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12 U.S.C. § 416 — Withdrawal of collateral deposited to protect notes and substitution of other collateral; retirement of notes; payment of notes of series prior to 1928; recovery of collateral; reissue of deposited notes
Federal law — U.S. Code and appendices · legal_authorities
Any Federal Reserve bank may at its discretion withdraw collateral deposited with the local Federal Reserve agent for the protection of its Federal Reserve notes issued to it, and shall at the same time substitute therefor other collateral of equal amount with the approval of the Federal Reserve agent under regulations to be prescribed by the Board of Governors of the Federal Reserve System. Any Federal Reserve bank may retire any of its Federal Reserve notes by depositing them with the Federal Reserve agent or with the Treasurer of the United States, and such Federal Reserve bank shall thereupon be entitled to receive back the collateral deposited with the Federal Reserve agent for the security of such notes. Any Federal Reserve bank shall further be entitled to receive back the collateral deposited with the Federal Reserve agent for the security of any notes with respect to which such bank has made payment to the Secretary of the Treasury under section 4 of the Old Series Currency Adjustment Act. Federal Reserve notes so deposited shall not be reissued except upon compliance with the conditions of an original issue.
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Source file: Laws/federal/codes/united-states-code/title-12/section-416-withdrawal-of-collateral-deposited-to-protect-notes-and-substitution-of--2494c31b51.md
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Passage SHA-256: 04994ff5132b07e7ff7f352d8bd700f5079e4ef039763d7e8125d63e591be993
Source location: Title 12, Chapter 3, § 416; chapter-003-federal-reserve-system.md
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Any Federal Reserve bank may at its discretion withdraw collateral deposited with the local Federal Reserve agent for the protection of its Federal Reserve notes issued to it, and shall at the same time substitute therefor other collateral of equal amount with the approval of the Federal Reserve agent under regulations to be prescribed by the Board of Governors of the Federal Reserve System. Any Federal Reserve bank may retire any of its Federal Reserve notes by depositing them with the Federal Reserve agent or with the Treasurer of the United States, and such Federal Reserve bank shall thereupon be entitled to receive back the collateral deposited with the Federal Reserve agent for the security of such notes. Any Federal Reserve bank shall further be entitled to receive back the collateral deposited with the Federal Reserve agent for the security of any notes with respect to which such bank has made payment to the Secretary of the Treasury under section 4 of the Old Series Currency Adjustment Act. Federal Reserve notes so deposited shall not be reissued except upon compliance with the conditions of an original issue.
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Federal law — U.S. Code and appendices · legal_authorities
Every association which shall have failed to pay up its capital stock, as required by law, and every association whose capital stock shall have become impaired by losses or otherwise, shall, within three months after receiving notice thereof from the Comptroller of the Currency, pay the deficiency in the capital stock, by assessment upon the shareholders pro rata for the amount of capital stock held by each; and the Treasurer of the United States shall withhold the interest upon all bonds held by him in trust for any such association, upon notification from the Comptroller of the Currency, until otherwise notified by him. If any such association shall fail to pay up its capital stock, and shall refuse to go into liquidation, as provided by law, for three months after receiving notice from the comptroller, a receiver may be appointed to close up the business of the association, according to the provisions of [section 192 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section192&num=0&edition=prelim). And provided, That if any shareholder or shareholders of such bank shall neglect or refuse, after three months’ notice, to pay the assessment, as provided in this section, it shall be the duty of the board of directors to cause a sufficient amount of the capital stock of such shareholder or shareholders to be sold at public auction (after thirty days’ notice shall be given by posting such notice of sale in the office of the bank, and by publishing such notice in a newspaper of the city or town in which the bank is located, or in a newspaper published nearest thereto,) 11 So in original. to make good the deficiency, and the balance, if any, shall be returned to such delinquent shareholder or shareholders.
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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
Page 160
TITLE 12—BANKS AND BANKING
§ 415
AMENDMENTS
1968—Pub. L. 90–269 repealed first sentence provisions
that Board of Governors require each Federal Reserve
bank to maintain on deposit in the Treasury a sum in
gold certificates sufficient, in the judgment of the Sec-
retary of the Treasury, for redemption of Federal Re-
serve notes issued to such bank, but not less than 5 per-
cent of total amount of notes issued less amount of
gold certificates held by the Federal Reserve agent as
collateral security, and counting and including such de-
posit of gold certificates as part of the 25 percent re-
serve formerly required by section 413 of this title to be
maintained against Federal Reserve notes in actual cir-
culation and substituted in the first, formerly second
sentence, ‘‘Board of Governors of the Federal Reserve
System’’ for ‘‘Board’’.
1945—Act June 12, 1945, substituted in first sentence
‘‘25 per centum reserve required by section 413 of this
title to be maintained against Federal Reserve notes in
actual circulation’’ for ‘‘40 per centum reserve required
by section 413 of this title’’.
1934—Act Jan. 30, 1934, amended first sentence.
Statutory Notes and Related Subsidiaries
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of
Federal Reserve Board to Board of Governors of the
Federal Reserve System.
§ 415. Reduction of liability for outstanding notes
by depositing notes and collateral and pay-
ment of notes of series prior to 1928; reissue
of deposited notes
Any Federal Reserve bank may at any time re-
duce its liability for outstanding Federal Re-
serve notes by depositing with the Federal Re-
serve agent its Federal Reserve notes, gold cer-
tificates, Special Drawing Right certificates, or
lawful money of the United States.
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 416
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