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12 U.S.C. § 351

Obligations of cooperative marketing association as issued or drawn for agricultural purposes

Ch. 3 — FEDERAL RESERVE SYSTEM
Title 12 U.S.C. ● ACTIVE Primary Source Ch. 3
Statutory Text

12 U.S.C. § 351 — Obligations of cooperative marketing association as issued or drawn for agricultural purposes

U.S.C. Title 12 - BANKS AND BANKING 12 U.S.C. United States Code, 2023 Edition Title 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER IX - POWERS AND DUTIES OF FEDERAL RESERVE BANKS Sec. 351 - Obligations of cooperative marketing association as issued or drawn for agricultural purposes From the U.S. Government Publishing Office, www.gpo.gov

§351. Obligations of cooperative marketing association as issued or drawn for agricultural purposes

Notes, drafts, bills of exchange, or acceptances issued or drawn by cooperative marketing associations composed of producers of agricultural products shall be deemed to have been issued or drawn for an agricultural purpose, within the meaning of sections 348 and 349 to 352 of this title, if the proceeds thereof have been or are to be advanced by such association to any members thereof for an agricultural purpose, or have been or are to be used by such association in making payments to any members thereof on account of agricultural products delivered by such members to the association, or if such proceeds have been or are to be used by such association to meet expenditures incurred or to be incurred by the association in connection with the grading, processing, packing, preparation for market, or marketing of any agricultural product handled by such association for any of its members: Provided, That the express enumeration in this section of certain classes of paper of cooperative marketing associations as eligible for rediscount shall not be construed as rendering ineligible any other class of paper of such associations which is now eligible for rediscount.

(Dec. 23, 1913, ch. 6, §13A (par.), formerly §13a, as added Mar. 4, 1923, ch. 252, title IV, §404, 42 Stat. 1480; renumbered §13A, Pub. L. 102–242, title I, §142(e)(1), Dec. 19, 1991, 105 Stat. 2281.)

Editorial Notes

Codification Section is comprised of fourth par. of section 13A, formerly section 13a, as added Mar. 4, 1923. Pars. 1 to 3 and 5 of section 13A are set out as sections 348, 349, 350 and 352 of this title, respectively.

Source: uscode.house.gov — public domain Official Source ↗
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12 U.S.C. § 351
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The statutory text of 12 U.S.C. § 351 is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).
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Ch. 3 — FEDERAL RESERVE SYSTEM
12 U.S.C. § 22112 U.S.C. § 221a12 U.S.C. § 22212 U.S.C. § 22312 U.S.C. § 22412 U.S.C. § 22512 U.S.C. § 225a12 U.S.C. § 225b12 U.S.C. § 22612 U.S.C. § 22712 U.S.C. § 22812 U.S.C. § 24112 U.S.C. § 24212 U.S.C. § 24312 U.S.C. § 24412 U.S.C. § 24512 U.S.C. § 24612 U.S.C. § 24712 U.S.C. § 247a12 U.S.C. § 247b12 U.S.C. § 24812 U.S.C. § 248112 U.S.C. § 248a12 U.S.C. § 248b12 U.S.C. § 248c12 U.S.C. § 24912 U.S.C. § 25012 U.S.C. § 25112 U.S.C. § 25212 U.S.C. § 253
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