Time does not permit of a complete enumeration of the manifold activities of your League the past 12 months. Your numerous committees under their able chairmen and vice chairmen have been active throughout the year and each has ministered to the requirements of our business. As formerly, all our committees have and will be meeting during this convention. Nine of our top-drawer groups have held interim meetings during the year. The Federal Section Committee under its able chairman, Roy W. Larsen, has had an especially active year with the revision of the regulations for the Federal Savings and Loan System and the preparation of the new Charter N for federal associations.