12 U.S.C. § 121a — Redemption of notes unidentifiable as to

Page 56 TITLE 12—BANKS AND BANKING §§ 95a, 95b subject to certain restrictions. See 31 C.F.R. 121.20–121.22. The fifth and sixth paragraphs of Ex. Ord. No. 6073, relating to the removal of gold coin, gold bul- lion, or gold certificates from the United States by cor- porations, etc., including banking institutions and au- thorization of banking institutions to pay out gold coin, gold bullion or gold certificates, were revoked by Ex. Ord. No. 11825, Dec. 31, 1974, 40 F.R. 1003. PROC. NO. 2725. EXEMPTION OF MEMBER BANKS OF FEDERAL RESERVE SYSTEM Proc. No. 2725, Apr. 7, 1947, 12 F.R. 2343, 61 Stat. 1062, provided: NOW, THEREFORE, I, HARRY S. TRUMAN, Presi- dent of the United States of America, acting under and by virtue of the authority vested in me by section 5(b) of the Trading with the Enemy Act of October 6, 1917, 40 Stat. 415, as amended [50 U.S.C. 4305(b)], and section 4 of the act of March 9, 1933, 48 Stat. 2 [12 U.S.C. 95] and by virtue of all other authority vested in me, do here- by, in the interest of the internal management of the Government, proclaim, order, direct, and declare that the said proclamations of March 6 and March 9, 1933, and Executive order of March 10, 1933, as amended, are further amended to exclude from their scope banking institutions which are members of the Federal Reserve System: Provided, however, That no banking institution shall pay out any gold coin, gold bullion, or gold cer- tificates, except as authorized by the Secretary of the Treasury, or allow the withdrawal of any currency for hoarding. This proclamation shall become effective as of March 15, 1947. §§ 95a, 95b. Omitted Editorial Notes CODIFICATION Section 95a, act Oct. 6, 1917, ch. 106, § 5(b), 40 Stat. 415; Sept. 24, 1918, ch. 176, § 5, 40 Stat. 966; Mar. 9, 1933, ch. 1, title I, § 2, 48 Stat. 1; May 7, 1940, ch. 185, § 1, 54 Stat. 179; Dec. 18, 1941, ch. 593, title III, § 301, 55 Stat. 839; Proc. No. 2695, eff. July 4, 1946, 11 F.R. 7517, 69 Stat. 1352; Pub. L. 95–223, title I, §§ 101(a), 102, 103(b), Dec. 28, 1977, 91 Stat. 1625, 1626; Pub. L. 100–418, title II, § 2502(a)(1), Aug. 23, 1988, 102 Stat. 1371; Pub. L. 103–236, title V, § 525(b)(1), Apr. 30, 1994, 108 Stat. 474, which re- lated to regulation of transactions in foreign exchange of gold and silver, property transfers, vested interests, enforcement and penalties, was omitted because § 5(b) of act Oct. 6, 1917, is also classified to section 4305(b) of Title 50, War and National Defense. Section 95b, act Mar. 9, 1933, ch. 1, title I, § 1, 48 Stat. 1, which related to ratification of acts of President and Secretary of the Treasury, was omitted because § 1 of act Mar. 9, 1933, is also set out as a note under section 4305 of Title 50, War and National Defense. SUBCHAPTER V—OBTAINING AND ISSUING CIRCULATING NOTES §§ 101 to 110. Repealed. Pub. L. 103–325, title VI, § 602(e)(5)–(11), (f)(2)–(4)(A), (g)(9), Sept. 23, 1994, 108 Stat. 2292, 2294 Section 101, acts Mar. 14, 1900, ch. 41, § 12, 31 Stat. 49; Oct. 5, 1917, ch. 74, § 2, 40 Stat. 342, provided for delivery of circulating notes in blank to national banking asso- ciations depositing bonds with Treasurer of United States. Section 101a, R.S. § 5159; Dec. 23, 1913, ch. 6, § 17, 38 Stat. 268; June 21, 1917, ch. 32, § 9, 40 Stat. 239, related to deposit of bonds to secure circulating notes. Section 102, R.S. § 5158, construed term ‘‘United States bonds’’ as including registered bonds. Section 103, act Oct. 5, 1917, ch. 74, § 3, 40 Stat. 342, re- lated to denominations of notes and limitation on amount of $1 and $2 notes. Section 104, R.S. § 5172; May 30, 1908, ch. 229, § 11, 35 Stat. 551; Dec. 23, 1913, ch. 6, § 27, 38 Stat. 274; Aug. 4, 1914, ch. 225, 38 Stat. 682; Mar. 3, 1919, ch. 101, § 4, 40 Stat. 1315, related to printing and form of circulating notes. Section 105, act June 20, 1874, ch. 343, § 5, 18 Stat. 124, provided that Comptroller of Currency was to print charter numbers of association on national bank notes. Section 106, act Mar. 3, 1875, ch. 130, § 1, 18 Stat. 372, provided for printing national-bank notes on distinc- tive paper adopted by Secretary of the Treasury. Section 107, R.S. § 5173, related to custody of plates and dies procured for printing notes and payment of ex- penses. Section 108, R.S. § 5174; Feb. 27, 1877, ch. 69, § 1, 19 Stat. 252, related to examination of plates, dies, and other material from which national-bank circulation was printed, and destruction of obsolete material. Section 109, R.S. § 5182; Jan. 13, 1920, ch. 38, 41 Stat. 387, provided that banks could issue and circulate notes the same as money if signed by officers in manner of obligatory promissory notes payable on demand at place of business, and specified demands for which such notes were to be received. Section 110, R.S. § 5183; Feb. 18, 1875, ch. 80, § 1, 18 Stat. 320, prohibited banks from issuing unauthorized notes. SUBCHAPTER VI—REDEMPTION AND REPLACEMENT OF CIRCULATING NOTES § 121. Repealed. Pub. L. 103–325, title VI, § 602(f)(4)(B), Sept. 23, 1994, 108 Stat. 2292 Section, acts June 20, 1874, ch. 343, § 3, 18 Stat. 123; Dec. 23, 1913, ch. 6, § 20, 38 Stat. 271; May 29, 1920, ch. 214, § 1, 41 Stat. 654, provided that every national banking association was to establish reserve in Treasury for re- demption of notes by Treasurer of United States, for- ward notes unfit for use to Treasurer for disposition, and reimburse expenses of Treasury. § 121a. Redemption of notes unidentifiable as to bank of issue Whenever any Federal Reserve bank notes or Federal Reserve notes are presented to the Treasurer of the United States for redemption and such notes cannot be identified as to the bank of issue or the bank through which issued, the Treasurer of the United States may redeem such notes under such rules and regulations as the Secretary of the Treasury may prescribe. (June 13, 1933, ch. 62, § 1, 48 Stat. 127; Pub. L. 89–427, § 4(a), May 20, 1966, 80 Stat. 161; Pub. L. 103–325, title VI, § 602(g)(8)(A), Sept. 23, 1994, 108 Stat. 2294.) Editorial Notes AMENDMENTS 1994—Pub. L. 103–325, § 602(g)(8)(A)(ii), which directed the amendment of this section by striking out ‘‘, and the notes, other than Federal Reserves notes, so re- deemed shall be forwarded to the Comptroller of the Currency for cancellation and destruction’’ after ‘‘Treasury may prescribe’’, was executed by striking out text which contained the word ‘‘Reserves’’ rather than ‘‘Reserve’’, to reflect the probable intent of Con- gress. Pub. L. 103–325, § 602(g)(8)(A)(i), substituted ‘‘When- ever any Federal Reserve bank notes,’’ for ‘‘Whenever any national-bank notes, Federal Reserve bank notes,’’. 1966—Pub. L. 89–427 excepted Federal Reserve notes from the category of notes which, upon redemption by the Treasurer of the United States, must be forwarded to the Comptroller of the Currency for cancellation and destruction. 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.