12 U.S.C. § 393 — Federal reserve banks as depositaries for

Page 157 TITLE 12—BANKS AND BANKING § 411 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 Words ‘‘of the Philippine Islands, or’’ after ‘‘No public funds’’ were deleted on authority of 1946 Proc. No. 2695, which granted independence to the Philippine Islands pursuant to section 1394 of Title 22. Proc. No. 2695 is set out as a note under section 1394 of Title 22, Foreign Re- lations and Intercourse. Section is comprised of second par. of section 15 of act Dec. 23, 1913. Par. 1 of section 15 and par. 3 of sec- tion 15, as added Mar. 4, 1923, ch. 252, title IV, § 406, 42 Stat. 1480, are classified to sections 391 and 393, respec- tively, of this title. § 393. Federal reserve banks as depositaries for Farm Credit System The Federal Reserve banks are authorized to act as depositaries for and fiscal agents of any Federal land bank, Federal intermediate credit bank, bank for cooperatives, or other institu- tions of the Farm Credit System. (Dec. 23, 1913, ch. 6, § 15 (par.), as added Mar. 4, 1923, ch. 252, title IV, § 406, 42 Stat. 1480; amended Pub. L. 92–181, title V, § 5.41, formerly § 5.27(b), Dec. 10, 1971, 85 Stat. 625; renumbered § 5.41(b), Pub. L. 99–205, title II, § 205(a)(2), Dec. 23, 1985, 99 Stat. 1703; renumbered § 5.41, Pub. L. 100–233, title VIII, § 805(ff)(2), Jan. 6, 1988, 101 Stat. 1717.) Editorial Notes CODIFICATION Section is comprised of third par. of section 15 of act Dec. 23, 1913, as added Mar. 4, 1923. Pars. 1 and 2 of sec- tion 15 are classified to sections 391 and 392, respec- tively, of this title. AMENDMENTS 1971—Pub. L. 92–181 substituted ‘‘Federal land bank, Federal intermediate credit bank, bank for coopera- tives, or other institutions of the Farm Credit System’’ for ‘‘national agricultural credit corporation or Federal intermediate credit bank’’. § 394. Federal reserve banks as depositaries for and fiscal agents of Home Owners’ Loan Cor- poration The Federal Reserve banks are authorized, with the approval of the Secretary of the Treas- ury, to act as depositaries, custodians, and fiscal agents for the Home Owners’ Loan Corporation. (Apr. 27, 1934, ch. 168, § 8, 48 Stat. 646.) Statutory Notes and Related Subsidiaries ABOLITION OF HOME OWNERS’ LOAN CORPORATION For dissolution and abolishment of Home Owners’ Loan Corporation, referred to in this section, by act June 30, 1953, ch. 170, § 21, 67 Stat. 126, see note set out under section 1463 of this title. § 395. Federal reserve banks as depositaries, custodians and fiscal agents for Commodity Credit Corporation The Federal Reserve banks are authorized to act as depositaries, custodians, and fiscal agents for the Commodity Credit Corporation. (July 16, 1943, ch. 241, § 3, 57 Stat. 566.) Executive Documents TRANSFER OF FUNCTIONS Administration of program of Commodity Credit Cor- poration transferred to Secretary of Agriculture by Reorg. Plan No. 3 of 1946, § 501, eff. July 16, 1946, 11 F.R. 7877, 60 Stat. 1100. See Appendix to Title 5, Government Organization and Employees. EXCEPTIONS FROM TRANSFER OF FUNCTIONS Functions of Corporations of Department of Agri- culture, boards of directors and officers of such cor- porations, Advisory Board of Commodity Credit Cor- poration, and Farm Credit Administration or any agen- cy, officer or entity of, under, or subject to supervision of Administration were excepted from functions of offi- cers, agencies, and employees transferred to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, § 1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat. 633, set out in the Appendix to Title 5, Government Organization and Employees. SUBCHAPTER XII—FEDERAL RESERVE NOTES § 411. Issuance to reserve banks; nature of obliga- tion; redemption Federal reserve notes, to be issued at the dis- cretion of the Board of Governors of the Federal Reserve System for the purpose of making ad- vances 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, Dis- trict of Columbia, or at any Federal Reserve bank. (Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 265; Jan. 30, 1934, ch. 6, § 2(b)(1), 48 Stat. 337; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.) Editorial Notes REFERENCES IN TEXT Phrase ‘‘hereinafter set forth’’ is from section 16 of the Federal Reserve Act, act Dec. 23, 1913. Reference probably means as set forth in sections 17 et seq. of the Federal Reserve Act. For classification of these sec- tions to the Code, see Tables. CODIFICATION Section is comprised of first par. of section 16 of act Dec. 23, 1913. Pars. 2 to 5, 6 (formerly 7), 7 to 10 (for- merly 8 to 11, respectively), 12 (formerly 13), 13 (for- merly 14), and 14 to 16 (formerly 15, 16, and 18, respec- tively) of section 16 of act Dec. 23, 1913, are classified to sections 412 to 415, 416, 418 to 421, 360, 248–1, and 467, re- spectively, of this title. Former pars. 6 and 17 of section 16 of act Dec. 23, 1913, formerly classified to sections 415 and 467, respectively, of this title, were repealed by Pub. L. 90–269, §§ 5, 7, Mar. 18, 1968, 82 Stat. 50. Par. 11 (formerly 12) of section 16 of act Dec. 23, 1913, formerly classified to section 422 of this title, was su- perseded by act June 26, 1934, ch. 756, § 1(a), (b)(3), 48 Stat. 1225. AMENDMENTS 1934—Act Jan. 30, 1934, struck out from last sentence provision permitting redemption in gold.