tion of bank officers and formation formation forma forma- tion of policies by individual banks Some fifty bank holding companies companies com corn panics including the Marine Midland Midland Mid Mid- land corporation already have asked the boards board's permission to vote their stock A letter from Chester Merrill Morrill secretary of the tho board to federal reserve reserve agents in each of ot the 12 districts outlining the voting permit permit permit per per- mit regulations indicated most of the requests would be granted The Tho voting permission agreement provides that bank holding companies companies com corn must do the following 1 Charge off within two years all all' losses Josses and Lind depreciation of ot se ac- ac c- c 2 Require that that- its banks write off Joss losses s in loans discounts andon and andon on n securities sc 3 Require banks to ta maintain a fla sound financial condition 4 National l banks must comply with all regulations of the comptroller comp comp- of the currency and with regulations of the federal reserve board 5 Banks must comply with suggestions suggestions' suggestions suggestions' sug sug- of of federal reserve officials In the district in which the bank Is located 6 Loans and extension of credit by the banks are subject to various provisions of ot the federal reserve act 7 The holding company compan must re require require re- re quire Its banks to maintain sound financial policies and not allow any change in the general character of the banks' banks business or investments Investments investments invest Invest- ments without permission of the re reserve reserve reserve re- re serve board