frsbog_mim_v46_0175.pdf

BOARD OF GOVERNORS DF'THE

FEDERAL RESERVE SYSTEM WASHINI3TDN

1.75

X-9856

ADDRE88 DP'P'ICIAL CDRRI:8 .. DNDENCE TD THE 8DARD

.Ap:i.'il 2, 19iJ7.

:Jenr Sir:

Prio:r to t.nc tra.!l.Sl'):;; oi.' t!1e nonstatutory duties of the

li'ed·::ral Resc:;:ve Ag: .. nti:J tv t:~e 'i:>anl;:s the pe:;.--sons designated ~s 11As-

;;;h:tant Fedl3ral f::::;;:jc:rvc A,:.,ent" v:e:..•c r~;garded a[! o:'ficers. :.;i~1ce

such t.r1.4'1Sf ~r suc:h persons ar·e rcgl::.r~'led as am,Jloyecs e.nd provisiorl

for t."lu posi tim~ of "Ass:!.st.:·nt Feder<.;.l B.ef.i~J.'V.:l Agont 11 hns been

made ln th~:· p<:rscnnul cla::Jsific::ttion i.Jla.ns. it'h.il~ i .. ..; ia the prac-

tic.:_~ to male;; all officiaJ apr)ointmcnts on a ca.londo.r-rear basis,

appointments to nor.a.-o:t:'ficial ,?o~,i tiom: continuC:l tmtil t..:.rnrl.natcd

by ap:pro.?ric. te avthori ty. Accox·dingly, it will not 0e necosst:~.ry

t.o rouppoint. each year p(;rsons serving as Assintant Foderlll Rese~ic

serve Agent' t:; .i.V::prescntntive::~ l:>.:t the iJranches •

.Mo~t. oi' t.~e :,;·~~vised pc..rsonnel clc.'.ssif:i.ce::tlon plans provide

E. mD.ximum salary for t ..... ">.-3 po ... ~ltion of Astiist .. "..ll·t Federc..l Resnrve

Ag:;:ut. Thi::J mt' ... ::d.:.aum ~:~altJ.r;;r ~i.1ou.ld be 1•·.;f;{!.rdoe ~.s tho m:.ur..imum which

may be puid £'or thv lJod tio;:t ~t:>ut in vim; of the provisions of the

As;;~istunt F!..derr.t.l E.c; .. h.:l'Vv Ac:mt w:l.. thout obt.:dning thu Board's prior

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176

-2-

Since Alternate Assistant Federr.:l Reserve Agents ct the

Head Offices and Federal Reserve A~:ent' s Represent::d:J.ves at the

'branches are engaged for o:-1ly a 3rnall portion of their time in the

issuance and retii'ement of f';:;deral Rc)serve notes and devote most of

their time to other duties, such. other duties are taken into con-··

siderati.on in fixing their annual comp::msation. As in the case of

Assistcmt Federal Resm·ve At;euts, howovGr, !:l.O chango should be made

in tho .:;alary of a person designatwd as an Altoruat..:; Assistant Fed-

oral RGservu Ac;on:. or an a Fed.8ral Reserve Agent's lkprosontativo

without obtaining thu Board's prior c.pproval thuroof. The maximum

salari :;;s provided in tho porsonnul classific~1 tion plans for tho

positions to whicl1 Al t0rna to Assistant Fodcrctl .Ru~>crvJ Agents and

l!-\;doral Hcscrvo Agent's Representatives devote most of their time

will be taken into consideration by the Board of Governors in fix-

ing tl1e sal&ries of such employees.

It L::: requested that if you have n'Jt alread;;t done so steps

be taken r.i thin a re:1sonable period to change the t:L tle of each per-

son, other than the Assistant Federal Reserve Agent, who assists the

Federal Reserve Agent j_n tllo issmmcc and ret:Lrenent of Federal Re·-

serve notes at ti1e Hond Office to 111\.ltcrn:J.te Assistu.nt Federal B.e-

servo Agent" and the title of ec.ch person ck:signe.ted to assist the

Federal Re;sorvo Agent at a branch to "Federal Re;.:;orvo AgGnt's Repro-

sentativo". Whcm this chango in title is l!tadw it will be noccsso..ry,

of course, to hi'.Vll .::tpproprio..to chc:ngcs 1:1adu in tho oaths of office


-:>-

and bonds coverlng such employees and before the change in title

actually becomes effective the revised bond should be approved qy

the bank's counsel. After approval b,y the bank's counsel the bond

should be forwarded to the Board of Governors for approval. A mim-

eographed copy of' the form of bond to be executed by Federal Reserve

Agent's Representatives at the branches is attached.

Provision for the position 11Assiste...nt Federal Res3rve Agent"

has been made in the personnel classification plans of all banks.

In order to provide for the position "Alternate Assistant Federal

Reserve Agent" a note reading as follows: 11In the absence of the

Assistant Federal Reserve Agent or when he is not availr. ble, an Al-

ternate Assistant Federal Reserve Agent appointed by the Federal Re-

serve Agent with the approval of the Board of Governors will perform

the duties described above", has been appended to the description

of work for the position of Assistant Federal Reserve A~ent as shovvn

in the revised persoxmel classificatj_on plans recently approved by

the Board. The position of Alternate Assistant Federal Reserve Agent

need not be otherwiqe provided for in the personnel classification

plan.

Where an employee at a branch is authorized to act for the

Federal Reserve Agent in the issuance and retirement of Federal Re-

serve notes provision should be made in the personnel classification • •

plan of such branch for the position "Federal Reserve Agent's Repre-

sentative". The description of the dutiE..:s for the position "Federal

177


-4-

Heserve Abent's HepresentatJve 11 , as approved by the Board, is shown

on the inclosed Form A pa;;e.

In all lists of employees submitted to the Board of Gover-

nors, each employee at the ho.:::.d office designated as "Alternate As-

sistant Federal Reserve Agent" and each employee at a branch desig-

m:.tcd as "Federal Il.esorvo Agent's Rc;prcsentative" should bo listed

c:cs such and the :Bote "Also performs duties of -l*" 11 should be ------appended to their namei3. No Form A maximum salary n0ed be shown on

such lists for employees designated as Alternate Assistant Federal

ll.eserve Agents.

Inclosul·e.

Very tru1;y yours,

Chester Morrill, Secretary.

* Insert title of position to which regularly assigned ••hen not engaged in duties of Al terrwte Assistant Federal Reserve Agent or · Federal Reserve !gent's Representative.

TO r'\LL FEDER.l\.1~ P..i:S;~HVE AGENTS

178


BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

. X-9656-a-

179

BOND OF FEDERAL RZ&ERVE AGENT'S REPRESENTATIVE (Read carefully and follow strictly

rules and instructions on reverse side)

KNOW ALL MEN BY THESE PRES1NTS, that we of , as principal, and---......,..-:-----------

of , as surety, are held and firmly bound unto the United States of Americ·a in the full and just·sum of _____ -:--~:---thousand dollars ($ ), lawful money of the United States; for which payment, well and truly to be made, we bind ourselves, jointly and severally, our joint and several heirs, executors, and administrators, successors, and assigns, firmly qy these presents.

Sealed vdth our seals _and dated this----- day of ______ ___;.., in the year one thousand nine hundred and ----------~----------

THE CONDITION OF THE FOP..EGOING OBLIGATION IS SUCH, that whereas the Federal Reserve Agent at the Federal Reserve Bank of -------------hath, pursuant to law, duly constituted and appointed the said principal as an assistant to the Federal Reserve Agent, with the title Federal Reserve Agent's Representative, and such appointmGnt hath been approved by the Board of Governors of the ],ederal Reserve System.

NOW, THEREFORE, if the said principal during his service as an assis_, tant to the Federal Reserve Agent, u.11der any existing or future appointment and so long as he shall- continue to serve as such, shall have well and truly executed, performed, and 9,ischarged all of the duties which h&.ve been or may hereafter be assigned to him, safely keeping and correctly accounting for, delivering, and paying over to the pr.:.rty or parties en- ., titled thereto' all moneys, note::;, securities, documents, records, or other property, of any and evo~ kind and charact~r? coming iqto his possession or custody or for which he may be accountable from time to timQ qy virtue. · of said office, without loaning, using, depositing, or exchanging them, · except as allowed by law, then the above obligation shall be void .and of no effect; otherwise it shall remain in full force and virtue •.

(Signed, sealed, and delivered in the presence of

_________ ) · (As to )principal) _________________ )

-..----------> (Ae'to ) surety) ________ )

--,.--~-----_,..-(Affix seal;·or (Princip~l sign here) scroll by way

·of seal)

--~----------~--(Affix corporate (Name of surety) seal of surety)

~----------------------------~--Attorney in F~ct.

The rete of premium on this bond if! $ : pe1· thousand; the total amount of premium charged is $ ·-----


1. 1894, as tenth of

X-9856-a THE l!'OLLOWING RULES MUST BE OBSERVED IH THE EXECUTION OF THIS BOND:

A corporate surety, duly c.:.ualified under the Act of Congress of August 15, amended, iB preferred, and m:::.y be accepted :in amounts not·exceeding: ohe-i ts capital and surplus on any one bond. · · · ·

2. The full na.me and residence of principal and surety must be clearly written in the boqy of the ·bond.

5. The bond must bear date as of the day upon which it was actually executed.

4. The bond must be signed by the principal and surety, and the signature of each part,y must be made in the presence of two persons, who must sign their names as witnesses.

5. A seal of wax or wafer or scroll by way of soal muot be. attached to the signature of the principal. A corporate surety must affix its corporato.soal.

6. Evidence of the qualification of o. surety company under Trca:suey Department regulations, and of the authority of its officers or agents executing the bond on its behalf, must be filed in the Treasury Department,. but mv.st not.be attached to the:· bond.

7 •. The bond should not contain any erasures or tnterlineat1ons; and, in the event that any devlation fror.1 .the form of the bond contained or1 the obverse side hereof should be necessary in any· particular case, the bond should be. eXecuted in typewritten form with such changes as may be necessary incorporated therein and the letter transmitting it to t.he Board of· Governors of the Federal Reserve System should call attention to :;;uch changes and state the reasons why they areconsidered necesoary.

8. A statement as to the rate of premiUm and the ambnnt of premium charged t~ust be made in theblank provided for that purpose.

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Board of Governors of ti1r;; Federal Reserve System

Form A (Revised ~-!arch, 1936)

X-9856-b

Page No. _

PbRSONiH~L CLASSIFICATION PLAN

FEDEHAL RGSE~RVJ!~ BAhK OR BRANCH, · ---------------Date of Bank's letter

r:mbmi tting this page Date of Board's

letter of approval ___ ~--

POSition Maximum annual salary

Representative

180

Upon specific authority from the Federal Reserve Age:cJ.t or an Assistant Fed-

eral Reserve Agent at the Head Office issues Federal Reserve notes at the

request of the branch; also accepts Federal Heserve notes from the branch

for retirement.

Maintains joint cu::.;tody with tht:: branch of &11 unissued Federal Reserve

notes.

Supervises maintenance of custody of collateral (other than gold certifi-

cates) deposited by branch as security for outstanding F0dsral Reserve

notes.

Henders such reports as are required by the Federal Reserve Agent and by

the Board relative to receipts and wi thdravvals of Federal Reserve notes

and to changes in collate:cal with the Federal Reserve Agent as security

for outstanding Federa:l. Reserve notes.

Whon not engaged in above duties may with approval of the Federal Reserve

Agent and the President or the Manager of the branch perform such work

for tho branch as, in the opinion of the Federal Reserve Agent, is not

inconsistent with l1is position as Federal Reserve Agent's representative.


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frsbog_mim_v46_0175.pdf