12-U.S.C.-417
§417 – Custody and Safe-Keeping of Notes Issued to and Collateral Deposited With Reserve Agent
Pathway
Title 12 > Chapter 3 > Subchapter XII > Section 417
Details
- Reference: Section 417
- Legend: §417 – Custody and Safe-Keeping of Notes Issued to and Collateral Deposited With Reserve Agent
- USCode Year: 2013
Provision Content
All Federal Reserve notes and all gold certificates, Special Drawing Right certificates, and lawful money issued to or deposited with any Federal Reserve agent under the provisions of the Federal Reserve Act shall hereafter be held for such agent, under such rules and regulations as the Board of Governors of the Federal Reserve System may prescribe, in the joint custody of himself and the Federal Reserve bank to which he is accredited. Such agent and such Federal Reserve bank shall be jointly liable for the safe-keeping of such Federal Reserve notes, gold certificates, Special Drawing Right certificates, and lawful money. Nothing herein contained, however, shall be construed to prohibit a Federal Reserve agent from depositing gold certificates and Special Drawing Right certificates with the Board of Governors of the Federal Reserve System, to be held by such Board subject to his order, or with the Treasurer of the United States for the purposes authorized by law.
(June 21, 1917, ch. 32, §7 (par.), 40 Stat. 238; Jan. 30, 1934, ch. 6, §2(b)(6), 48 Stat. 339; Aug. 23, 1935, ch. 614, title II, §203(a), 49 Stat. 704; Pub. L. 90–349, §5(c), June 19, 1968, 82 Stat. 189.)
References in Text
The Federal Reserve Act, referred to in text, is act Dec. 23, 1913, ch. 6, 38 Stat. 251. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables.
Hereafter, referred to in text, probably means on and after June 21, 1917.
Codification
Section is comprised of last par. of section 7 of act June 21, 1917. The preceding pars. of section 7 amended pars. two, three, four, five, six, and seven of section 16 of act Dec. 23, 1913. For classification to this title of section 16, see Codification note set out under section 411 of this title.
Amendments
1968—Pub. L. 90–349, which directed amendment of [t]he seventh paragraph of section 16 of the Federal Reserve Act, as amended (12 U.S.C. 417) by inserting , Special Drawing Right certificates, after gold certificates in the first sentence, Special Drawing Right certificates, after gold certificates, in the second sentence, and and Special Drawing Right certificates after gold certificates in the third sentence, was executed by making the insertions in this section, to reflect the probable intent of Congress.
1934—Act Jan. 30, 1934, which directed general amendment of the eighth par. of section 16 of the Federal Reserve Act, was executed to this section, to reflect the probable intent of Congress. Prior to amendment, text read as follows: All Federal reserve notes and all gold, gold certificates, and lawful money issued to or deposited with any Federal reserve agent under the provisions of the Federal reserve Act shall hereafter be held for such agent, under such rules and regulations as the Federal Reserve Board may prescribe, in the joint custody of himself and the Federal reserve bank to which he is accredited. Such agent and such Federal reserve bank shall be jointly liable for the safe-keeping of such Federal reserve notes, gold, gold certificates, and lawful money. Nothing herein contained, however, shall be construed to prohibit a Federal reserve agent from depositing gold or gold certificates with the Federal Reserve Board, to be held by such board subject to his order, or with the Treasurer of the United States for the purposes authorized by law.
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.
Transfer of Functions
For transfer of functions to Secretary of the Treasury, see note set out under section 55 of this title.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-373 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-373, 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.-413 in the Legal Encyclopedia: Federal Reserve System
In this entry about 12-U.S.C.-413, 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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