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FEDERAL REGISTER, Thursday, May 9, 1940

of the type provided for in subsection d of this section unless such invest ments are specifically authorized by the State statutes.
V 1934 -0?
2. Amend subsection b of section 17
12 CFR 206.17 b of Regulation F
by deleting subsection c and insert P ublished dally, except Sundays, M ondays, ing in lieu thereof subsections c and sind days follow ing legal holidays by th e Division of th e Federal R egister, T he N ational d 3. Amend the first sentence of sub Archives, p u rs u a n t to th e a u th o rity con ta in e d in th e Federal R egister Act, approved section c of section 17 12 CFR 206.17
Ju ly 26, 1935 49 S ta t. 500, u n d e r re g u la
tio n s prescribed by th e A d m inistrative Com c of Regulation F to read as follows:
m itte e , approved by th e P resident.
Subject to all other provisions of this T h e A dm inistrative C om m ittee consists of th e A rchivist o r A cting A rchivist, a n officer regulation except subsections b and of th e D e p artm en t of Ju stic e desig n ated by d of this section, funds received or th e A ttorney G eneral, a n d th e P ublic P rin te r held by a bank in its capacity as trus or A cting P ublic P rin te r.
T h e daily issue o f th e F ederal R egister tee, executor, administrator, or guardian will be fu rn ish e d by m ail to subscribers, free may be invested in participations in a o f postage, fo r $1125 p e r m o n th o r $12.50 p e r Common Trust Fund administered pur year; single copies 10 c en ts each; payable in suant to the provisions of this sub advance. R e m it m oney order payable to th e S u p e rin te n d e n t of D ocum ents directly to th e section.
G overnm ent P rin tin g Office, W ashington, D. C.
4. Amend second paragraph of sub division 2 of subsection c of section 17 12 CFR 206.17 c 2 of Regula days after the date of, separation from tion F to read as follows:
the State position.
At the time of making the first in Persons acquiring a status upon Civil vestment of funds of a trust in any Service registers under the provisions of Common Trust Fund, the bank shall this order shall be eligible for initial ap send a notice of such investment to each pointment, in accordance with usual person to whom a regular periodic ac procedure, only to appropriate positions counting ordinarily would be rendered, in the Social Security Board, Federal except th at such notices need not be sent to a court unless required by the Security Agency.
This order is recommended by the court, and except th at such notices need Federal Security Administrator and the not be sent where the trust instrument specifically authorizes investments in Civil Service Commission.
Common Trust Funds.
F ranklin D R oosevelt 5. Amend second paragraph of sub T he W hite H ouse , division 3 of subsection c of section May 7, 1940.
17 12 CFR 206.17 c 3 of Regula No. 8404
tion F to read as follows:
F. R. Doc. 40-1855; Filed, May 8, 1940;
The bank shall, without charge, send 11:28 a. m .
a copy of the latest report of such audit annually to each person to whom a reg ular periodic accounting of the trusts Rules, Regulations, Orders participating in the Common Trust Fund ordinarily would be rendered or shall send advice to each such person TITLE 12BANKS AND BANKING
annually that the report is available and CHAPTER HBOARD OF GOVER that a copy will be furnished without NORS OF THE FEDERAL RESERVE charge upon request.
SYSTEM
6. Amend the second sentence of the P art 206T rust P owers op N ational first paragraph of subdivision 5 of subsection c of section 17 12 CFR
B anks 206.17 c 5 of Regulation F to read On May 3, 1940, the Board of Gover as follows:
nors of the Federal Reserve System If the bank administers more than one adopted the following resolution:
Common Trust Fund under this subsec Resolved, th at effective June 1, 1940, tion, no investment shall be made which Regulation F 1 12 CFR P art 206, Trust would cause any one trust to have an Powers of National Banks, be amended interest in all such Common Trust in the following respects:
Funds in excess of the sum of $25,000;
and if the bank administers Funds 1.
Amend the first paragraph of sub section a of section 17 12 CFR 206.17 under both subsections c and d of a of Regulation F by changing the this section, no investment shall be made period at the end thereof to a colon and which would cause any one trust to have an interest in all such Funds in adding the following:
Provided, however, T hat funds shall not excess of the sum of $25,000.
7. At the end of section 17 12 CFR
be invested in a Common Trust Fund 206.17 of Regulation F add a new sub 1 1 FJR. 417; 4 F JR. 4620.
section d reading as follows:

FEDERALɮISTER

d Common Trust Funds composed principally of mortgages Mortgage In vestment Funds. Subject to all other provisions of this regulation except sub sections b and c of this section2, funds received or held by a bank in its capacity as trustee, executor, adminis trator, or guardian may be invested in participations in a Common Trust Fund administered pursuant to the provisions of this subsection hereinafter referred to as a Mortgage Investment Fund.
All admissions and withdrawals of participations in a Mortgage Investment Fund shall be made on the basis of the actual amount invested by each par ticipant, and, except in final liquidation of a Mortgage Investment Fund, par ticipants therin shall not have an in terest in reserves accumulated or en hancement in the value of assets, except such as may be distributable as income.
1 Mortgage Investment Fund to be operated under written plan. Each Mortgage Investment Fund shall be sub ject to the provisions of subdivision 1
of subsection c of this section.
2 Trust investment committee to approve participation. No funds of a trust shall be invested in a participation in a Mortgage Investment Fund without the approval of the trust investment committee. B e f o r e permitting any funds of any trust to be invested in a participation in a Mortgage Investment Fund, the trust investment committee shall review the assets comprising %the Mortgage Investment Fund; and, if it finds th at the condition of the Mortgage Investment Fund is such th at the funds of such trust might not lawfully be in vested in a participation therein at that time, or that such investment would be contrary to the provisions of this sub section, funds of such trust shall not be so invested.
At the time of making the first in vestment of funds of a trust in any Mortgage Investment Fund, the bank shall send a notice of such investment to each person to whom a regular periodic accounting ordinarily would be rendered, except that such notices need not be sent to a court unless required by the court, and except that such notices need not be sent where the trust instrument specifically authorizes in vestments in Mortgage Investment Funds.
3 Mortgage Investment Fund to be audited annually. Each Mortgage In vestment Fund shall be subject to the provisions of subdivision 3 of sub section c of this section.
4 Value of assets to be determined periodically. Not less frequently than once during each period of three months, the trust investment committee of a bank administering a Mortgage In vestment Fund shall determine the value of the assets in the Mortgage Invest20 Note, however, t h a t c e rta in provisions of su b sectio n c are inco rp o rated in th is su b sectio n by reference.