1994 US Code
Title 12 - BANKS AND BANKING
CHAPTER 2 - NATIONAL BANKS
SUBCHAPTER VI_2 - SUBCHAPTER VI-CAPITAL AND STOCK OF FEDERAL RESERVE BANKS; DIVIDENDS AND EARNINGS
Sec. 290 - Use of earnings transferred to Treasury
View Metadata| Publication 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 VI_2 - SUBCHAPTER VI-CAPITAL AND STOCK OF FEDERAL RESERVE BANKS; DIVIDENDS AND EARNINGS Sec. 290 - Use of earnings transferred to Treasury |
| Contains | section 290 |
| Date | 1994 |
| Laws in Effect as of Date | January 4, 1995 |
| Positive Law | No |
| Disposition | transferred |
| Source Credit | Dec. 23, 1913, ch. 6, §7(b), 38 Stat. 258; Aug. 10, 1993, Pub. L. 103-66, title III, §3002(c)(1), 107 Stat. 337. |
| Statutes at Large References | 38 Stat. 258 107 Stat. 337 |
| Public Law References | Public Law 103-66 |
§290. Use of earnings transferred to Treasury
The net earnings derived by the United States from Federal reserve banks shall, in the discretion of the Secretary, be used to supplement the gold reserve held against outstanding United States notes, or shall be applied to the reduction of the outstanding bonded indebtedness of the United States under regulations to be prescribed by the Secretary of the Treasury. Should a Federal reserve bank be dissolved or go into liquidation, any surplus remaining, after the payment of all debts, dividend requirements as hereinbefore provided, and the par value of the stock, shall be paid to and become the property of the United States and shall be similarly applied.
(Dec. 23, 1913, ch. 6, §7(b), 38 Stat. 258; Aug. 10, 1993, Pub. L. 103–66, title III, §3002(c)(1), 107 Stat. 337.)
CodificationSection is comprised of subsec. (b) [formerly second undesignated par.] of section 7 of act Dec. 23, 1913. Subsecs. (a) and (c) of section 7 are classified to sections 289 and 531, respectively, of this title.
Amendments1993—Pub. L. 103–66 inserted section catchline.
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