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Thursday, December 10, 1959
so as to make it unnecessary to amend the regulations each time the list of coal tar dyes eligible for certification under the Federal Food, Drug, and Cosmetic Act for use in connection with foods is changed by the removal or addition of a dye. It relieves restrictions by permit ting the use of one coal tar dye which has been listed under the Federal Food, Drug, and Cosmetic Act but is not now listed in said regulations. In order to be of maximum benefit to affected proc essors, the amendment should be made effective as soon as possible. Therefore, under section 4 of the Administrative Procedure Act 5 U.S.C. 1003, it is found upon good cause th at notice and other public procedure thereon are im practicable and unnecessary, and since the amendment relieves restrictions and otherwise is merely procedural in nature, it may be made effective less than 30 days after publication in the F ederal R egis ter.

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The amendment shall be effective as of November 24,1959.
Done at Washington, D.C., this 3d day of December 1959.
M. R. Clarkson, Acting Administrator, Agricultural Research Service.
F.R. Doc. 59-10451; Piled, Dec. 9, 1959;
8:49 a.m,
Title 12 BANKS AND BANKING
Chapter II Federal Reserve System SUBCHAPTER A BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM

Reg. D

PART 204 RESERVES OF MEMBER
BANKS

Section 204.102 is amended to read as follows:
204.102 T im e deposits o f trust and agency funds in m em ber banks own com m ercial departm ent.

a The Board has recently considered whether, under this part, funds held by the trust department of a member bank in an agency capacity may be com mingled and deposited in a single time deposit in the banks commercial de partment.
b In considering this question the Board has reviewed 204.102 published December 28, 1949 14 F.R. 7727, re garding a somewhat similar question as to time deposits of uninvested trust funds made by the trust department in the commercial department of a mem ber bank.
c It is the Boards understanding that it is the practice of certain mem ber banks to place in a demand deposit in the commercial department a por tion of the aggregate amount of trust funds held by the trust department awaiting investment or distribution and to place another portion of such funds in a time deposit subject to a written agreement between the two departments
FEDERAL REGISTER

9977

with respect to notiee of withdrawal in Chapter V Federal Home Loan Bank conformity with the requirements of this Board part. It is also understood th at some SUBCHAPTER
D FEDERAL SAVINGS AND
member banks follow a similar practice LOAN INSURANCE CORPORATION
as to agency funds received in the trust No. FSLIC
757
department.
d The Boards regulations do not PART
563
OPERATIONS
preclude classification of a deposit as a time deposit merely because the deposit Sales Commissions and Related is made in the name of a trustee or an Matters agent. Consequently, a deposit of funds Correction made by the trust department of a mem ber bank in its capacity as trustee or In the correction appearing at page agent may be classified as a time deposit 9780 of the issue for Saturday, Decem if it is subject to a written agreement be ber 5, 1959, the chapter heading should tween the trust and confinercial depart read as set forth above.
ments under which no withdrawal may be made except after not less than 30
days written notice or at a stated matu rity not less than 30 days after the date of deposit, and if the deposit otherwise complies with the definition of. a time deposit set forth in this part.
e However, the fact th at such de Chapter II Civil Aeronautics Board posits are made by another department SUBCHAPTER B ECONOMIC REGULATIONS
of the same institution makes it par Reg. No. ER-289
ticularly important that the practice be followed only if consistent with sound trust department administration. Thus, PART 249 PRESERVATION OF AIR
the bank should, of course, be satisfied, CARRIER ACCOUNTS, RECORDS
by consultation with its counsel or oth AND MEMORANDA
erwise, that the time deposit is within the authority of the trust department Preservation of Joint-Loading Records in its capacity as trustee n r agentin by International Air Freight For other words, that it is not inconsistent warders with any applicable State law or with the terms of any applicable trust instrument Adopted by the Civil Aeronautics Board or court order, in the case of trust funds, at its office in Washington, D.C., on the or agency agreement in the case of 3d day of December 1959.
agency funds. .
In a Notice of Proposed Rule-making f Similarly, in the interests of sound 23 F.R. 8816 circulated as Draft Re trust department administration, it is lease No. 100, dated November 6, 1958, the Boards view th at the amount of trust a revised P art 297 was proposed which or agency funds placed in any such time was designed to implement the policy deposit should be determined on a rea determinations of the .Board in the In
sonable and conservative basis in the ternational Air Freight Forwarder In
light of over-all experience with respect vestigation, Docket No. 7132, Opinion to disbursement of trust and agency and Order No. E-13141, decided Novem funds and, to the extent practicable, in ber 6, 1958. Therein it was proposed, the light of periodic reviews of anticipat among other things, to require holders ed requirements for the disbursement of of Operating Authorizations issued pur such funds within the near future. This suant to proposed P art 297 to comply procedure should be such as to give a with the joint-loading record require reasonable indication of the prospective ments of 249.10 of P art 249.
needs for disbursements of trust or agen Accordingly, contemporaneously with cy funds commingled in a time deposit. the adoption of revised P art 297 of the No funds should be placed in such a Economic Regulations, an amendment deposit if they might be needed for dis to paragraph c of 249.10 is being bursement by the trust department adopted to make the joint-loading record within the ensuing 30 days or such other requirements therein expressly appli period as may be specified in the time cable to international Air Freight For deposit agreement; and in no event warders.
should the amount of the deposit be Interested persons have been afforded determined arbitrarily and without con an opportunity to participate in the sideration of probable future require making of this regulation, and due con sideration has been given to all relevant ments for their disbursement.
.m atter presented.
Sec. It, 38 Stat. 261, as amended; 12 TJ.S.C.
In consideration of the foregoing, the 248. Interprets or applies sec. 19, 38 Stat.
270, as amended; 12 U.S.C. 461, 462, 462b, Civil Aeronautics Board hereby amends P art 249 of the Economic Regulations 464, 465; Pub. Law 86-114, July 28, 1959
14 CFR P art "249 effective January 8, Dated at Washington, D.C., this 24th 1960, by amending the title and para day of November 1959, graph c of 249.10 as follows:

Title 14 AERONAUTICS AND
SPACE

seal
M erritt S herman,
Secretary.
F.R. Doc, 59-10438; Filed, Dec. 9, 1959;
8 :48 a.m.l
2 4 9 .1 0 T im e fo r preservation o f rec ords by air freigh t forwarders and international air freight forwarders.