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12 U.S.C. § 419 — Delivery of notes prior to delivery to banks
Federal law — U.S. Code and appendices · legal_authorities
When such notes have been prepared, the notes shall be delivered to the Board of Governors of the Federal Reserve System subject to the order of the Secretary of the Treasury for the delivery of such notes in accordance with this chapter.
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Source location: Title 12, Chapter 3, § 419; chapter-003-federal-reserve-system.md
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When such notes have been prepared, the notes shall be delivered to the Board of Governors of the Federal Reserve System subject to the order of the Secretary of the Treasury for the delivery of such notes in accordance with this chapter.
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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
The short title of the Act of December 23, 1913, ch. 6, 38 Stat. 251, shall be the “Federal Reserve Act.”
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Federal law — U.S. Code and appendices · legal_authorities
Page 162
TITLE 12—BANKS AND BANKING
§ 419
title I, § 3, June 4, 1963, 77 Stat. 54; Pub. L.
103–325, title VI, § 602(g)(3), Sept. 23, 1994, 108
Stat. 2293.)
Editorial Notes
REFERENCES IN TEXT
This chapter, referred to in text, was in the original
‘‘this Act’’, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251,
known as the Federal Reserve Act. For complete classi-
fication of this Act to the Code, see References in Text
note set out under section 226 of this title and Tables.
CODIFICATION
Section is comprised of the seventh par. (formerly
the eighth 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
1994—Pub. L. 103–325, which directed amendment of
‘‘[t]he 1st sentence of the 8th undesignated paragraph
of section 16 of the Federal Reserve Act (12 U.S.C. 418)’’
by substituting ‘‘the Secretary of the Treasury shall’’
for ‘‘the Comptroller of the Currency shall under the
direction of the Secretary of the Treasury,’’ was exe-
cuted by making the substitution in this section for
‘‘the Comptroller of the Currency shall, under the di-
rection of the Secretary of the Treasury,’’ to reflect the
probable intent of Congress.
1963—Pub. L. 88–36, which directed amendment of
‘‘[t]he first sentence of the ninth paragraph of section
16 of the Federal Reserve Act (12 U.S.C. 418)’’ by insert-
ing ‘‘$1, $2,’’ after ‘‘notes of the denominations of’’, was
executed by making the insertion in this section, to re-
flect the probable intent of Congress.
1918—Act Sept. 26, 1918, which directed general
amendment of ‘‘the ninth paragraph of section sixteen
of the Federal reserve Act, as amended by the Acts ap-
proved September seventh, nineteen hu
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