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12 U.S.C. § 359

Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations

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

12 U.S.C. § 359 — Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations

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. 359 - Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations From the U.S. Government Publishing Office, www.gpo.gov

§359. Purchase and sale of acceptances of intermediate 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 intermediate credit banks and of national agricultural 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.

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 repeal 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 national agricultural credit corporations authorized to be formed under the Agricultural Credits Act.

Source: uscode.house.gov — public domain Official Source ↗
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12 U.S.C. § 359
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The statutory text of 12 U.S.C. § 359 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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