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12 U.S.C. § 414 — Authority of Board of Governors respecting issuance of notes; interest; lien
Federal law — U.S. Code and appendices · legal_authorities
The Board of Governors of the Federal Reserve System shall have the right, acting through the Federal Reserve agent, to grant in whole or in part, or to reject entirely the application of any Federal Reserve bank for Federal Reserve notes; but to the extent that such application may be granted the Board of Governors of the Federal Reserve System shall, through its local Federal Reserve agent, supply Federal Reserve notes to the banks so applying, and such bank shall be charged with the amount of the notes issued to it and shall pay such rate of interest as may be established by the Board of Governors of the Federal Reserve System on only that amount of such notes which equals the total amount of its outstanding Federal Reserve notes less the amount of gold certificates held by the Federal Reserve agent as collateral security. Federal Reserve notes issued to any such bank shall, upon delivery, together with such notes of such Federal Reserve bank as may be issued under subchapter XIII 11 See References in Text note below. of this chapter upon security of United States 2 per centum Government bonds, become a first and paramount lien on all the assets of such bank.
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Source file: Laws/federal/codes/united-states-code/title-12/section-414-authority-of-board-of-governors-respecting-issuance-of-notes-interest-li--624624b499.md
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Source location: Title 12, Chapter 3, § 414; chapter-003-federal-reserve-system.md
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The Board of Governors of the Federal Reserve System shall have the right, acting through the Federal Reserve agent, to grant in whole or in part, or to reject entirely the application of any Federal Reserve bank for Federal Reserve notes; but to the extent that such application may be granted the Board of Governors of the Federal Reserve System shall, through its local Federal Reserve agent, supply Federal Reserve notes to the banks so applying, and such bank shall be charged with the amount of the notes issued to it and shall pay such rate of interest as may be established by the Board of Governors of the Federal Reserve System on only that amount of such notes which equals the total amount of its outstanding Federal Reserve notes less the amount of gold certificates held by the Federal Reserve agent as collateral security. Federal Reserve notes issued to any such bank shall, upon delivery, together with such notes of such Federal Reserve bank as may be issued under subchapter XIII 11 See References in Text note below. of this chapter upon security of United States 2 per centum Government bonds, become a first and paramount lien on all the assets of such bank.
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Federal law — U.S. Code and appendices · legal_authorities
Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.
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Federal law — U.S. Code and appendices · legal_authorities
Federal Reserve notes shall bear upon their faces a distinctive letter and serial number which shall be assigned by the Board of Governors of the Federal Reserve System to each Federal Reserve bank. Federal Reserve notes unfit for circulation shall be canceled, destroyed, and accounted for under procedures prescribed and at locations designated by the Secretary of the Treasury. Upon destruction of such notes, credit with respect thereto shall be apportioned among the twelve Federal Reserve banks as determined by the Board of Governors of the Federal Reserve System.
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Federal law — U.S. Code and appendices · legal_authorities
Page 159
TITLE 12—BANKS AND BANKING
§ 414
1 See References in Text note below.
§ 413. Distinctive letter and serial number of
notes; cancellation of notes unfit for circula-
tion; accounting; apportionment of credit
among Federal Reserve banks
Federal Reserve notes shall bear upon their
faces a distinctive letter and serial number
which shall be assigned by the Board of Gov-
ernors of the Federal Reserve System to each
Federal Reserve bank. Federal Reserve notes
unfit for circulation shall be canceled, de-
stroyed, and accounted for under procedures pre-
scribed and at locations designated by the Sec-
retary of the Treasury. Upon destruction of such
notes, credit with respect thereto shall be appor-
tioned among the twelve Federal Reserve banks
as determined by the Board of Governors of the
Federal Reserve System.
(Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 266; June
21, 1917, ch. 32, § 7, 40 Stat. 236; Jan. 30, 1934, ch.
6, § 2(b)(3), (4), 48 Stat. 338; Aug. 23, 1935, ch. 614,
title II, § 203(a), 49 Stat. 704; June 12, 1945, ch. 186,
§ 1(a), 59 Stat. 237; July 19, 1954, ch. 547, 68 Stat.
495; Pub. L. 89–3, § 1, Mar. 3, 1965, 79 Stat. 5; Pub.
L. 89–427, § 3, May 20, 1966, 80 Stat. 161; Pub. L.
90–269, § 3, Mar. 18, 1968, 82 Stat. 50.)
Editorial Notes
CODIFICATION
Section is comprised of third par. of section 16 of act
Dec. 23, 1913. For classification to this title of other
pars. of section 16, see Codification note set out under
section 411 of this title.
AMENDMENTS
1968—Pub. L. 90–269 substituted requirement that
Federal Reserve notes bear upon their faces a distinc-
tive letter and serial number which shall be assigned by
the Board of Governors to each Federal Reserve bank
for former requirement that each Federal Reserve bank
maintain r
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