1994 US Code
Title 12 - BANKS AND BANKING
CHAPTER 2 - NATIONAL BANKS
SUBCHAPTER II_2 - SUBCHAPTER II-BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Sec. 248-1 - Rules and regulations for transfer of funds and charges therefor among banks; clearing houses
View MetadataPublication Title | United States Code, 1994 Edition, Title 12 - BANKS AND BANKING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 12 - BANKS AND BANKING CHAPTER 2 - NATIONAL BANKS SUBCHAPTER II_2 - SUBCHAPTER II-BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Sec. 248-1 - Rules and regulations for transfer of funds and charges therefor among banks; clearing houses |
Contains | section 248-1 |
Date | 1994 |
Laws in Effect as of Date | January 4, 1995 |
Positive Law | No |
Disposition | standard |
Source Credit | Dec. 23, 1913, ch. 6, §16 (par.), 38 Stat. 268; Aug. 23, 1935, ch. 614, §203(a), 49 Stat. 704; Mar. 31, 1980, Pub. L. 96-221, title I, §105(d), 94 Stat. 140. |
Statutes at Large References | 38 Stat. 268 49 Stat. 704 94 Stat. 140 |
Public Law References | Public Law 96-221 |
§248–1. Rules and regulations for transfer of funds and charges therefor among banks; clearing houses
The Board of Governors of the Federal Reserve System shall make and promulgate from time to time regulations governing the transfer of funds and charges therefor among Federal reserve banks and their branches, and may at its discretion exercise the functions of a clearing house for such Federal reserve banks, or may designate a Federal reserve bank to exercise such functions, and may also require each such bank to exercise the functions of a clearing house for depository institutions.
(Dec. 23, 1913, ch. 6, §16 (par.), 38 Stat. 268; Aug. 23, 1935, ch. 614, §203(a), 49 Stat. 704; Mar. 31, 1980, Pub. L. 96–221, title I, §105(d), 94 Stat. 140.)
CodificationSection is comprised of fourteenth par. of section 16 of act Dec. 23, 1913, which was formerly classified to section 248(o) of this title. For classification to this title of other pars. of section 16, see Codification note set out under section 411 of this title.
Amendments1980—Pub. L. 96–221 substituted “depository institutions” for “its member banks”.
Change of NameSection 203(a) of act Aug. 23, 1935, changed the name of the Federal Reserve Board to Board of Governors of the Federal Reserve System.
Effective Date of 1980 AmendmentAmendment by Pub. L. 96–221 effective on first day of sixth month which begins after Mar. 31, 1980, see section 108 of Pub. L. 96–221, set out as a note under section 248 of this title.
Section Referred to in Other SectionsThis section is referred to in sections 348, 461 of this title.
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