31-U.S.C.-3122
§3122 – Banks and Trust Companies As Depositaries
Pathway
Title 31 > Subtitle III > Chapter 31 > Subchapter II > Section 3122
Details
- Reference: Section 3122
- Legend: §3122 – Banks and Trust Companies As Depositaries
- USCode Year: 2013
Provision Content
(a) The Secretary of the Treasury may designate incorporated banks and trust companies as depositaries for any part of proceeds of an obligation issued under this chapter. The Secretary may prescribe the conditions under which deposits may be made under this section, including the interest rate on amounts deposited and security requirements.
(b) The Secretary may designate a bank or trust company that is a depositary under subsection (a) of this section as a fiscal agent of the United States Government in selling and delivering bonds and certificates of indebtedness issued by the Government.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 945.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3122(a) | 31:753(d)(last sentence related to 31:771). | Sept. 24, 1917, ch. 56, 40 Stat. 288, §18(d)(last sentence related to §8); added Mar. 3, 1919, ch. 100, §1, 40 Stat. 1309. |
| 31:771. | Sept. 24, 1917, ch. 56, §8, 40 Stat. 291; restated Apr. 4, 1918, ch. 44, §5, 40 Stat. 504; Jan. 30, 1934, ch. 6, §14(a)(2), 48 Stat. 343; Aug. 27, 1949, ch. 517, §7(b), 63 Stat. 668; Sept. 21, 1966, Pub. L. 89–597, §2(d), 80 Stat. 824. | |
| 3122(b) | 31:772. | July 9, 1918, ch. 142, §4, 40 Stat. 845. |
In the section, the words war-savings certificates are omitted because the authority to issue them was ended by section 2(b)(3) of the Public Debt Act of 1941 (ch. 7, 55 Stat. 7).
In subsection (a), the words in his discretion are omitted as surplus. The word obligation is substituted for bonds and certificates of indebtedness, Treasury bills for consistency and to eliminate unnecessary words. The words and arising from the payment of internal revenue taxes are omitted as superseded by 26:6302(c). The word conditions is substituted for terms and conditions because it is inclusive. The words upon and are omitted as surplus.
In subsection (b), the words The Secretary may designate a bank or trust company that is a depositary under subsection (a) of this section are substituted for Any incorporated bank or trust company designated as a depositary by the Secretary of the Treasury under the authority conferred by section 771 of this title, which gives security for such deposits as, and to amounts, by him prescribed, may, upon and subject to such terms and conditions as the Secretary of the Treasury may prescribe, act to eliminate unnecessary words.
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