12-U.S.C.-358
§358 – Establishment of Accounts For Purposes of Open-Market Operations; Correspondents and Agencies
Pathway
Title 12 > Chapter 3 > Subchapter IX > Section 358
Details
- Reference: Section 358
- Legend: §358 – Establishment of Accounts For Purposes of Open-Market Operations; Correspondents and Agencies
- USCode Year: 2013
Provision Content
Every Federal reserve bank shall have power to establish accounts with other Federal reserve banks for exchange purposes and, with the consent or upon the order and direction of the Board of Governors of the Federal Reserve System and under regulations to be prescribed by said Board, to open and maintain accounts in foreign countries, appoint correspondents, and establish agencies in such countries wheresoever it may be deemed best for the purpose of purchasing, selling, and collecting bills of exchange, and to buy and sell, with or without its indorsement, through such correspondents or agencies, bills of exchange (or acceptances) arising out of actual commercial transactions which have not more than ninety days to run, exclusive of days of grace, and which bear the signature of two or more responsible parties, and, with the consent of the Board of Governors of the Federal Reserve System, to open and maintain banking accounts for such foreign correspondents or agencies, or for foreign banks or bankers, or for foreign states as defined in section 632 of this title. Whenever any such account has been opened or agency or correspondent has been appointed by a Federal reserve bank, with the consent of or under the order and direction of the Board of Governors of the Federal Reserve System, any other Federal reserve bank may, with the consent and approval of the Board of Governors of the Federal Reserve System, be permitted to carry on or conduct, through the Federal reserve bank opening such account or appointing such agency or correspondent, any transaction authorized by this section under rules and regulations to be prescribed by the board.
(Dec. 23, 1913, ch. 6, §14(e), 38 Stat. 264; Sept. 7, 1916, ch. 461, 39 Stat. 754; June 21, 1917, ch. 32, §6, 40 Stat. 235; Aug. 23, 1935, ch. 614, title II, §203(a), 49 Stat. 704; Apr. 7, 1941, ch. 43, §1, 55 Stat. 131.)
Codification
Section is comprised of subsec. (e) of section 14 of act Dec. 23, 1913. For classification to this title of remainder of section 14, see Codification note under section 353 of this title.
Amendments
1941—Act Apr. 7, 1941, inserted in first sentence and which bear the signature of two or more responsible parties and or for foreign states as defined in section 632 of this title.
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.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-348 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-348, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-353 in the Legal Encyclopedia: Insurance
In this entry about 12-U.S.C.-353, find legal reference material, bibliographies and premiere content related to insurance in the American Encyclopedia of Law, presenting a comprehensive view of the United States insurance-specific issues, written by authorities in the field.
12-U.S.C.-346 in the Legal Encyclopedia: Federal Reserve System
In this entry about 12-U.S.C.-346, find legal reference material, bibliographies and premiere content related to federal reserve system in the American Encyclopedia of Law, presenting a comprehensive view of the United States federal reserve system-specific issues, written by authorities in the field.
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