12 U.S.C. § 422 — Omitted

Page 163 TITLE 12—BANKS AND BANKING § 461 1 See References in Text note below. used in the printing of Federal Reserve notes and issue regulations relating to such examina- tions. (Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 267; Pub. L. 103–325, title VI, § 602(g)(6), Sept. 23, 1994, 108 Stat. 2293.) Editorial Notes CODIFICATION Section is comprised of the tenth (formerly the elev- enth) par. of section 16 of act Dec. 23, 1913. For classi- fication 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 general amend- ment of ‘‘[t]he 11th undesignated paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 421)’’, was exe- cuted to this section to reflect the probable intent of Congress. Prior to amendment, text read as follows: ‘‘The examination of plates, dies, bed pieces, and so forth, and regulations relating to such examination of plates, dies, and so forth, of national-bank notes pro- vided for in section 108 of this title, is extended to in- clude notes herein provided for.’’ § 422. Omitted Editorial Notes CODIFICATION Section, act Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 267, which made permanent appropriations for printing notes besides authorizing use of certain printing stock on hand Dec. 23, 1913, was superseded by act June 26, 1934, ch. 756, § 1(a), (b)(3), 48 Stat. 1225. SUBCHAPTER XIII—CIRCULATING NOTES AND BONDS SECURING SAME §§ 441 to 448. Omitted Editorial Notes CODIFICATION Sections, act Dec. 23, 1913, ch. 6, § 18, 38 Stat. 268, as amended by acts Mar. 9, 1933, ch. 1, title IV, § 401, 48 Stat. 6; Sept. 23, 1994, Pub. L. 103–325, title VI, § 602(g)(7), 108 Stat. 2293, are omitted as obsolete. Section 441 provided that at any time during a period of twenty years from Dec. 23, 1915, any member bank desiring to retire the whole or any part of its circu- lating notes file with the Treasurer of the United States an application to sell for its account, at par and accrued interest, United States bonds, securing circula- tion to be retired. Section 442 related to purchase of bonds by reserve banks. Section 443 related to transfer of bonds purchased, payment, and cancellation of circulating notes of mem- ber banks. Section 444 related to issuance of circulating notes to reserve banks purchasing bonds. Section 445 provided for issuance of circulating notes to Federal Reserve banks. Act June 12, 1945, ch. 186, § 3, 59 Stat. 238, provided that all power and authority with respect to the issuance of circulating notes, known as Federal Reserve bank notes, pursuant to this section would cease and terminate on June 12, 1945. Section 446 related to exchange by reserve banks of bonds bearing circulating privilege for those without such privilege. Section 447 related to form of bonds and conditions of issuance. Section 448 related to exchange of one-year gold notes for 3 per centum gold bonds. SUBCHAPTER XIV—BANK RESERVES § 461. Reserve requirements (a) Establishment of applicable definitions, pay- ment of interest, obligations as deposits, and regulations The Board is authorized for the purposes of this section 1 to define the terms used in this section,1 to determine what shall be deemed a payment of interest, to determine what types of obligations, whether issued directly by a mem- ber bank or indirectly by an affiliate of a mem- ber bank or by other means, and, regardless of the use of the proceeds, shall be deemed a de- posit, and to prescribe such regulations as it may deem necessary to effectuate the purposes of this section 1 and to prevent evasions thereof. (b) Additional definitions; required amounts of reserves maintained against transaction ac- counts; waiver of ratio limits in extraor- dinary circumstances; supplemental re- serves; reserves related to foreign obliga- tions or assets; exemption for certain depos- its; discount and borrowing; transitional ad- justments; additional exemptions and waiv- ers; earnings on balances (1) The following definitions and rules apply to this subsection, subsection (c), and sections 248–1, 248a, 342, 360, and 412 of this title: (A) The term ‘‘depository institution’’ means— (i) any insured bank as defined in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813] or any bank which is eligible to make application to become an insured bank under section 5 of such Act [12 U.S.C. 1815]; (ii) any mutual savings bank as defined in section 3 of the Federal Deposit Insurance Act or any bank which is eligible to make application to become an insured bank under section 5 of such Act; (iii) any savings bank as defined in section 3 of the Federal Deposit Insurance Act or any bank which is eligible to make applica- tion to become an insured bank under sec- tion 5 of such Act; (iv) any insured credit union as defined in section 1752 of this title or any credit union which is eligible to make application to be- come an insured credit union pursuant to section 1781 of this title; (v) any member as defined in section 1422 of this title; (vi) any savings association (as defined in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813]) which is an insured de- pository institution (as defined in such Act [12 U.S.C. 1811 et seq.]) or is eligible to apply to become an insured depository institution under the Federal Deposit Insurance Act; and (vii) for the purpose of sections 248–1, 342 to 347, 347c, 347d, and 372 of this title, any as- sociation or entity which is wholly owned by or which consists only of institutions re- ferred to in clauses (i) through (vi). (B) The term ‘‘bank’’ means any insured or noninsured bank, as defined in section 3 of the