2016 US Code
Title 12 - Banks and Banking
Chapter 3 - Federal Reserve System
Subchapter IX - Powers and Duties of Federal Reserve Banks
Sec. 359 - Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations
| 12 U.S.C. § 359 (2016) |
| §359. Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations |
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Every Federal reserve bank shall have power to purchase and sell in the open market, either from or to domestic banks, firms, corporations, or individuals, acceptances of Federal intermediate credit banks and of national agricultural credit corporations, whenever the Board of Governors of the Federal Reserve System shall declare that the public interest so requires. |
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(Dec. 23, 1913, ch. 6, §14(f), as added Mar. 4, 1923, ch. 252, title IV, §405, 42 Stat. 1480; amended Aug. 23, 1935, ch. 614, title II, §203(a), 49 Stat. 704.) |
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CODIFICATION
Section is comprised of subsec. (f) of section 14 of act Dec. 23, 1913, as added Mar. 4, 1923. For classification to this title of remainder of section 14, see Codification note under section 353 of this title. CHANGE OF NAMESection 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System. NATIONAL AGRICULTURAL CREDIT CORPORATIONTitle II of the Agricultural Credits Act, act Mar. 4, 1923, title II, §§201–217, 42 Stat. 1461, authorized creation of national agricultural credit corporations, prior to repeal by Pub. L. 86–230, Sept. 8, 1959, §24, 73 Stat. 466. Prior to such repeal, act June 16, 1933, §77, 48 Stat. 292, had prohibited the creation, after June 16, 1933, of national agricultural credit corporations authorized to be formed under the Agricultural Credits Act. |
| United States Code, 2012 Edition, Supplement 4, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER IX - POWERS AND DUTIES OF FEDERAL RESERVE BANKS Sec. 359 - Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations |
| section 359 |
| 2016 |
| January 6, 2017 |
| No |
| standard |
| 42 Stat. 1480, 1461 48 Stat. 292 49 Stat. 704 73 Stat. 466 |
| Public Law 86-230 |
