TNAG-1769-FCO40-2523-Hong-Kong-mergers-involving-banks-and-other-financial-instit-1988 — Page 113

1988-06-01 12:01 AGC

852 5 865 2720 P.03

RESIDENT PARTNERS

JAMES A WATKINS ALAN W BLACK

SIMON W ATIYAH RAVMÓNÉ M 20HEN RICHARD KENDALL IRENE 3 - LOW VERONICA A OSHÉA

BRIDGET & WILLIAMSON

SOLICITORS

BRINGLEY R NICHOLSON DAVID BARNES

SHARON A BEESLEY

NICHOLAS W EASTWELL

KELVIN W Y LO

AILEEN E MCDONALD SIMON J REID KAY

W WILLIAM A WOODE

LINKLATERS & PAINES

14TH FLOOR ALEXANDRA HOUSE. CHATER ROAD, HONG KONG

TELEPHONE: 5-8424888

TELEX 83695 FAX GPS 1 & II 5-8108133 · 5-8101895

DX-9105-C HONG KONG

DIRECT TELEPHONE. §. 8424801.

LONDON

59-87 GRESHAM STREET LONDON EC2V 7JA TELEPHONE 01-606 7080

TELEX 884349 / 888167 FAX. 01-606 5113

Mr. Stefan Gannon,

Monetary Affairs Department, 9th Floor,

Queensway Government Offices.

66 Queensway,

Hong Kong,

+

Dear Mr. Gannon,

BRUSSELS

YOUR REF

NEW YORK

PARIS

OUR REF

DAB

24th May, 1988

TOKYO

Rainier International Bank

Private Ordinance

Further to my letter of yesterday's date, I am enclosing a faxed copy of a good standing certificate regarding Rainier International Bank. I am expecting to receive the original within the next couple of days. This is the document referred to in paragraph 1 of my letter of yesterday's date.

I am advised by Rainier's advisers in Seattle that the Federal Reserve Bank of San Francisco (the "Bank") is a quasi- governmental entity under the direct supervision of the Board of Governors of the Federal Reserve System ("FRB"), an instrumentality of the United States government. As one of twelve regional Federal Reserve Banks, the Bank is chartered under federal law and its capital stock is held by member banks within its region. The Bank is managed by a nine-member board of directors, two-thirds of which are elected by the stockholder banks and one-third of which are appointed by the FRB. Such Federal Reserve Banks were established by the Federal Reserve Act in 1913 as part of a United States governmental effort to provide for a more effective supervision of banking in the United States. The FRB, the regional Federal Reserve Banks, and the member banks comprise the Federal Reserve System.

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