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NUMBER 193

VOLUME 20

Washington, Tuesday, October 4, 1955

TITLE 5 ADMINISTRATIVE
PERSONNEL
Chapter I Civil Service Commission P art 6 E x c e p t io n s P rom C o m p e t it iv e S e r vice
the
DEPARTMENT OP. THE INTERIOR

Effective upon publication in the F ederal R e g is t e r , subparagraphs 1 5 , 16, 17, 18, and 19 are added to paragraph 1 of 6.310 as set out be low.
6.310 Department of the Interior.

1 Office of Territories.
15 Commissioner, Alaska Road Com mission.
16 One Special Assistant to the Gov ernor of Alaska.
17 One Special Assistant to the Gov ernor of Alaska for Economic Affairs.
18 One Clerical Assistant to the Gov ernor of Alaska.
19 Two Household Assistants to the Governor of Alaska.
R. S. 1753, sec. 2, 22 S ta t. 403; 5 U. S. C.
631, 633; E. O. 10440, 18 F . R . 1823, 3 CFR, 1953 Supp
seal

U n it e d S t a te s C iv il S erv
ic e C o m m is s io n , Wm. C. H u l l ,
Executive Assistant.
P. R. Doc. 55-8007; F iled , O ct. 3, 1955;
8 :53 a. m .

TITLE 12 BANKS AND
BANKING
Chapter II-Federal Reserve System Subchapter A Board of Governors of the Federal Reserve System
R eg. Q
P art
217 P a y m e n t
op
I n t e r e st
on
D e p o s it s SAVINGS DEPOSIT WITHOUT PASSBOOK

217.111 Savings deposit without Passbook, a The Board has received an inquiry as to whether the proposed J8 by a national bank of a particular lorm of Savings Deposit Receipt com plies with the definition of savings de
posit contained in paragraph e of 217.1, as amended effective May 16, 1955 20 F. R. 3305.
b The purpose of the May 16, 1955, amendment was to permit member banks, at their option, to classify de posits as savings deposits, although not evidenced by a passbook. However, any such deposit must be evidenced by a written receipt or agreement, and the de posit must be one in respect to which the depositor is required, or may at any time be required, by the bank to give notice in writing of an intended withdrawal not less than 30 days before such withdrawal is made, and withdrawals are permitted only through payment to the depositor himself but not to any other person whether or not acting for the depositor.
Furthermore, the amendment made no change in the classes of persons whose deposits may be classified as savings deposits.
c The Savings Deposit Receipt in question certifies that a certain sum has been deposited with the bank by a named depositor. It recites that payment of such amount will be made to the named depositor plus interest at 2 % percent per annum from date of the deposit, upon Surrender of the receipt; that, upon request, interest will be paid and endorsed upon the receipt every six months; and that the bank shall have the option of redeeming the receipt at any time upon six months written notice to the depositor. The receipt then states that The bank reserves the right to require thirty days prior notice in writing before paying this savings de posit receipt. Finally, the receipt states that it is non-negotiable; It appears that the receipt constitutes the deposit contract between the bank and the named depositor.
d The inquiry explained that the national bank intended to use the sav ings deposit receipt only in connection with deposits of school districts and any other savings deposits that might qualify under Regulation Q. The Board has indicated in earlier interpretations that deposits of school districts may be classified as savings deposits.
e In the circumstances as outlined in this section, including the specific C o n tin u ed o n p . 7357

CONTENTS
Agricultural Marketing Service Proposed rule making:
Figs, dried; U. S. standards for grades_____ _______________
Rules and regulations:
Tomatoes grown in Florida;
handling__________________
Agriculture Department See Agricultural Marketing Serv ice; Commodity Stabilization Service.
Civil Aeronautics Administra tion Proposed rule making:
Elimination of annual inspec tion of general aircraft; miscellaneous amendments____
Civil Aeronautics Board Notices:
Hearings, etc.:
Cedar Rapids, Iowa, et al___
North Central Airlines, Inc., permanent certification case_____________________
Ozark Air Lines, Inc_______
Riddle Airlines, Inc.; northsouth air freight renewal case_____________________
Trans World Airlines, Inc__
Proposed rule making:
Elimination of annual inspec tion of general aircraft_____
Civil Service Commission Rules and regulations:
Competitive service, exceptions from; Interior Department.
Commerce Department See Civil Aeronautics Adminis tration; Foreign Commerce Bu reau.
Commodity Stabilization Service Rules and regulations:
Sugar; proration of 1955 quota for foreign countries other than Cuba and Republic of the Philippines; correction Sugarcane, Puerto Rico; 195253 and 1953-54 crops; correc tion---------- -----------------------Customs Bureau Proposed rule making:
Drawback; foreign-trade zones.
7355

Pa 7373
7357

7377

7384
7384
7384
7384
7384
7380

7355

7357
7357
7372