12 U.S.C. § 141 — Omitted

Page 57 TITLE 12—BANKS AND BANKING § 141 1 See References in Text note below. Executive Documents TRANSFER OF FUNCTIONS For transfer of functions to Secretary of the Treas- ury, see note set out under section 55 of this title. § 122. Repealed. Pub. L. 97–258, § 5(b), Sept. 13, 1982, 96 Stat. 1068 Section, act July 14, 1890, ch. 708, § 6, 26 Stat. 289, re- lated to deposits received by the Treasurer from na- tional banks made to redeem circulating notes of such banks and disposition of those deposits. § 122a. Redeemed notes of unidentifiable issue; funds charged against Federal Reserve bank notes redeemed by the Treasurer of the United States under section 121a of this title shall be charged against the balance of deposits for the retirement of Federal Reserve bank notes under the provisions of sec- tions 122 and 445 1 of this title; and charges for Federal Reserve notes redeemed by the Treas- urer of the United States under section 121a of this title shall be apportioned among the twelve Federal Reserve banks as determined by the Board of Governors of the Federal Reserve Sys- tem. (June 13, 1933, ch. 62, § 2, 48 Stat. 128; Pub. L. 89–427, § 4(b), May 20, 1966, 80 Stat. 161; Pub. L. 103–325, title VI, § 602(g)(8)(B), Sept. 23, 1994, 108 Stat. 2294.) Editorial Notes REFERENCES IN TEXT Section 122 of this title, referred to in text, was re- pealed by Pub. L. 97–258, § 5(b), Sept. 13, 1982, 96 Stat. 1068. Section 445 of this title, referred to in text, was re- pealed by act June 12, 1945, ch. 186, § 3, 59 Stat. 238. AMENDMENTS 1994—Pub. L. 103–325 struck out ‘‘National-bank notes and’’ before ‘‘Federal Reserve bank notes redeemed’’ and ‘‘national-bank notes and’’ after ‘‘deposits for the retirement of’’. 1966—Pub. L. 89–427 substituted provisions allowing the Board of Governors of the Federal Reserve System to determine the proper apportioning between the Fed- eral Reserve banks of the charges for the redemption by the Treasurer of the United States of Federal Re- serve notes that are unidentifiable as to bank of issue for provisions that set out the exact formula for deter- mining the proper apportioning of charges using a pro- portion based upon the amount of Federal Reserve notes of each Federal Reserve bank in circulation in the 31st day of December of the year preceding the date of redemption, with the amount apportioned under the formula charged by the Treasurer of the United States against deposit in the gold-redemption fund made by the bank or its Federal Reserve agent. Executive Documents TRANSFER OF FUNCTIONS For transfer of functions to Secretary of the Treas- ury, see note set out under section 55 of this title. §§ 123 to 126. Repealed. Pub. L. 103–325, title VI, § 602(e)(12), (13), (f)(4)(C), (6), Sept. 23, 1994, 108 Stat. 2292, 2293 Section 123, R.S. § 5195; June 20, 1874, ch. 343, § 3, 18 Stat. 123, related to redemption of notes by bank at own counter. Section 124, R.S. § 5184; June 23, 1874, ch. 455, § 1, 18 Stat. 206, related to destroying and replacing notes unfit for use. Section 125, act July 28, 1892, ch. 317, 27 Stat. 322, re- lated to redemption of lost or stolen notes. Section 126, act June 20, 1874, ch. 343, § 8, 18 Stat. 125, related to duty of Treasurer, designated depositaries, and national-bank depositaries of United States to re- turn notes of failed or liquidated banks to Treasury for redemption. § 127. Repealed. Pub. L. 89–554, § 8(a), Sept. 6, 1966, 80 Stat. 633 Section, act Mar. 3, 1875, ch. 130, § 3, 18 Stat. 399, pro- vided for a clerical force for redemption of circulating notes. SUBCHAPTER VII—PROCEEDINGS ON FAIL- URE OF BANK TO REDEEM CIRCULATING NOTES §§ 131 to 138. Repealed. Pub. L. 103–325, title VI, § 602(e)(14)–(21), Sept. 23, 1994, 108 Stat. 2292 Section 131, R.S. § 5226; June 20, 1874, ch. 343, § 3, 18 Stat. 123, related to protest of notes and waiver of de- mand and notice of protest. Section 132, R.S. § 5227, related to appointment by Comptroller of the Currency of special agent to exam- ine failure of national banking association to redeem its circulating notes and provided for forfeiture of asso- ciation’s bonds to United States based on findings of agent. Section 133, R.S. § 5228; Feb. 18, 1875, ch. 80, § 1, 18 Stat. 320, prohibited banking associations from con- tinuing in business after default. Section 134, R.S. § 5229, provided that, upon declara- tion of forfeiture of association’s bonds, Comptroller of the Currency was to notify holders of circulating notes to present notes for payment and was authorized to cancel bonds pledged by association. Section 135, R.S. § 5232, related to disposition of re- deemed notes and perpetuation of evidence of payment of such notes. Section 136, R.S. § 5233, related to cancellation of re- deemed notes. Section 137, R.S. § 5230, provided Comptroller of the Currency with option of selling defaulting association’s bonds at auction, rather than cancelling them, and granted United States paramount lien on all associa- tion assets in case of deficiencies from such sale. Section 138, R.S. § 5231, related to private sale of de- faulting association’s bonds by Comptroller of the Cur- rency. SUBCHAPTER VIII—RESERVE CITIES; LAWFUL RESERVES § 141. Omitted Editorial Notes CODIFICATION Section, R.S. § 5191 (part); acts Dec. 23, 1913, ch. 6, § 2 (part), 38 Stat. 251; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704, which set out a list of reserve and central reserve cities and permitted the Board of Governors of the Federal Reserve System to reclassify, add to, or terminate the designation of such cities, was appar- ently included in the 1926 ed. of the Code on the basis of authorities other than the source credits. Accord- ingly, and because the continuing accuracy of the table was doubtful, this section was omitted. Some of the other provisions of R.S. § 5191 are classi- fied to sections 142 and 143 of this title and some were not included in the Code. For classification of other provisions of section 2 of act Dec. 23, 1913, see Codification note set out under section 222 of this title. Page 58 TITLE 12—BANKS AND BANKING § 142 Statutory Notes and Related Subsidiaries CENTRAL RESERVE AND RESERVE CITIES Pub. L. 86–114, § 3(b), July 28, 1959, 73 Stat. 263, pro- vided that: ‘‘Effective three years after the date of the enactment of this Act [July 28, 1959]— ‘‘(1) New York and Chicago are reclassified as re- serve cities under the Federal Reserve Act; ‘‘(2) the classification ‘central reserve city’ under the Federal Reserve Act, and the authority of the Board of Governors of the Federal Reserve System to classify or reclassify cities as ‘central reserve cities’ under such Act, are terminated; ‘‘(3) section 5192 of the Revised Statutes of the United States (12 U.S.C., sec. 144) is amended by striking out ‘central reserve or’; ‘‘(4) section 2 of the Act of March 3, 1887 (ch. 378; 24 Stat. 560) is repealed; ‘‘(5) the last paragraph of section 2 of the Federal Reserve act (12 U.S.C., sec. 224) is amended by strik- ing out ‘and central reserve cities’; ‘‘(6) section 11(e) of the Federal Reserve Act (12 U.S.C., sec. 248e) is amended by striking out ‘and cen- tral reserve’ each place it appears; ‘‘(7) the third paragraph (lettered (a)) of section 19 of the Federal Reserve Act (12 U.S.C., sec. 462) is amended by striking out ‘or central reserve’; ‘‘(8) the fifth paragraph (lettered (c)) of such section 19 is repealed; ‘‘(9) subparagraph (2) of the sixth paragraph of such section 19 (as added by the first section of this Act) is amended by striking out ‘and a member bank in a central reserve city may hold and maintain the re- serve balances which are in effect under this section for member banks described in paragraph (a) or (b),’; ‘‘(10) the seventh paragraph of such section 19 is amended by striking out clauses (1), (2), (3), and (4) and inserting in lieu thereof the following: ‘(1) by member banks in reserve cities, (2) by member banks not in reserve cities, or (3) by all member banks’; and ‘‘(11) the seventh paragraph of such section is fur- ther amended by striking out ‘and central reserve cit- ies’.’’ § 142. Banks in reserve cities; reserves National banking associations located in re- serve cities or central reserve cities shall main- tain reserves provided for in section 462 of this title for banks so located. (R.S. § 5191 (part); Dec. 23, 1913, ch. 6, §§ 19, 27, 38 Stat. 270, 274; Aug. 4, 1914, ch. 225, 38 Stat. 682; Aug. 15, 1914, ch. 252, 38 Stat. 691; June 21, 1917, ch. 32, § 10, 40 Stat. 239.) Editorial Notes REFERENCES IN TEXT Section 462 of this title, referred to in text, was omit- ted from the Code. See section 461 of this title. CODIFICATION R.S. § 5191 derived from act June 3, 1864, ch. 106, § 31, 13 Stat. 108, which was the National Bank Act, and act Mar. 1, 1872, ch. 22, 17 Stat. 32. See section 38 of this title. Some of the other provisions of R.S. § 5191 were classi- fied to section 141 of this title prior to its omission from the Code, some are classified to section 143 of this title, and some were not included in the Code. Statutory Notes and Related Subsidiaries TERMINATION OF CENTRAL RESERVE CITIES Central reserve cities terminated, see section 3(b) of Pub. L. 86–114 set out as a note under former section 141 of this title. § 143. Banks in Alaska and insular possessions; lawful money reserves Every national banking association located in Alaska or in a dependency or insular possession or any part of the United States outside of the continental United States, and not a member of the Federal reserve system, shall at all times have on hand in lawful money of the United States an amount equal to at least 15 percent of the aggregate amount of its deposits in all re- spects. Whenever the lawful money of any such association shall fall below 15 percent of its de- posits such association shall not increase its li- abilities by making any new loans or discounts other than by discounting or purchasing bills of exchange payable at sight nor make any divi- dends of its profits until the required proportion between the aggregate amount of its deposits and its lawful money of the United States has been restored. And the Comptroller of the Cur- rency shall notify any such association whose lawful money reserve shall be below the amount required to be kept on hand to make good such reserve, and if such association shall fail for thirty days thereafter so to make good its law- ful money the Comptroller may, with the con- currence of the Secretary of the Treasury, ap- point a receiver to wind up the business of the association as provided in section 192 of this title. (R.S. § 5191 (part).) Editorial Notes CODIFICATION R.S. § 5191 derived from act June 3, 1864, ch. 106, § 31, 13 Stat. 108, which was the National Bank Act, and act Mar. 1, 1872, ch. 22, 17 Stat. 32. See section 38 of this title. Some of the other provisions of R.S. § 5191 were classi- fied to section 141 of this title prior to its omission from the Code, some are classified to section 142 of this title, and some were not included in the Code. Executive Documents EXCEPTION AS TO TRANSFER OF FUNCTIONS Functions vested by any provision of law in Comp- troller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under section 1 of this title. § 144. Certain balances counted toward reserves in dependencies and insular possessions Four-fifths of the reserve of 15 per centum which a national bank located in a dependency or insular possession or any part of the United States outside of the continental United States, and not a member of the Federal Reserve Sys- tem, is required to keep, may consist of balances due such bank from associations approved by the Comptroller of the Currency and located in any one of the reserve cities as now or hereafter defined by law or designated by the Board of Governors of the Federal Reserve System. (R.S. § 5192; July 1, 1952, ch. 536, 66 Stat. 314; Pub. L. 86–70, § 7, June 25, 1959, 73 Stat. 142; Pub. L. 86–114, § 3(b)(3), July 28, 1959, 73 Stat. 263.)