2012 US Code
Title 12 - Banks and Banking
Chapter 3 - FEDERAL RESERVE SYSTEM (§§ 221 - 522)
Subchapter IX - POWERS AND DUTIES OF FEDERAL RESERVE BANKS (§§ 341 - 364)
Section 345 - Rediscount of notes, drafts, and bills for member banks; limitation of amount
| Publication Title | United States Code, 2012 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 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER IX - POWERS AND DUTIES OF FEDERAL RESERVE BANKS Sec. 345 - Rediscount of notes, drafts, and bills for member banks; limitation of amount |
| Contains | section 345 |
| Date | 2012 |
| Laws in Effect as of Date | January 15, 2013 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Dec. 23, 1913, ch. 6, §13 (par.), 38 Stat. 264; Mar. 3, 1915, ch. 93, 38 Stat. 958; Sept. 7, 1916, ch. 461, 39 Stat. 752; Apr. 12, 1930, ch. 140, 46 Stat. 162. |
| Statutes at Large References | 38 Stat. 264, 958 39 Stat. 752 42 Stat. 1478 46 Stat. 162 47 Stat. 715 |
Download PDF
The aggregate of notes, drafts, and bills upon which any person, copartnership, association, or corporation is liable as maker, acceptor, indorser, drawer, or guarantor, rediscounted for any member bank, shall at no time exceed the amount for which such person, copartnership, association, or corporation may lawfully become liable to a national banking association under the terms of section 84 of this title: Provided, however, That nothing in this section shall be construed to change the character or class of paper now eligible for rediscount by Federal reserve banks.
(Dec. 23, 1913, ch. 6, §13 (par.), 38 Stat. 264; Mar. 3, 1915, ch. 93, 38 Stat. 958; Sept. 7, 1916, ch. 461, 39 Stat. 752; Apr. 12, 1930, ch. 140, 46 Stat. 162.)
CodificationSection is comprised of the fifth par. of section 13 of act Dec. 23, 1913, as amended. The fifth par. constituted the third par. of section 13 in 1916 (39 Stat. 752), became the fourth par. in 1923 (42 Stat. 1478), and became the fifth par. in 1932 (47 Stat. 715). For further details, see Codification notes set out under sections 343 and 344 of this title. For classification to this title of other pars. of section 13, see Codification note set out under section 342 of this title.
Amendments1930—Act Apr. 12, 1930, among other changes, inserted proviso.
Disclaimer: These codes may not be the most recent version. The United States Government Printing Office may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the US site. Please check official sources.
