FEDERAL · 12 U.S.C. · Chapter SUBCHAPTER IX—POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Rediscount of notes, drafts, and bills for member banks; limitation of amount
12 U.S.C. § 345
Title12 — Banks and Banking
ChapterSUBCHAPTER IX—POWERS AND DUTIES OF FEDERAL RESERVE BANKS
This text of 12 U.S.C. § 345 (Rediscount of notes, drafts, and bills for member banks; limitation of amount) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
12 U.S.C. § 345.
Text
The aggregate of notes, drafts, and bills upon which any person, copartnership, association, or corporation is liable as maker, acceptor, indorser, drawer, or guarantor, rediscounted for any member bank, shall at no time exceed the amount for which such person, copartnership, association, or corporation may lawfully become liable to a national banking association under the terms of section 84 of this title: Provided, however, That nothing in this section shall be construed to change the character or class of paper now eligible for rediscount by Federal reserve banks.
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Related
§ 84
12 U.S.C. § 84
Source Credit
History
(Dec. 23, 1913, ch. 6, §13 (par.), 38 Stat. 264; Mar. 3, 1915, ch. 93, 38 Stat. 958; Sept. 7, 1916, ch. 461, 39 Stat. 752; Apr. 12, 1930, ch. 140, 46 Stat. 162.)
Editorial Notes
Editorial Notes
Codification
Section is comprised of the fifth par. of section 13 of act Dec. 23, 1913, as amended. The fifth par. constituted the third par. of section 13 in 1916 (39 Stat. 752), became the fourth par. in 1923 (42 Stat. 1478), and became the fifth par. in 1932 (47 Stat. 715). For further details, see Codification notes set out under sections 343 and 344 of this title. For classification to this title of other pars. of section 13, see Codification note set out under section 342 of this title.
Amendments
1930—Act Apr. 12, 1930, among other changes, inserted proviso.
Codification
Section is comprised of the fifth par. of section 13 of act Dec. 23, 1913, as amended. The fifth par. constituted the third par. of section 13 in 1916 (39 Stat. 752), became the fourth par. in 1923 (42 Stat. 1478), and became the fifth par. in 1932 (47 Stat. 715). For further details, see Codification notes set out under sections 343 and 344 of this title. For classification to this title of other pars. of section 13, see Codification note set out under section 342 of this title.
Amendments
1930—Act Apr. 12, 1930, among other changes, inserted proviso.
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Bluebook (online)
12 U.S.C. § 345, Counsel Stack Legal Research, https://law.counselstack.com/usc/12/345.