12 U.S.C. § 359 — Purchase and sale of acceptances of inter-

Page 134 TITLE 12—BANKS AND BANKING § 357 change arising out of commercial transactions, as hereinbefore defined. (Dec. 23, 1913, ch. 6, § 14(c), 38 Stat. 264.) Editorial Notes CODIFICATION Section is comprised of subsec. (c) of section 14 of act Dec. 23, 1913. For classification to this title of remain- der of section 14, see Codification note under section 353 of this title. § 357. Establishment of rates of discount Every Federal reserve bank shall have power to establish from time to time, subject to review and determination of the Board of Governors of the Federal Reserve System, rates of discount to be charged by the Federal reserve bank for each class of paper, which shall be fixed with a view of accommodating commerce and business, but each such bank shall establish such rates every fourteen days, or oftener if deemed necessary by the Board. (Dec. 23, 1913, ch. 6, § 14(d), 38 Stat. 264; Apr. 13, 1920, ch. 128, 41 Stat. 550; Mar. 4, 1923, ch. 252, title IV, § 407, 42 Stat. 1480; Aug. 23, 1935, ch. 614, title II, §§ 203(a), 206(b), 49 Stat. 704, 706.) Editorial Notes CODIFICATION Section is comprised of subsec. (d) of section 14 of act Dec. 23, 1913. For classification to this title of remain- der of section 14, see Codification note under section 353 of this title. AMENDMENTS 1935—Act Aug. 23, 1935, § 206(b), inserted words at end of section beginning ‘‘but each such’’. 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. § 358. Establishment of accounts for purposes of open-market operations; correspondents and agencies Every Federal reserve bank shall have power to establish accounts with other Federal reserve banks for exchange purposes and, with the con- sent or upon the order and direction of the Board of Governors of the Federal Reserve Sys- tem and under regulations to be prescribed by said Board, to open and maintain accounts in foreign countries, appoint correspondents, and establish agencies in such countries wheresoever it may be deemed best for the purpose of pur- chasing, selling, and collecting bills of ex- change, and to buy and sell, with or without its indorsement, through such correspondents or agencies, bills of exchange (or acceptances) aris- ing out of actual commercial transactions which have not more than ninety days to run, exclu- sive of days of grace, and which bear the signa- ture of two or more responsible parties, and, with the consent of the Board of Governors of the Federal Reserve System, to open and main- tain banking accounts for such foreign cor- respondents or agencies, or for foreign banks or bankers, or for foreign states as defined in sec- tion 632 of this title. Whenever any such account has been opened or agency or correspondent has been appointed by a Federal reserve bank, with the consent of or under the order and direction of the Board of Governors of the Federal Reserve System, any other Federal reserve bank may, with the consent and approval of the Board of Governors of the Federal Reserve System, be permitted to carry on or conduct, through the Federal reserve bank opening such account or appointing such agency or correspondent, any transaction authorized by this section under rules and regulations to be prescribed by the board. (Dec. 23, 1913, ch. 6, § 14(e), 38 Stat. 264; Sept. 7, 1916, ch. 461, 39 Stat. 754; June 21, 1917, ch. 32, § 6, 40 Stat. 235; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Apr. 7, 1941, ch. 43, § 1, 55 Stat. 131.) Editorial Notes CODIFICATION Section is comprised of subsec. (e) of section 14 of act Dec. 23, 1913. For classification to this title of remain- der of section 14, see Codification note under section 353 of this title. AMENDMENTS 1941—Act Apr. 7, 1941, inserted in first sentence ‘‘, or for foreign banks or bankers, or for foreign states as de- fined in section 632 of this title’’ after ‘‘foreign cor- respondents or agencies’’. 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. § 359. Purchase and sale of acceptances of inter- mediate credit banks and agricultural credit corporations Every Federal reserve bank shall have power to purchase and sell in the open market, either from or to domestic banks, firms, corporations, or individuals, acceptances of Federal inter- mediate credit banks and of national agricul- tural credit corporations, whenever the Board of Governors of the Federal Reserve System shall declare that the public interest so requires. (Dec. 23, 1913, ch. 6, § 14(f), as added Mar. 4, 1923, ch. 252, title IV, § 405, 42 Stat. 1480; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.) Editorial Notes CODIFICATION Section is comprised of subsec. (f) of section 14 of act Dec. 23, 1913, as added Mar. 4, 1923. For classification to this title of remainder of section 14, see Codification note under section 353 of this title. 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. Page 135 TITLE 12—BANKS AND BANKING §§ 362 to 364 NATIONAL AGRICULTURAL CREDIT CORPORATION Title II of the Agricultural Credits Act, act Mar. 4, 1923, title II, §§ 201–217, 42 Stat. 1461, authorized creation of national agricultural credit corporations, prior to re- peal by Pub. L. 86–230, Sept. 8, 1959, § 24, 73 Stat. 466. Prior to such repeal, act June 16, 1933, § 77, 48 Stat. 292, had prohibited the creation, after June 16, 1933, of na- tional agricultural credit corporations authorized to be formed under the Agricultural Credits Act. § 359a. Omitted Editorial Notes CODIFICATION Section, act Dec. 23, 1913, ch. 6, § 14(h), as added June 8, 1979, Pub. L. 96–18, § 2, 93 Stat. 35, which authorized the Secretary of the Treasury to borrow and sell in open market, and required the repurchase and return of obligations to Federal Reserve Banks, was effective only during the two-year period that began June 8, 1979, as provided by section 3(a) of Pub. L. 96–18. § 360. Receiving checks and drafts on deposit at par; charges for collections, exchange, and clearances Every Federal reserve bank shall receive on deposit at par from depository institutions or from Federal reserve banks checks and other items, including negotiable orders of withdrawal and share drafts and drafts drawn upon any of its depositors, and when remitted by a Federal reserve bank, checks and other items, including negotiable orders of withdrawal and share drafts and drafts drawn by any depositor in any other Federal reserve bank or depository institution upon funds to the credit of said depositor in said reserve bank or depository institution. Nothing herein contained shall be construed as prohib- iting a depository institution from charging its actual expense incurred in collecting and remit- ting funds, or for exchange sold to its patrons. The Board of Governors of the Federal Reserve System shall, by rule, fix the charges to be col- lected by the depository institutions from its patrons whose checks and other items, including negotiable orders of withdrawal and share drafts are cleared through the Federal reserve bank and the charge which may be imposed for the service of clearing or collection rendered by the Federal reserve bank. (Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 265; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 96–221, title I, § 105(c), Mar. 31, 1980, 94 Stat. 140.) Editorial Notes CODIFICATION Section is comprised of the twelfth par. (formerly the thirteenth 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 1980—Pub. L. 96–221, which directed amendment of ‘‘[t]he thirteenth paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 360)’’ by substituting ‘‘deposi- tory institutions’’ for ‘‘member banks’’ wherever ap- pearing and ‘‘depository institution’’ for ‘‘member bank’’ wherever appearing and by inserting ‘‘and other items, including negotiable orders of withdrawal and share drafts’’ after ‘‘checks’’ wherever appearing, was executed to this section to reflect the probable intent of Congress. 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. EFFECTIVE DATE OF 1980 AMENDMENT Amendment by Pub. L. 96–221 effective on first day of sixth month which begins after Mar. 31, 1980, see sec- tion 108 of Pub. L. 96–221, set out as a note under sec- tion 248 of this title. § 361. Bills receivable, bills of exchange, accept- ances; regulations by Board of Governors The discount and rediscount and the purchase and sale by any Federal reserve bank of any bills receivable and of domestic and foreign bills of exchange, and of acceptances authorized by this chapter, shall be subject to such restric- tions, limitations, and regulations as may be imposed by the Board of Governors of the Fed- eral Reserve System. (Dec. 23, 1913, ch. 6, § 13 (par.), 38 Stat. 264; Sept. 7, 1916, ch. 461, 39 Stat. 753; Aug. 23, 1935, ch. 614, § 203(a), 49 Stat. 704.) 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 based on the tenth par. of section 13 of act Dec. 23, 1913, as amended. The tenth par. constituted the eighth par. of section 13 in 1916 (39 Stat. 753), be- came the ninth par. in 1923 (42 Stat. 1478), and became the tenth par. in 1932 (47 Stat. 715). For further details, see Codification notes under sections 342 to 344 of this title. Statutory Notes and Related Subsidiaries CHANGE OF NAME Section 203(a) of act Aug. 23, 1935, changed the name of the Federal Reserve Board to Board of Governors of the Federal Reserve System. §§ 362 to 364. Omitted Editorial Notes CODIFICATION Section 362, act June 1, 1955, ch. 113, title I, 69 Stat. 72, which related to reimbursement of Federal Reserve banks and branches for necessary expenses incident to deposit of withheld taxes in Government depositories, was from the Treasury-Post Office Appropriation Act, 1956, and was not repeated in subsequent appropriation acts. Similar provisions were contained in the following prior appropriation acts: May 28, 1954, ch. 242, title I, 68 Stat. 144. June 18, 1953, ch. 132, title I, 67 Stat 67. June 30, 1952, ch. 523, title I, 66 Stat. 289. Aug. 11, 1951, ch. 301, title I, 65 Stat. 182. Sept. 6, 1950, ch. 896, Ch. IV, title I, 64 Stat. 634.