FEDERAL · 12 U.S.C. · Chapter SUBCHAPTER XI—DEPOSITARIES AND FISCAL AGENTS
Federal reserve banks as Government depositaries and fiscal agents
12 U.S.C. § 391
Title12 — Banks and Banking
ChapterSUBCHAPTER XI—DEPOSITARIES AND FISCAL AGENTS
This text of 12 U.S.C. § 391 (Federal reserve banks as Government depositaries and fiscal agents) 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. § 391.
Text
The moneys held in the general fund of the Treasury, except the 5 per centum fund for the redemption of outstanding national-bank notes may, upon the direction of the Secretary of the Treasury, be deposited in Federal reserve banks, which banks, when required by the Secretary of the Treasury, shall act as fiscal agents of the United States; and the revenues of the Government or any part thereof may be deposited in such banks, and disbursements may be made by checks drawn against such deposits.
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Source Credit
History
(Dec. 23, 1913, ch. 6, §15 (par.), 38 Stat. 265; Pub. L. 90–269, §2, Mar. 18, 1968, 82 Stat. 50.)
Editorial Notes
Editorial Notes
Codification
Section is comprised of first par. of section 15 of act Dec. 23, 1913. Par. 2 of section 15 and par. 3 of section 15, as added Mar. 4, 1923, ch. 252, title IV, §406, 42 Stat. 1480, are classified to sections 392 and 393, respectively, of this title.
Amendments
1968—Pub. L. 90–269 struck out provision which excepted funds provided in this chapter for the redemption of Federal Reserve notes from deposit in Federal reserve banks.
Codification
Section is comprised of first par. of section 15 of act Dec. 23, 1913. Par. 2 of section 15 and par. 3 of section 15, as added Mar. 4, 1923, ch. 252, title IV, §406, 42 Stat. 1480, are classified to sections 392 and 393, respectively, of this title.
Amendments
1968—Pub. L. 90–269 struck out provision which excepted funds provided in this chapter for the redemption of Federal Reserve notes from deposit in Federal reserve banks.
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Bluebook (online)
12 U.S.C. § 391, Counsel Stack Legal Research, https://law.counselstack.com/usc/12/391.