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12 U.S.C. § 346 — Discount of acceptances
Federal law — U.S. Code and appendices · legal_authorities
Any Federal reserve bank may discount acceptances of the kinds hereinafter described, which have a maturity at the time of discount of not more than ninety days’ sight, exclusive of days of grace, and which are indorsed by at least one member bank: Provided, That such acceptances if drawn for an agricultural purpose and secured at the time of acceptance by warehouse receipts or other such documents conveying or securing title covering readily marketable staples may be discounted with a maturity at the time of discount of not more than six months’ sight exclusive of days of grace.
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Source location: Title 12, Chapter 3, § 346; chapter-003-federal-reserve-system.md
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Any Federal reserve bank may discount acceptances of the kinds hereinafter described, which have a maturity at the time of discount of not more than ninety days’ sight, exclusive of days of grace, and which are indorsed by at least one member bank: Provided, That such acceptances if drawn for an agricultural purpose and secured at the time of acceptance by warehouse receipts or other such documents conveying or securing title covering readily marketable staples may be discounted with a maturity at the time of discount of not more than six months’ sight exclusive of days of grace.
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Federal law — U.S. Code and appendices · legal_authorities
Any Federal reserve bank may receive from any of its member banks, or other depository institutions, and from the United States, deposits of current funds in lawful money, national-bank notes, Federal reserve notes, or checks, and drafts, payable upon presentation or other items, and also, for collection, maturing notes and bills; or, solely for purposes of exchange or of collection may receive from other Federal reserve banks deposits of current funds in lawful money, national-bank notes, or checks upon other Federal reserve banks, and checks and drafts, payable upon presentation within its district or other items, and maturing notes and bills payable within its district; or, solely for the purposes of exchange or of collection, may receive from any nonmember bank or trust company or other depository institution deposits of current funds in lawful money, national-bank notes, Federal reserve notes, checks and drafts payable upon presentation or other items, or maturing notes and bills: Provided, Such nonmember bank or trust company or other depository institution maintains with the Federal Reserve bank of its district a balance in such amount as the Board determines taking into account items in transit, services provided by the Federal Reserve bank, and other factors as the Board may deem appropriate: Provided further, That nothing in this or any other section of this chapter shall be construed as prohibiting a member or nonmember bank or other depository institution from making reasonable charges, to be determined and regulated by the Board of Governors of the Federal Reserve System, but in no case to exceed 10 cents per $100 or fraction thereof, based on the total of checks and drafts presented at any one time, for collection or payment of checks and drafts and remiss
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Federal law — U.S. Code and appendices · legal_authorities
Page 125
TITLE 12—BANKS AND BANKING
§ 347
1 See References in Text note below.
purchase bills of exchange payable at sight or on
demand which grow out of the domestic ship-
ment or the exportation of nonperishable, read-
ily marketable agricultural and other staples
and are secured by bills of lading or other ship-
ping documents conveying or securing title to
such staples: Provided, That all such bills of ex-
change shall be forwarded promptly for collec-
tion, and demand for payment shall be made
with reasonable promptness after the arrival of
such staples at their destination: Provided fur-
ther, That no such bill shall in any event be held
by or for the account of a Federal reserve bank
for a period in excess of ninety days. In dis-
counting such bills Federal reserve banks may
compute the interest to be deducted on the basis
of the estimated life of each bill and adjust the
discount after payment of such bills to conform
to the actual life thereof.
(Dec. 23, 1913, ch. 6, § 13 (par.), as added Mar. 4,
1923, ch. 252, title IV, § 402, 42 Stat. 1479; amended
May 29, 1928, ch. 884, 45 Stat. 975; Aug. 23, 1935,
ch. 614, title II, § 203(a), 49 Stat. 704.)
Editorial Notes
CODIFICATION
Section is comprised of the fourth par. of section 13
of act Dec. 23, 1913, as amended. The act of Mar. 4, 1923,
split the second par. of section 13, as amended in 1916
(39 Stat. 752), into two pars., the first of which con-
stitutes the first par. of section 343 of this title and the
second as this section, making it the third par. of sec-
tion 13. However, the third par. became the fourth par.
when act July 21, 1932, added a new par. to follow the
second par. For further details, see Codification note
set out under section 343 of this title. For classification
to t
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