above, sleeping-car accommodations will be furnished to the extent authorized in TM 55-525.1 (R.S. 161, 56 Stat. 364; 5 U.S.C. 22, 37 U.S.C. Sup., 112) [AR 55-120, C 14, Sept. 17, 1945, 10 F.R. 12422]

§ 903.5 Enlisted personnel upon discharge or relief or relase from active duty-(a) Normal discharge or relief or release from active duty. There is no authority of law for issuing a transportation request to an enlisted person on discharge or relief or release from active duty for any distance for which the law provides that such person receive travel pay at the rate of 5 cents per mile. See AR 35-2560.2 [Paragraph (a) amended by C 12, Feb. 8, 1945, 10 F.R. 2171]

§ 903.7 Checkable personal baggage— (a) Definition.

(2) Railroad tariffs contain a provision that baggage must be inclosed in receptacles provided with handles or other suitable means for attaching checks.

1 Regulations pertaining to sleeping-car accommodations.

2 Administrative Army Regulations pertaining to travel pay of enlisted men upon discharge.

When tendered to carriers for transportation as checked baggage, trunk lockers or other receptacles without handles will either be provided with securely fastened handles or will be bound securely around both lengths with rope. [Subparagraph (2) added by C 12, Feb. 8, 1945, 10 F.R. 2171]

SLEEPING-CAR AND SIMILAR ACCOMMODATIONS

CODIFICATION: §§ 903.15 to 903.21, inclusive, were retained without change in TM 55–525, June 1945, in lieu of AR 55-125, Jan. 9, 1943, which was rescinded by Circular 240, August 1945. Wherever reference to "AR 55-25" is made in said §§ 903.15 to 903.21, inclusive, "TM 55-525" should be inserted in lieu thereof. 10 F.R. 14813.

PASSENGERS ON ARMY TRANSPORTS

§ 903.25 Passengers on Army transports. [Revoked]

CODIFICATION: § 903.25 was revoked by AR 55-120, C 12, Feb. 8, 1945, 10 F.R. 2171.

PART 904-PRIORITIES FOR AIR TRANSPORTATION [REVOKED] CODIFICATION: Part 904 was revoked by Priorities and Traffic, Air Transport Command, Oct. 15, 1945, 10 F.R. 13255.

For the purposes of this paragraph and of § 204.3 (a) (e), a member bank shall be considered to be in a central reserve city if the head office or any branch of such bank is located in a central reserve city, and a member bank shall be considered to be in a reserve city if the head office or any branch thereof is located in a reserve city and neither the head office nor any branch thereof is located in a central reserve city: Provided, That, if a member bank is considered to be in a central reserve city or a reserve city under this paragraph solely by reason of the location of an office of such bank in an outlying district of such a city or in territory added to such city by the extension of the city's corporate limits, such bank may, upon the affirmative vote of five members of the Board of Governors of the Federal Reserve System, be permitted to maintain lower reserve balances as above provided in this paragraph.

CODIFICATION: In § 204.2 (a), the undesignated paragraph set forth above was inserted immediately preceding the last paragraph, by Regulation, Board of Governors, June 27, 1945, effective Aug. 1, 1945, 10 F.R. 8097.

The purpose of this section is to permit the use of common trust funds, as defined in section 169 of the Internal Revenue Code, for the investment of funds held for true fiduciary purposes; and the operation of such common trust funds as investment trusts for other than strictly fiduciary purposes is hereby prohibited. No bank administering a common trust fund shall issue any document evidencing a direct or indirect interest in such common trust fund in any form which purports to be negotiable or assignable. The trust investment committee of a bank operating a common trust fund shall not permit any funds of any trust to be invested in a common trust fund if it has reason to believe that such trust was not created or is not being used for bona fide fiduciary purposes. A bank administering a common trust fund shall not, in soliciting business or otherwise, publish or make representations which are inconsistent with this paragraph or the other provisions of this part and, subject to the applicable requirements of the laws of any State, shall not advertise or publicize the earnings realized on any common trust fund or the value of the assets thereof. [Third paragraph amended, effective Sept. 1, 1945, 10 F.R. 8953]

The bank shall, without charge, send a copy of the latest report of such audit annually to each person to whom a regular periodic accounting of the trusts participating in the common trust fund ordinarily would be rendered or shall send advice to each such person annually that the report is available and that a copy will be furnished without charge upon request. Except as may be required by the applicable laws of any State, the bank shall not publish or authorize the publication of any such report or the information contained therein and each copy furnished to any person as herein provided must bear a statement to the effect that the publication of such copy or the information contained therein is unauthorized. [Second paragraph amended, effective Sept. 1, 1945, 10 F.R. 8953]

(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 common trust fund shall determine the value of the assets in the common trust fund as of the dates which the Plan provides for the valuation of assets. No participation shall be admitted to or withdrawn from the common trust fund except (1)

on the basis

of such valuation and (2) as of such a valuation date. A reasonable period, not to exceed 7 days, following each valuation date may be used to make the computations necessary to determine the value of the fund and of the participations therein. No participation shall be admitted to or withdrawn from the common trust fund unless a written request for or notice of intention of taking such action shall have been entered in the records of the bank and approved by the trust investment committee, on or before the valuation date. No such request or notice may be canceled or countermanded after the valuation date. [Subparagraph (4) amended, effective Sept. 1, 1945, 10 F.R. 8953]

the assets of the common trust fund at the time of investment, as determined by the trust investment committee, or the sum of $50,000, whichever is less. If the bank administers more than one common trust fund under this subsection, no investment shall be made which would cause any one trust to have invested in the aggregate in all such common trust funds an amount in excess of the sum of $50,000; and, if the bank administers funds under both paragraphs (c) and (d) of this section, no investment shall be made which would cause any one trust to have invested in the aggregate in all such funds an amount in excess of the sum of $50,000. In applying the limitations contained in this paragraph, if two or more trusts are created by the same settlor or settlors and as much as one-half of the income or principal or both of each trust is payable or applicable to the use of the same person or persons, such trusts shall be considered as one. [First paragraph amended, effective Sept. 1, 1945, 10 F.R. 8953]

(d) Common Trust Funds composed principally of mortgages (Mortgage Investment Funds).

(4) Value of assets to be determined periodically, (i) Not less frequently than once during each period of three months the trust investment committee of a bank administering a mortgage investment fund shall determine the value of the assets in the mortgage investment fund as of the dates which the plan provides for the valuation of assets. No participation shall be admitted to or withdrawn from the mortgage investment fund except as of such a valuation date. A reasonable period, not to exceed 7 days, following each valuation date may be used to make the computations necessary to determine the value of the fund and of the participations therein. No participation shall be admitted to or withdrawn from the mortgage investment fund unless, on the basis of such valuation, the value of the assets of the mortgage investment fund, exclusive of accrued income, is at least equal to the amount of the outstanding participations. No participation shall be admitted to or withdrawn from the mortgage investment fund unless a written request for or notice of intention of taking such action shall have been entered in the records of the bank and approved by the trust in

vestment committee, on or before the valuation date. No such request or notice may be canceled or countermanded after the valuation date. [Subdivision (i) amended, effective Sept. 1, 1945, 10 F.R. 8953]

(5) Miscellaneous limitations. (i) No funds of any trust shall be invested in a participation in a mortgage investment fund if such investment would result in such trust having invested in the aggregate in the mortgage investment fund an amount in excess of the sum of $1,200 or 2 per cent of the amount of the outstanding participations in the mortgage investment fund, whichever is greater at the time of investment, or in any event in excess of the sum of $10,000. If the bank administers more than one mortgage investment fund, no investment shall be made which would cause any one trust to have invested in the aggregate in all such mortgage investment funds an amount in excess of the sum of $10,000; and, if the bank administers funds under both paragraphs (c) and (d) of this section, no investment shall be made which would cause any one trust to have invested in the aggregate in all such funds an amount in excess of the sum of $50,000. In applying the limitations contained in this paragraph, if two or more trusts are created by the same settlor or settlors and as much as one-half of the income or principal or both of each trust is payable or applicable to the use of the same person or persons, such trusts shall be considered as one. [Subdivision (i) amended, effective Sept. 1, 1945, 10 F.R. 8953]

PART 211-BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN BANKING BUSINESS UNDER SECTION 25 (a), FEDERAL RESERVE ACT

Sec.

211.15 General limitations and restrictions. [Amended]

§ 211.15 General limitations and restrictions.

(b) Aggregate liabilities of the Corporation. Except with the permission of the Board of Governors of the Federal Reserve System, the aggregate of the Corporation's liabilities outstanding on account of acceptances, monthly average domestic and foreign deposits,

debentures, bonds, notes, guaranties, indorsements, and other such obligations shall, not exceed ten times the amount of the Corporation's subscribed capital and surplus. In determining the amount of the liabilities within the meaning of this paragraph, indorsements of bills of exchange having not more than six months to run, drawn and accepted by others than the Corporation, shall not be included. [Paragraph (b) amended, effective Feb. 2, 1945, 10 F.R. 1471]

PART 220-CREDIT BY BROKERS, DEALERS, MEMBERS OF NATIONAL SECURITIES EXCHANGES

Sec.

220.3 General accounts. [Amended] 220.4 Special accounts. [Amended] 220.6 Certain technical details. [Amended] 220.8 Supplement. [Revised]

§ 220.3 General accounts. (b) General rule.

If a creditor effects for or with any customer any transactions consisting of purchases of securities in a general account, other than purchases of exempted securities or purchases to reduce or close out short positions, the creditor must obtain a deposit as specified in the previous paragraph at least as large as would be required by that paragraph if such purchases were the only transactions in the account on that day (except that such deposit need be no larger than that which would be sufficient to eliminate any excess of the adjusted debit balance over the maximum loan value of the securities in the account). No withdrawal of cash or registered or exempted securities shall be permissible if the account, after such withdrawal, would have an adjusted debit balance exceeding the maximum loan value of the securities in the account, except that exempted securities may be withdrawn upon the deposit in the account of exempted securities having maximum loan value equal to or in excess of the maximum loan value of the exempted securities withdrawn or upon the deposit of cash equal to or in excess of such maximum loan value. [Second paragraph amended, effective July 16, 1945, 10 F.R. 8422]