lunatics, or any other fiduciary capacity, under authority of section 11 (k) of the Federal reserve act, as amended by the act of September 26, 1918. Under authority of a resolution of the board of directors of this bank, duly adopted and spread on the minutes of a meeting held on the 19_-, application is hereby made for a permit to act as the powers to be exercised) or to exercise as many of these powers as the Federal Reserve Board may allow.

111

day of

(specify

of

(City or town and State), duly called and held on the

day of adopted:

as

19, the following resolution was offered, seconded, and

"Whereas it is the sense of this meeting that application should be made on behalf of this association to the Federal Reserve Board for a permit to act (Specify powers applied for) as provided in section 11 (k) of the Federal reserve act, as amended by the act approved September 26, 1918. "Now, therefore, be it resolved, That the president or vice president and the cashier or secretary of this association be and they are hereby authorized, empowered, and directed to make application to the Federal Reserve Board for a permit giving to this association the right to act as -(Specify

powers applied for) or to exercise as many of these powers as the Federal Reserve Board may allow, under such rules and regulations as the Federal Reserve Board may prescribe."

I hereby certify that the foregoing is a true and correct copy of a resolution passed by the board of directors of this association on the date specified, and that the foregoing statement correctly shows the condition of this bank as shown by its books on the date indicated.

NOTE.-Powers that may be applied for under the statue are trustee, executor, administrator, registrar of stocks and bonds, guardian of estate, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located.

NOTE. This application, when executed, should be mailed to the Chairman of the Board of Directors of the Federal Reserve Bank of your district and will be transmitted to the Federal Reserve Board by him.

District No.

State of

SUPPLEMENTARY APPLICATION OF NATIONAL BANK FOR ADDITIONAL FIDUCIARY

POWERS.

day of

(specify

Under authority of a resolution of the board of directors of this bank, duly adopted and spread on the minutes of a meeting held on the 19—, application is hereby made for a permit to act as the powers to be exercised) or to exercise as many of these powers as the Federal Reserve Board may allow, in addition to the right to act as (specify powers previously granted) heretofore granted by a permit of the board dated

19-.

of

of

"Whereas by permit dated

(name of bank)

day

(city or town and State), duly called and held on the 19—, the following resolution was offered, seconded, and adopted: 19, the Federal Reserve Board granted to this association the right to act as (specify powers previously granted) under authority of section 11 (k) of the Federal reserve act; "And whereas it is the sense of this meeting that application should be made on behalf of this association to the Federal Reserve Board for a permit to act as (specify new powers applied for), as provided in section 11 (k) of the Federal reserve act, as amended by the act approved September 26, 1918;

66

'Now, therefore, be it resolved, That the president or vice president and the cashier or secretary of this association be and they are hereby authorized, empowered, and directed to make application to the Federal Reserve Board for a permit giving to this association the right to act as (specify new

powers applied for), or to exercise as many of these powers as the Federal Reserve Board may allow, in addition to those heretofore granted, under such rules and regulations as the Federal Reserve Board may prescribe."

I hereby certify that the foregoing is a true and correct copy of a resolution passed by the board of directors of this association on the date specified, and

that the foregoing statement correctly shows the condition of this bank as shown by its books on the date indicated.

NOTE.--Powers that may be applied for under the statute as amended are trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located.

PERMITS ISSUED BY FEDERAL RESERVE BOARD.

Form of permit when all powers authorized by the act are granted.

FEDERAL RESERVE BOARD,

Washington, D. C.,

A

19

Pursuant to authority vested in the Federal Reserve Board by the act of Congress approved December 23, 1913, known as the Federal reserve act, as amended by the act of September 26, 1918, the has been granted the right to act, when not in contravention of State or local law, as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies or other corporations which come into competition with national banks, are permitted to act under the laws of the State of The exercise of such rights shall

be subject to regulations prescribed by the Federal Reserve Board. FEDERAL RESERVE BOARD,

Attest:

Secretary.

By

Governor.

Form of permit when only a portion of the powers authorized by the act

Pursuant to authority vested in the Federal Reserve Board by the act of Congress approved December 23, 1913, known as the Federal reserve act, as amended by the act of September 26, 1918, the has been granted the right to act, when not in contravention of State or local law, as

The exercise of such rights shall be subject to regulations prescribed by the Federal Reserve Board.

FEDERAL RESERVE BOARD,

Attest:

Secretary.

By

Governor.

116. SAVINGS DEPARTMENT.

There is nothing in the national-bank act or the Federal reserve act authorizing the operation of a savings department, and as the capital, deposits, and all other funds of a national bank may be loaned or otherwise invested only in conformity with the provisions of law, it follows that the sole business of a savings bank which can be legally transacted by a national bank is the paying of interest on deposits.

The counsel for the Federal Reserve Board has rendered an opinion that the Federal law relating to the establishment and operation of national banks is superior to and controlling over a State law which might otherwise apply to or govern the operation of national banks. Congress having conferred on national banks the power to pay interest on time deposits, it is evident that the right to advertise and solicit such savings accounts is a necessary incident to the exercise of that power, and that no State law can interfere with its exercise.