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VOLUME 20

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I MANET f
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NUMBER 38

/V IT E O

Washington, Thursday, February 24, 7955
papers or periodicals, but to publication in any form designed to reach outside the group comprising those who ordinarily Chapter II Federal Reserve System would receive periodic accountings re lated to administration of a common Subchapter A Board of Governors of the trust fund.
Federal Reserve System c The unsolicited furnishing of in formation to the general public, or to Reg. P
selected portions of the public, should be P art 206T rust P owers of confined to acquainting the reader with National Banks the existence of the common trust fund and the purpose and Use of such fund.
PUBLICATION OF INFORMATION CONCERN
It is wholly appropriate, therefore, to ING COMMON TRUST FUND
publicize the fact th at a common trust Section 206.113 is added to read as fund has been established or is main follows:
tained by a bank, as well as to make 206.113 Publication of information known its special and restricted purposes concerning common trust fund, a and uses. However, the common trust The Board of Governors has been asked fund is not to be regarded as an invest to comment with respect to the limita ment entity to be popularized in and of tions contained in 206.17 concerning itself. Publicity efforts of a trust institu the publication of information on com tio n operating a common trust fund mon trust funds maintained by a bank. should be directed toward demonstrating Preparation of a pamphlet descriptive the desirability of and need for corporate of the operations of a common trust fiduciary services. Reference to the fund which would contain information common trust fund in such publicity taken from the annual audit report of should be incidental to the provision of such fund, including information con such services and should be discussed cerning the earnings realized on the only as one medium possibly to facili fund and the value of the assets thereof, tate the investment of funds held for was proposed. It was planned to make true fiduciary purposes. Furthermore, such pamphlet available to directors trusts created and used for bona fide and stockholders of the bank, to present fiduciary purposes are to be distinguished and prospective customers, to selected from trusts created by individuals pri attorneys, and to correspondent banks marily seeking the benefits to be derived for the purpose of furnishing, informa from corporate fiduciary investment tion relative to the common trust fund management.
d While banks operating common and presumably to point out the desir ability of its use by prospective trust trust funds are enjoined to use particu customers. It is believed that the fol lar care in the preparation of advertis lowing discussion will clarify the princi ing and publicity material to see that ples and restrictions embodied in this it is in every way compatible with the part with respect to the advertising of spirit as well as with the letter of provi sions of paragraphs a and c 3 of common trust funds.
b The annual reports of audits re 206.17, the Board has not adopted a quired to be made of common trust fund practice of determining the propriety of operations are for use solly in inform any specific common trust fund adver ing those persons to whom a regular tising in advance of its use.
periodic accounting of the trusts par Sec. 11 i , 38 Stat. 262; 12 U. S. C. 248
ticipating in the fund ordinarily would i . Interpret or apply secs. 2-4, 24 Stat.
be rendered. Material contained in 18, 19, sec. 1, 40 Stat. 1043, as amended, sec.
these audit reports, or similar to th a t 1, 44 Stat. 1225, as amended, sec. 11 k, 38
261, as amended, 53 Stat. 68, as so contained, cannot, under existing pro Stat.
12 U. S. C. 30-33, 34 a, 248 k , visions of this part, be publicized in amended;
26 U. S. O. 169
booklet form, or in any other form, with B oard of G overnors of the the intent to inform the general public F ederal R eserve S ystem, concerning the operations of a common seal S. R. Carpenter, trust fund. The word publish as used Secretary.
in the publicity prohibition contained in Paragraphs a and c 3 of 206.17, F. R. Doc. 55-1582; Filed, Feb. 23, 1955;
8:46 a. m.
refers not only to publication in news
TITLE 12 BANKS AND
BANKING

CONTENTS
Agricultural Marketing Service Pa
Proposed rule making:
Milk handling:
Cincinnati, Ohio___________ 1145
Minneapolis-St. Paul, Minn., area___________________ 1148
Topeka, Kans____________J 1149
Wichita, Kans____________ 1147
Agricultural Research Service
.Proposed rule making:
Connecticut, New York, and West Virginia; hearing on quarantining on account of European chafer_________ _

1156

Agriculture Department
See Agricultural Marketing Serv ice; Agricultural Research Serv ice.
Alien Property Office
Notices:
Kurt, Jacob; intention to re turn vested property____ __

1157

Army Department
See also Engineers Corps.
Rules and regulations:
Procurement;
miscellaneous amendments______________

1133

Business and Defense Services Administration
Rules and regulations:
Copper and copper-base alloys;
amount of production ca pacity to be reserved_______ 1138
Civil Aeronautics Board
Notices:
Capital Airlines, Inc.; North west-New York Airways rate investigation;
prehearing conference________________
Midet Aviation Corporation, Inc., certificate renewal case_
Proposed rule making:
Air taxi operators, classifica tion and exemption of; sup plemental notice of rule making and oral argument Rules and regulations:
Air taxi operators:
Authorization to conduct operations under certain provisions; extension of expiration date for certificates_________________
Temporary extension of ex emptions_______________
1127

1158
1158

1156

1129
1129